THE YOUNG FARMER 



between storing wheat in one's own granary 

 and dealing in futures. 



The country shipper pays ]/z cent a bushel 

 commission for the sale of wheat. There is 

 also a charge for inspection and insurance, 

 and, in case there is an advance payment, 

 for interest. After five days there are stor- 

 age charges. This has given rise to the ex- 

 pression, gilt edge, regular and short re- 

 ceipts, depending upon the length of time 

 there remains before storage charges must 

 be paid. Every market has a grade known 

 as contract grade, meaning the quality that 

 must be furnished when wheat or other 

 grain is sold without specifying the grade. 

 In Chicago No. 2 red winter wheat is the 

 contract grade. Where grain is sold or pur- 

 chased by a broker, the brokerage is usually 

 Y% cent per bushel. 



HAY MARKETS 



At least twenty cities have adopted the 



rules of the National hay association as to 



classes and grades of hay and straw. The 



southern states constitute an important mar- 



226 



