MARKETING HAY THROUGH TERMINAL MARKETS. 15 



book the order, giving the name of the buyer and the quantity and 

 grade sold, together with the terms of sale as to time of shipment, etc. 

 If the offer from the shipper is subject to confirmation the shipper 

 telegraphs to the broker or buyer a confirmation of the sale, provided 

 the hay offered has not already been sold by another broker. A writ- 

 ten confirmation is usually also sent to the buyer and the broker's 

 account is credited with the amount of brokerage earned by the sale. 

 In case the hay has been sold, the order is not accepted unless the 

 shipper has obtained or can obtain other hay to fill the sale and the 

 broker is so advised. 



Brokerage settlements are usually made between the shipper and 

 broker at the end of each month. Some shippers remit brokerage 

 only for the hay which has already been shipped on the orders re- 

 ceived. While such settlements are accepted by most brokers it is 

 generally held that brokerage is due and payable when the actual sale 

 has been consummated. Some difficulty occasionally arises because 

 of the refusal of shippers to pay brokerage on shipments which have 

 been rejected upon arrival by the buyers. Brokers consider this 

 practice unfair. On the other hand shippers claim that brokers are 

 sometimes unfair and that in order to make sales they make promises 

 to buyers which shippers know nothing about and which they can 

 not fulfill. Such practices may increase brokerage accounts but they 

 often cause rejections. 



While the broker's responsibility is supposed to end with the con- 

 summation of the sale, most brokers are interested in, maintaining 

 profitable business relations with the shipper and buyer and con- 

 tinue to look after the interests of both in an impartial manner until 

 the whole transaction is completed. Additional charges are seldom 

 made for such services unless another sale is actually made. These 

 extra services, however, frequently prevent heavy losses to shippers 

 and also protect the buyer from inconvenience and loss. 



TRAVELING SALESMEN. 



In some sections a great deal of hay is sold by traveling salesmen 

 representing large shippers or wholesalers. Country shippers doing 

 only a small business yearly probably find it impossible as a matter of 

 economy, to employ traveling salesmen; but larger firms frequently 

 employ, and prefer, them to brokers. The salesman or representa- 

 tive is kept informed by letter and wire of the amount of hay the 

 shipper has to offer from day to day and of the prices at which it may 

 be quoted. 



The salesman, while representing a shipper in a producing section, 

 may be located in, a consuming section and travel in neighboring 

 territory where he is acquainted with the firms who are his customers 



