574 THE SMALL GRAINS 



lots of grain of recent arrival are placed upon tables on 

 the floor of the exchange and labeled with information 

 as to the grade, origin, and ownership. Assistants write 

 upon a large blackboard the constantly changing prices 

 as received over the wires from different other markets. 

 Buyers and sellers meet each other near the center of the 

 floor, in a circular place, known as the " pit." On the 

 floor of the Chicago board-of-trade there are separate 

 pits for wheat, oats, and corn. 



Grain exchanges exist in some of the grain centers of 

 foreign countries also, but are not operated to the same 

 degree of perfection as in this country. There is a well- 

 organized board-of-trade (birzha) at each of the cities 

 of Moscow, Odessa, Samara, Saratov, and Rostov-on- 

 Don, in Russia. The pit feature is lacking at these 

 places. Grain dealings are not so rapid, and are con- 

 ducted more privately, often while sitting at tables 

 drinking tea (chai). 



634. Selling by sample for cash is a large part of the 

 business at the Minneapolis exchange. The authorita- 

 tive grade, however, may still enter into the transaction. 

 In addition to state samplers, there are private samplers, 

 who furnish samples from various cars, on authority of 

 the Chamber of Commerce, to its members. All barley 

 is sold by sample. 



635. Sales for future delivery. A very important 

 feature of exchange operations is the sale of grain on 

 contract for future delivery, or " dealing in futures," as 

 is the common expression. It is the balance wheel of all 

 grain business, and protects both buyer and seller from 

 dangerous risks. For example, in January A sells to B 

 5000 bushels of wheat, which he contracts to deliver 

 during the month of May at a certain price. B agrees 



