MARKETING HAY THROUGH TERMINAL MARKETS. 31 
ing cars on sales tracks but such tracks are only specially desig- 
nated tracks in the regular yards of the carrier. 
If dealers desire to have cars placed at cheir warehouses, railroads 
switch them direct from the holding yards, generally without charge, 
but if the cars have been placed on the sales tracks there is usually a 
switching charge. The surrender of the original bill of lading is 
generally required before cars will be switched to warehouse or un- 
loading tracks. 
Railroads usually furnish the inspection department of the local 
trade association with lists showing the initial and number of the 
cars together with their location. The name of the consignee is also 
generally shown but in some markets consignees are assigned num- 
bers and the numbers only are shown on the bulletin. The lists are 
sometimes posted only in the local yard offices and those interested 
call these offices by telephone or visit them in person in order to 
obtain the information. 
METHODS OF SALE. 
There are several methods by which hay is sold at terminal 
markets. Some of the more important are on the exchange floor, at 
the car door, on plug tracks, at warehouses, and in offices. 
Sales on the Exchange Floor. 
In several markets all or a part of the sales are made during the 
session of the exchange. An exchange, as understood by the trade, 
is a place at which members of the trade organizations meet for a 
few hours each week day and buy and sell the commodities which 
they handle. Some of the markets using this method are Memphis, 
Indianapolis, St. Paul, and Pittsburgh. The methods of sale on 
the exchanges vary somewhat in the different markets. 
Small samples of hay representing the carloads from which they 
have been taken by the inspector or sampler may be exhibited on the 
sample tables. The grade designation as assigned by the inspector is 
shown on a tag attached to the sample. The buyer inspects the 
various samples and, if the quality as shown by the sample is satis- 
factory, endeavors to purchase the car from the receiver or commis- 
sion merchant having it for sale. The terms of sale usually specify 
that the entire car must be of a grade equal to the sample and a rate 
of discount for any low grade is agreed upon at the time of sale. 
In other instances no samples are submitted but the cars of hay are 
offered for sale by grade and description. An official of the exchange 
conducts the " call " and asks for offers of the various kinds and 
grades of hay. A member having a car, say of No. 1 timothy, for 
sale offers one car No. 1 timothy at $26. Bids are then called for. 
