THE MAKKETIE'G OF MILL, FEEDS. 17 



make a more favorable impression regarding conditions on pro- 

 spective purchasers. 



Other reasons for variations in prices are — 



(1) Lack of agreement among dealers as to the volume of offer- 

 ings. 



(2) Purchases made at favorable figures by some dealers "which 

 are placed on the market at prices out of proportion with those 

 quoted by dealers who must buy at prevailing prices. 



(3) Unsold stuff in transit which is often disposed of by sacrifice 

 on arrival. 



(4) Forced purchases often made to fill contracts. 



The lack of uniform grades for wheat feeds is another important 

 obstacle to satisfactory price statements. 



Still another difficulty lies in the confusion of meaning attached 

 to a quotation. Is a quotation a record of a transaction, an offer, 

 or a bid? The price furnished by a dealer may be one of these 

 three. If it is one at which a trade was made, the question arises 

 whether it was for cash, or for prompt, or for future shipment. It 

 may have been a representative transaction, a sacrifice sale, or a 

 forced purchase. 



If the price quoted was an offer, it may have been for either prompt 

 or future delivery. Wliat is the duration of the offer? A dealer 

 may state a price which he submits as an offer. If he is confronted 

 by a customer he may modify his offer or he may withdraw it. Often 

 a dealer submits a quotation when he wishes neither to sell nor to 

 buy. The figure that he names is his idea of the value of the com- 

 modity in his market. 



From producing or milling centers prices will be quoted at which 

 a buyer can secure a carload of stuff. From consuming sections 

 prices are quoted which are paid to the jobber or commission man 

 or sometimes prices at which transactions between dealers are con- 

 summated. 



WHAT TO ASCERTAIN ABOUT PRICES QUOTED. 



The prudent buj-er ascertains the following facts in connection 

 with prices quoted before placing his order: (1) Grade; (2) quan- 

 tity; (3) cash or credit; (4) bid or offer; (5) sight or arrival draft 

 basis; (6) on spot or for shipment; (7) representative character and 

 truthfulness of price; (8) branches of trade from which it originates. 



At present the information concerning these factors is often in- 

 complete, particularly in the Northwest and Southwest. 



Wliile some of the difficulties now encountered by dealers in ascer- 

 taining representative quotations can be removed only through edu- 

 cative effort, several of them could be overcome through a more com- 

 plete market organization. It is doubtful, however, if all of them 

 could be eliminated. 



"Weather, Crops, and Markets," a weekly periodical issued by 

 the United States Department of Agriculture, carries, each week, a 

 table covering feed quotations in the principal markets, supplemented 

 by a brief summary of market conditions of principal feedstuffs. 

 The review and table are supplied to the public because of the usual 

 difficulty in obtaining unbiased views, because of the need for re- 



