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T HE purpose of this paper is to present the results of two phases of a recent study on certain aspects of the et~eiency with which the hog marketing system operates. The general problems under consideration were those of (1) determining the wholesale "cutout" values of hogs in the three main grade classes and (2) determining the dif[ercnces in the prices which buyers pay for live hogs in each of these classes. The relafionship between these "wholesale value" differences and "sales price" dif[erences provides a measure of the efl]ciency of an important part of the hog marketing system.The two phases are related in the following way: The first study is coneerned with possible differenees in "value" of the grades of hogs and attempts to measure them. The seeond study attempts to measure the extent to whŸ these "value" differences ate "recognized" by buyers on the Chicago market.One limitation of this study is that the hogs (in the "wholesale value" study) were graded on a careass basis (whereas those in the "sales price" study) were graded on a live basis. These two bases of grading do not necessarily give identical results. Thus, the results of the two phases may not be direetly comparable.Data used for determining the wholesale values were obtained from 180 hogs. The carcasses of the hogs were selected in the coolers of a commercial packing plant in 1948. The careasses weighed from 140-170 pounds (approximately 200-240 pounds liveweight). Measurements of the carcass weight, backfat thickness, and carcass length were obtained for each careass. The carcasses were sorted into the government grade elasses using backfat thiekness and carcass weight as criteria. They yielded 59 Choice l's, 78 Choice 2's and 48 Choice 8's. These carcasses were cut into wholesale cuts according to regular commercial eutting procedures and each who]esale cut was weighed. The wholesale value of each carcass was obtained for the period of January 18 to February 5, 1953, by mu!tiplying the weight of each eut by the Chicago average wholesale price for that weight cut as quoted by the National Provisioner.

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