MARKETING HAY THROUGH TERMINAL MARKETS. 19 



and in such cases a limit is usually placed on the time at which such 

 shipments may be made or may arrive. 



The advantage of the " to arrive " sale, when the term is used to 

 indicate that the shipment is in transit, is that it makes it possible 

 for a shipper to bill out and ship his hay to some market or rebilling 

 point and take advantage of any favorable market fluctuations while 

 the hay is in transit. It frequently happens that a shipper who ships 

 principally to consuming territories may not have sufficient orders 

 at a particular time to take all of the hay that is being loaded. If 

 the loaded cars are allowed to stand on shipper's track awaiting a 

 sale, demurrage will accrue so the hay is billed to some terminal 

 market or to some junction or rebilling point. If an order for such 

 a car of hay is received from the section toward which the car is 

 moving while the car is en route, it may be diverted from the original 

 billing and billed to the new destination. Or if a different market 

 from the one to which the car is billed seems more advantageous, the 

 car may be sold to dealers there and diverted to that destination. 



When the term is used to denote future shipment the principal 

 advantage to the shipper is that he may sell his hay as bought from 

 the producer and make shipment as it is delivered or as cars are 

 available. This, of course, eliminates a great deal of the risk of 

 marketing. 



; " Delivered." 



On a sale " delivered," all terms apply at destination. The shipper 

 assumes all the risk of delivery and while the price may have been 

 decided upon previously the buyer makes no payment, and has noth- 

 ing to do with the shipment until it is delivered in his market. Most 

 of the sales to consumers and to distributors in consuming territories 

 are made by this method. 



Consignment. 



A great deal of the hay marketed, especially that shipped to ter- 

 minal markets, is consigned. The number of commission men located 

 at the various markets whose only business is the handling of such 

 shipments is indicative of the amount of hay consigned to the ter- 

 minal markets. 



Large markets provide a place where surplus hay may be marketed. 

 Many of them have made a, special effort to provide facilities for 

 the most economical handling of the hay consigned to them. By 

 providing special sale tracks or yards where all the hay may be 

 placed and offered on a competitive basis for sale to the highest 

 bidder, they have established an open cash market for hay similar 

 to that provided for grain by the grain exchanges. 



