And until when must he call out? Until its neighbors know (about it) [the neighbors of the place where the lost object was found, it possibly being theirs.] These are the words of R. Meir. R. Yehudah says: Three festivals. And after the last festival, seven days, so that he can go to his house three, and return three, and call out one day. [("so that he can go to his house three days":) after hearing it called out so that he can ascertain whether he has lost anything. And if he sees that he did lose something, he returns three, and calls out one day: "I have lost it, and these are its simanim." The halachah is in accordance with R. Yehudah. And from the time of the destruction of the Temple, they ordained that it be called out in the houses of prayer and the houses of study. And with the increase of the "ravishers," who say: "All lost objects (that are found) go to the king," they ordained that he inform his neighbors and acquaintances, and this suffices.]
Bartenura on Mishnah Bava Metzia
His neighbours. The neighbours of the place where the item was found, lest it belongs to one of them.
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English Explanation of Mishnah Bava Metzia
For how long must a man proclaim [what he has found]? Until all of his neighbors know of it, according to Rabbi Meir. Rabbi Judah says: “At the three Pilgrimage Festivals and for seven days after the lest festival, to allow him three days to go back to his house, three days to return and one day on which to proclaim his loss.” According to Rabbi Meir a person must proclaim the lost objects until all of his neighbors know. Rabbi Judah’s suggestion reflects a law that would have been most applicable when the Temple in Jerusalem stood. When the Temple stood people would come to Jerusalem to proclaim and claim there lost items, no matter where they were lost. It was assumed that a person would come on at least one of the three Pilgrimage Festivals, Sukkot, Pesach and Shavuoth. Therefore the item should be proclaimed for these three festivals. In addition, there were seven days added after the end of the last festival to give the person a chance to go home, check to see if he had lost the object and then to return to Jerusalem to claim the lost item.
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Bartenura on Mishnah Bava Metzia
In order that each one will go their home in three days. from when he hears the announcement and knows if he lost anything, and if he sees he lost it he'll return [there] in three [days] and announce for one day "I lost it and these are its markers", and the halacha is like Rabbi Yehudah. Since the Temple was destroyed, they [the sages] enacted that announcements should be made in the synagogues and study halls. And since the aggressors increased, those that say "Lost items go to the King", they [the sages] enacted that he [the finder] should inform his neighbours and those he knows and that's sufficient.
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English Explanation of Mishnah Bava Metzia
Questions for Further Thought: Mishnah six: How do people proclaim lost items in our society? How does that differ from the way they would do it in Mishnaic times?