26 
influenced considerably by the financial standing and the reliability 
of both parties. 
When the draft with the bill of lading arrives at a bank at destina- 
tion, the bank notifies the commission firm upon which the draft is 
drawn and the latter immediately, or upon the arrival of the car 
(whichever time is indicated by the draft) pays the draft and thus 
obtains possession of the bill of lading. When the car arrives at 
destination the bill of lading is surrendered to the carrier and switch- 
ing orders are given for placing the car in position for sale. The 
car is then sold for the account of the shipper by whatever method 
is used at that market. Some shippers consign their hay to be sold 
subject to their confirmation and require their commission firms to 
report any offers back to the shipper for confirmation before accept- 
ing them. Many shippers, however, leave the selling entirely to the 
judgment of the commission firm, thinking that their experience on 
that particular market qualifies them to make the most, advantageous 
disposition of the hay. 
When the hay has been sold, returns are made to the shipper show- 
ing the amount of the sale ; the amount deducted as selling charges 
including weighing and inspection fees, trackage, demurrage charges, 
interest charges, commission, etc. ; and the net proceeds. Interest 
charges are made only for the amount advanced on sight drafts or 
arrival drafts and are computed for the period between the time at 
which the draft is paid and the time at which the commission firm 
receives payment from the buyer. For arrival drafts this period 
should be only a few days, the time required to switch the car to 
selling yards and to make the sale, plus the one' day which is allowed 
buyers in most markets in which to make settlement. If cars are 
unloaded in the terminal market, however, returns generally can not 
be made until the car has been switched to the buyer's warehouse 
and unloaded. In most instances buyers make an advance on the 
car of about the amount of the shipper's draft, and the shipper 
therefore should not be charged interest beyond one day at most 
after the date of sale. 
Commission charges -vary slightly but at present range from 75 
cents to $2 per ton, or a minimum charge of $10 per car. This 
charge covers all the services rendered by the commission merchant 
in handling and selling the hay consigned to him. 
Receivers. 
Those dealers who buy hay to arrive or for shipment to a market 
are in some markets termed receivers. There is no clear-cut dis- 
tinction between receivers and commission men in many markets, 
and the names are frequently used interchangeably. 
