38 BULLETIN 979, U. S. DEPARTMENT OF AGRICULTURE. 



TIME OF SETTLEMENT. 



Most large markets have fixed rules governing settlement for hay 

 sold in the open market. Cash settlements are usually made within 

 24 or 48 hours after the time of sale. When the hay is to be unloaded 

 or weighed in the market in which it is sold, an advance of about 80 

 per cent of the value is required in lieu of the full cash settlement. 

 When hay is reshipped or reconsigned an advance is usually required 

 of the buyer if destination weights or grades are to govern settle- 

 ment, but if market weights and grades guaranteed are to be accepted 

 a full settlement is required within the customary time limit. Time 

 sales are generally made only by local dealers in a market to other 

 dealers or consumers who are outside of the membership of the com- 

 mercial exchanges. 



SHIPMENTS AND RECONSIGNMENTS. 



The amount of hay shipped or reconsigned from the different mar- 

 kets varies considerably but the percentage is much larger in the 

 central western markets than in those of any other section. The 

 following table gives the estimated percentage of the hay received 

 that is reconsigned from the principal distributing markets : 



Market. 



B-eipts. ' Re S^ 





Cars. 1 Per cent. 

 46,000 80 





17, 500 17 





13, 500 50 





10, 000 90 





7,000 85 





4, 750 75 



1 Approximate number for year 1920. 



A large part of the hay reconsigned from the central western mar- 

 kets moves to the large consuming sections in the South and South- 

 east. A considerable part of the alfalfa reshipped from Kansas City 

 goes east and northeast into sections in which the production of 

 alfalfa is small and is used for dairy and mixed feeds. 



Most of the shipping and reconsigning is done by the shippers in 

 the terminal markets and is a phase of hay marketing which is dis- 

 tinct from the other methods already described. 



SALES BY SHIPPERS. 



When hay is sold in the terminal markets at car door or plug tracks 

 a large percentage is bought b}^ the shippers located in that market. 

 A small amount is bought by local dealers. The rules of most of the 

 local hay trade organizations prohibit other than members from 



