38 BI^LLETIX 919, U. S. DEPAPJilEXI OF AGRICTJX-TTBE. 
TIME OF SETTLEMENT. 
Most large markets have fixed rules governing settlement for hay 
sold in the open market. Cash settlements are usually made within 
24 or 45 hours after the time of sale. When the hay is to be unloaded 
or weighed in the market in which it is sold, an advance of abo 
per cent of the value is required in lieu of the full cash settlement. 
TThen hay is reshipped or reconsigned an advance is usually required 
of the buyer if destination weights or grades are to govern settle- 
ment, but if market weights and grades guaranteed are to be accepted 
a full settlement is required within the customary time limit. Time 
sales are generally made only by local dealers in a market to other 
dealers or consumers who are outside of the membership of the com- 
mercial exchange-. 
SHIPMENTS AND RE CONSIGNMENTS. 
The amount of hay shipped, or reconsigned from the different mar- 
kets varies considerably but the percentage is much larger in the 
central western markets than in those of any other section. The 
following table gives the estimated percentage of the hay received 
that is reconsigned from the principal distributing markets ; 
Markel Receipts 
- 
Cars. 1 Per cent. 
Kansas City 46. 000 SO 
Chieaeo 17, 500 17 
St. Louis 13, 500 50 
Cincinnati. 10. 000 90 
Pittsburgh.. .' 7, 000 85 
Memphis. i. 750 75 
1 Approximate number for yeu: 
A large part of the hay reconsigned from the central western mar- 
kets moves to the large consuming sections in the South and South- 
east. A considerable part of the alfalfa reshipped from Kansas City 
goes east and northeast into sections in which the production of 
alfalfa is small and is used for dairy and mixed feeds. 
Most of the shipping and reconsigning is done by the shippers in 
the terminal markets and is a phase of hay marketing which is dis- 
tinct from the other methods already described. 
SALES BY SHIPPERS. 
TThen hay is sold in the terminal markets at car door or plug tracks 
a large percentage is bought by the shippers located in that market. 
A small amount is bought by local dealers. The rules of most of the 
local hay trade organizations prohibit other than members from 
