THE MARKETING OF MILL FEEDS. ^ 7 



delphia, and Buffalo, who, with the Boston and New York City trade, 

 supply the bulk of requirements of the Northeastern States, rarely 

 make sales in the Southeast, while dealers in the latter territory 

 located in such markets as Atlanta, Savannah, Augusta, Birming- 

 ham, and Montgomery seldom solicit business in Louisiana and 

 Texas. 



In fact, in practically every State where locally produced wheat 

 feeds are insufficient to supply local requirements there are one or 

 more important markets where such feeds, obtained by dealers from 

 the large milling centers or interior mills, may be obtained by country 

 dealers or dairymen. 



It is customary at times to place shipments in transit unsold, 

 particularly when the demand is good and is equal to or in excess 

 of offerings. In such cases the jobber usually has a number of un- 

 filled orders on hand on which these shipments may be applied in 

 the event the demand should fall off and he should not succeed in 

 finding buyers for them. This accounts for the desire on the part 

 of jobbers to keep always well sold up ahead, often for a consider- 

 able period. 



Open orders for future shipment can not be filled until due. The 

 jobber will not apply transit shipments in case premiums can be 

 realized for transit over shipment prices. He will not usually fill 

 such open orders, particularly those for season shipment, until a more 

 opportune time arrives. This practice has led to some criticism 

 at times, and it is claimed that the desire to keep well sold up ahead 

 has a tendency to hold up prices artificially. 



When sales are made during declining markets at higher than 

 prevailing prices, the desire of jobbers to gain a few extra dollars 

 per ton because of the possibility of buying cheaper later on, rather 

 than to cater to the immediate wants of the buyer, has often led to 

 great inconvenience on the part of the buyer. This, in a measure, 

 explains the growing tendency of country feed dealers to purchase 

 transit cars rather than future delivery shipments, and when badly 

 in need of f eeclstuffs they prefer to buy shipments actually at holding 

 points rather than those reported as being en route to such points. 

 While both offerings are considered transit shipments, the approxi- 

 mate date of arrival at final destination of cars actually at holding 

 points may be readily estimated, while on those shipments for which 

 so-called advance notices have been given it is exceedingly difficult to 

 determine at times when delivery will be effected, as various factors, 

 such as tie-ups, congestions, etc., may tend to delay them. 



STORAGE OF WHEAT FEEDS. 



During the late summer months, when pasturage is ample and 

 wheat moves to the big milling centers in large volume, the offerings 

 of wheat feeds by mills are usually very heavy and much feed is 

 booked for deferred shipment. 



At this time of the year the large jobbers and wholesale dealers an- 

 ticipate their requirements for the coming winter and early spring. 

 On account of the conditions named, prices of feed are often low 

 during that season, and the jobbing trade naturally takes advantage 

 of this situation. 



