288 CORN 



SELLING CORN ON THE CASH FLOOR 



Cash Grain.* "This is the technical term for immediate delivery. 

 There are numerous terms and phrases common to the cash grain 

 business, although the future and cash grain markets are so closely 

 associated that the trade expressions are used almost as much for one 

 as for the other. 



"Immediate Shipment" means that shipment must be made within 

 three business days. "Quick Shipment" is a term of five days, and 

 "Prompt Shipment" is a term of ten days. Contract Grain calls for 

 grain that grades No. 2 or better, but there are variations as to the 

 season of the year and in grain from different sections of the country. 



"Grain that has been loaded on vessels, either lying idle or moving, 

 but which has not yet reached destination, is called "Afloat." The 

 term "Boat Load" refers to. 8,000 bushels of grain. When "Cargo" is 

 referred to it means the loading of a steamer or vessel. An ocean 

 cargo is usually around 200,000 bushels of corn. 



"When a vessel has been engaged to carry grain to a given destina- 

 tion at a fixed rate of freight per bushel or per hundred pounds, it is 

 termed a "Charter." Grain "On Passage" is grain on the ocean en- 

 route from one port to another. "Worked for Export" is an expression 

 used when a quantity of grain has been sold for export. 



"At one end of the trading hall in the Board of Trade Building is 

 placed a large blackboard on which are posted bids on grain "to 

 arrive." These are prices offered to country points for grain. The 

 date of shipment is specified in the bid, sometimes within five days 

 after date of sale, sometimes not for several months after. When 

 grain is not thus bought "to arrive" it is consigned by the country 

 shipper to a Board of Trade house and sold on commission. 



"After this grain (to arrive) has left the shipping point it is the 

 duty of the seller to notify the buyer of the number of the car or cars 

 shipped in and of the date of shipment. If after grain arrives it fails 

 to meet the grade called for in the contract, settlement is made at the 

 then prevailing market price for what the property is worth. If it 

 grades better than specified, the shipper is at liberty to keep this grain 

 and furnish the buyer with another carload that meets the grade re- 

 quired." 



*From article by R. A. Meinke in ''Fai-raing Business," May S, 1915. 



