Market

any city, town or village of the Commonwealth, or two or more cities and/or towns and/or villages and surrounding territory designated by the commission as a natural marketing area.

A public place and appointed time for buying and selling. * A public place, appointed by public authority, where all sorts of things necessary for the subsistence or for the convenience of life are sold. All fairs are markets, but not vice versa; Bract. 1. 2, c. 21; Co. Lltt. 22; Co. 2d Inst. 401; Co. 4th Inst. 272. Markets are generally regulated by local laws. A city may establish public markets and confine the sale^of commodities therein, where the regulations are reasonable and in consideration of public health; Ex parte Byrd, 84 Ala. 17, 4 South. 397, 6 Am. St. Rep. 328; Trustees of Rochester v. Pettlnger, 17 Wend. (N. Y.) 265; State v. Garibaldi, 44 La. Ann. 809, 11 South. 36; State v. Leiber, 11 la. 407; and ordinances are valid, prohibiting sales in markets by non-producers without license; In re Nightingale, 11 Pick. (Mass.) 168; requiring a small fee for stalls; City of Cincinnati V. Buckingham, 10 Ohio 257; prohibiting produce wagons from standing within the limits of a market; Com. v. Brooks, 109 Mass. 355; or the keeping a private market within six squares of a public market (whete the ordinance was authorized by statute); State v. Natal, 41 La. Ann. 887, 6 South. 722; Natal v. Louisiana, 139 U. S. 621, 11 Sup. Ct. 636, 35 L. Ed. 288; and prohibiting the sale of specified provisions except at a public market; Newson v. City of Galveston, 76 Tex. 559, 13 S. W. 368, 7 L. R. A. 797; City of St. Louis v. Weber, 44 Mo. 549; Village of Buffalo v. Webster, 10 Wend. (N. Y.) 100; State v. Pendergrass, 106 N. C. 664, 10 S. E. 1002; Ash v. People, 11 Mich. 347, 83 Am. Dec. 740; Badkins v. Robinson, 53 Ga. 613. See 24 L. R. A. 584, note. The franchise in England by which a town holds a market, which can only be by royal grant or immemorial usage. By the term market is also understood the demand there is for any particular article: as, the cotton market in Europe is dull. See 15 Viner, Abr. 41; Com. Dig. Market; Market Stalls; Fairs.

A public time and appointed place of buying and selling; also purchase and sale. Caldwell v. Alton, 33 111. 419, 75 Am. Dec. 282; Taggart v. Detroit, 71 Mich. 92, 38 N. W, 714; Strickland v. Pennsylvania R. Co., 154 Pa. 348, 26 AH. 431, 21 In R. A. 224. It differs from the forum, or market of antiquity, which was a public market-place on one side only, or during one part of the day only, the other sides being occupied by temples, theaters, courts of justice, and other public buildings. Wharton. The libsrty, privllege, or franchise by which a town holds a market, which can only be by royal grant or immemorial usage. By the term "market" is also understood the demand there is for any partichlar article; as, "the cotton market in Europe is dull."

— Clerk of the market. See Clerk.

— Market geld. The toll of a market.

— Market overt. In English law. An open and public market. The market-place or spot of ground set apart by custom for the sale of particular goods is, in the country, the only market overt; but in London every shop in which goods are exposed publicly to sale is market overt, for such things only as the owner professes to trade in. 2 Bl. Comm. 449; Godb. 131; 5 Coke, 83. See Fawcett v. Osborn, 32 111. 426, 83 Am. Dec. 278.

— Market price. The actual price at which the given commodity is currently sold, or has recently been sold, in the open market, that is, not at a forced sale, but in the usual and ordinary course of trade and competition, between sellers and buyers equally free to bargain, as established by records of late sales. See Lovejoy v. Michels, 88 Mich. 15, 49 N. W. 901, 13 L. R. A. 770; Sanford v. Peck, 63 Conn. 486, 27 Atl. 1057; Douglas v. Merceles, 25 N. J. Eq. 147; Par-menter v. Fitzpatrick, 135 N. Y. 190, 31 N. E. 1032. The term also means, when price at the place of exportation is in view, the price at which articles are sold and purchased, clear of every charge but such as ls laid upon it at the time of sale. Goodwin v. United States, 2 Wash. O. C. 493, Fed. Cas. No. 5,554.

— Market towns. Those towns which are entitled to hold markets. 1 Steph. Comm. (7th Ed.) 130

— Market value. The market value of an article or piece of property is the price which it might be expected to bring if offered for sale in a fair market; not the price which might be obtained on a sale at public auction or a sale forced by the necessities of the owner, but such a price as would be fixed by negotiation and mutual agreement, after ample time to find a purchaser, as between a vendor who is willing (but not compelled) to sell and a purchaser who desires to buy but is not compelled to take the particular article or piece of property. See Winnipiseogee Lake, etc., Co. v. Gilford, 67 N. H. 514, 35 Atl. 945; Muser v. Magone, 155 U. S. 240, 15 Sup. Ct. 77, 39 L. Ed. 135; Esch, v. Railroad Co., 72 Wis. 229, 39 N. W. 129; Sharpe v. U. S.. 112 Fed. 898, 50 C. C. A 597, 57 L. R. A. 932; Little Rock Junction Ry. v. Woodruff, 49 Aria 381, 5 S. W. 792, 4 Am. St. Rep. 51; Lowe v. Omaha, 33 Neb. 587, 50 N. W. 763; San Diego Land Co. v. Neale, 78 Cal. 63, 20 Pac. 372, 3 L. R. A. 83.
—Market zeld, (properly market geld.) In old records. The toll of a market. Cowell.

— Public market. A market which is not only open to the resort of the genera] public as purchasers, but also available to all who wish to offer their wares for sale, stalls, stands, or places being allotted to those who apply, to the limits of the capacity of the market; on payment of fixed rents or fees. See American Live Stock Commission Co. v. Chicago Live Stock Exchange, 148 111. 210, 32 N. E. 274, 18 L. R. A. 190, 36 Am. St. Rep. 385; State v. Fernandez, 39 La. Ann. 538, 2 South. 233; Cincinnati v. Buckingham, 10 Ohio, 257.

A place for the public sale of commodities; a place of public traffic. Market place: usually a market-place, but may mean either centers. Market price, or value: a, price sales in the way of ordinary business.

In English law. The franchise or privilege by abled to keep a market. Market overt: open shop for the open sale of goods. Market town: hold a market. Market zeld, or geld: the toll

An English court of inferior jurisdiction held in every fair or market for the punishment of misdemeanors committed therein, and the recognizance of weights and measures, COURT OF COMMISSIONERS OF

s 1. A place for public trafiic; also, a franchise or liberty to have a place for such resort.* A place where comestibles [eatables], perishable in their nature, are sold for the daily consumption of the people.' A designated place in a town or city to which all persons can repair who wish to buy or sell articles there exposed to sale. 8 The privilege within a town to have a market; as now used, includes the idea of land and buildings or suitable erections for the accommodation of those who attend the market to sell or buy the articles brought there for sale.^ See Establish. 2. Buying and selling generally; trade, ■ See Barnard v. Heydrick, 49 Barb. 68 (1866); 1 Whart. Ev. § 696, cases; 1 Williams, Ex. 63; 1 Jarm. Wills, 69, 113; 2 Curt. 834; 3 id. 752; 18 Ga. 396; 16 B. Mon. 103; 19 Mo. 609; 24 Pa. 503. ' See Adams v. Heisel, 31 F. E. 280 (1887). = Allen V. Smith, 12 N. J. L. 165 (1831), Ewing, C. J. • Keller u Young, 78 Pa. 170 (1875). » L. mercatus, traffic: mercari, to trade: merx, merchandise. • See a Bl. Com. 37. ' New Orleans v. Morris, 3 Woods, JOS, 107 (1877), cases, Billings, D. J. 8 Caldwell v. City of Alton, S3 111. 419 (1864), Breese, Justice. trafiic, irrespective of place — as, in mai'ket price or value, q. v. Market overt. Open market; a public market. In England, a sale of anything vendible therein is good as between the parties, and binding on all who have a property in the thing. But a sale out of market overt of stolen goods does not alter the ownership, and the owner' may take them wherever he finds them.' A fair or market held at stated intervals in particular places by virtue of a charter or permission. To this our ordinary markets bear no resemblance.'* There is no law recognizing the effect of sales in market overt in any of the United States. ° The privilege given by law to a sale in market: overt, of binding property against the true owner, was originally intended to encourage markets and commerce. The property must still be, so openly exposed that the vendor may conclude that no person but the true owner would dare expose it for sale... The privilege arose when there was great simplicity of practice between buyers and sellers, in markets and fairs. Shops were few, and persons whose goods were taken feloniously would know where to resort to find them. The privilege was designed to protect buyers: if a man did not pursue his goods to market where they were openly sold be ought not, to interfere with the right of the bona Jide purchaser; but he can require that the goods be exposed, and the whole transaction completed, so as to give him opportunity to pursue the goods. Therefore, a sale by sample is not such a sale as is entitled to the privilege.* Market place. Usually a market-house.* In a rule of charges, either a district of country in which trade in one or several articles is so habitually conducted as to f lu-nish a criterion of the value of the thing or things sold, or, the point to which the trade of a district centers.* Market price or value. A price established by public sales in the way of ordinary business, as, of merchandise.'' The price at which the owner or the producer of goods holds them for sale; the price at which they are freelj' offered in the market; such price as he is willing to receive when the goods are sold in the ordinary course of trade. ^ ' 2 Bl. Com. 449. ' Fawcett v. Osbom, 32 111. 426 (1863), Breese, J. = See 2 Kent, 324; 1 Johns. 478; 8 Cow. 341; 32 111. 411. ' Crane v. London Dock Co., 117 E. C. L. '330, 318 (1864), Blackburn, J., Cockbum, C. J. See Ventress v. Smith, 10 Pet. *ir6 (1836); The Case of Market Overt, 2 Tud. L. 0. »718-35, cases. " Smith V. City of Newbern, 70 N. C. 18 (1874). " [Hilliard'Fluihe Co. v. Woods, 1 Wyom. 397 (1878), Peck, J.' " Market value," " actual market value," and " fair market value " mean the same. The only other possible meaning of the word " actual " is value in actual market, as contradistinguished from a hypothetical, notional, or ideal value, which may be affixed to an article in a, particular case, for a particular reason. What men in the ordinary dealings of society,' between man and man. would consider to be the fair actual market value of property, is the actual mrrket value.' See further Value, Market. Market stall. The purchase of a stall or stand in a public market confei*s an easement or exclusive right to occupy the stall, with its appendages, for the purposes of the market, and subject to the regulations thereof.' Marketable. Vendible in market; merchantable; free from plausible or reasonable objection: as, a marketable title to land. Opposed, unmarketable.^ See Merchantable; Title, 1, Marketable. Munieipal market. Consists in a place for the sale of provisions and articles of daily consumption; in convenient fixtures; in a system of police regulations, fixed market hours, provision made for lighting, -watching, cleaning, for detecting false veeights and unwholesome food, and other arrangements calculated to facilitate the intercourse and insure the honesty of buyer and seller; also, in proper olficers to preserve order and enforce obedience to rules.* Every municipal corporation that has power to establish ordinances to promote the general welfare, and preserve the peace, may fix the times or places of holding public markets for the sale of food, and make such other regulations concerning them as may conduce to the public interest. The right to establish a market includes the right to shift it from place to place, as the convenience or necessities of the people demand; but no right is implied to build it upon a public highway.' The court of the clerk of market has been incident to every market, to punish misdemeanors therein, especially the use of false weights and measures.' See Engross, 2; Fores Tallikg; Inspection, 1; Meechakdise; Otherwise; Eegratisg; Staple; Toll, a. Swayne, J.; Cases of Champagne, 1 Bened. 251 (1867), Blatchford, J. 1 Sherry Wine Case, 2 Bened. 26T-68 (1868), Blatchford, J. ' Rose V. Mayor of Baltimore, 51 Md. 256, 268 (1878). ■ 1 Pars. Contr. 584, cases. < [City of Cincinnati v. Buckingham, 10 Ohio, 261 (1840), Lane, C. J. » Wartman v. City of Philadelphia, 33 Pa. 209 (1859), Black, C. J. See Gall v. City of Cincinnati, 18 Ohio St. 563, 567 (1869); Mayor of Savannah v. WUson, 49

n. 1. Originally, an authorized place for the sale of commodities; a place designated by law for public traffic. 2. Hence, secondarily, in old English law, a franchise or liberty possessed by a municipal corporation of appointing a place within its territory for open sales of goods. This was an important power, both for the control it gave the city over local commerce, and as a means of revenue from license fees imposed. See Jacob or Tomlins, for an extended statement of the old English law of markets. 3. In the present and American law of municipal corporations, the power of establishing, licensing, and controlling markets is generally recognized as one of the corporate powers; but it is in practice limited to places for the sale of provisions, and is not attended by the incidents which distinguished the old English franchise. 4. Market is also used for buying and selling generally; for traffic, irrespective of any place appointed for it; as in the expressions market price or value. goods in certain designated public markets passes a good title to the purchaser, against the true owner (except the crown), even when a sale elsewhere might not; as where the goods sold have been stolen. In the country, the marketplace or spot of ground set apart by custom for the sale of goods and wares, &c., is, in general, the only market overt. In London, however, a sale in an open shop, of goods in which the shop-keeper is accustomed to deal, is, by the custom, equivalent to a sale in market overt; for every day, except Sunday, is a market there. See case of market overt, Tud. Lead. Cas. Mer. Laio, 713, and extended note. The law of market overt is said not to exist in Scotland (Patterson); and it has not been adopted within the United States. Market-place, does not necessarily or usually mean an uncovered space of ground dedicated as a market, but a market-house. Smith V. City of Newbem, 70 N. C. 14. Compare Mayor, &o. of Savannah <i. Wilson, 49 Ga. 476. Market price, means, when price at the place of exportation is in view, the price at which articles are sold and purchased, clear of every charge but such as is laid upon it at the time of sale. Goodwin u. United States, 2 Wash. C. C. 493. Market value, signifies a price established by public sales, or sales in the way of ordinary business. Murray v. Stanton, 99 Mass. 345.

is a public place ap. pointed by public authority, where all sorts of things necessary for the subsistence, or for the conveniences of life are sold. Markets are generally regulated by local laws. By the term market is also understood the demand there is for any particular article; as the cotton market in Europe is dull. Vide 15 Vin. Ab. 242; Com. Dig. h. t.