.MARKETING HAY THROUGH TERMINAL MARKETS. 39 
trading on the A^arious markets, therefore outside buyers or shippers 
seldom become a factor in the markets. 
Shippers depend upon orders from consuming sections for their 
business. When many orders are received the shippers are active 
buyers in the market, and when no orders are received they remain 
out of the market unless they buy to store or in anticipation of 
orders. Shippers frequently buy hay when they have no orders for 
it. if in their opinion it is good business to do so, and then offer 
the hay for sale by wire or letter. If the orders received are not 
equal to the hay bought it frequently is resold upon the market on 
the succeeding days. 
Obtaining Oedebs. 
The shipper at the terminal market obtains his orders by the same 
methods and through the same agencies as does the country shipper, 
namely, by wire, by letter, through brokers, and through traveling 
salesmen. These agencies have already been fully described. 
Teems of Sale. 
The acceptance of an order by a shipper constitutes a sale for 
him, and the terms are almost always included in the confirmation of 
sale, which is usually sent by wire or mail immediately upon receipt 
of an order if it is accepted. 
The items usually included in the terms of sale are : Quantity, 
kind of hay, time of shipment, and terms of settlement. 
QUANTITY SOLD. 
The quantity sold is usually expressed only in carloads, but the 
number of tons is sometimes also mentioned. Certain trade rules 
provide that the number of bales shall also be stated, but this is 
seldom done because it is usually impossible for a shipper to tell 
how many bales will be contained in the car he buys. It is also 
frequently impracticable to state the number of tons. 
CHAEACTEE OF HAY SOLD. 
The most difficult thing to state satisfactorily in the confirmation 
of sale is the character of hay sold. Numerical grades for hay have 
been adopted in practically all hay markets, and generally there is 
a fairly good understanding in the terminal markets as to the char- 
acter of the hay represented by the grade designation. In the con- 
suming sections, however, local conditions seem to be a factor in- 
fluencing the interpretation of the grades, so that the ideas of buyers 
as to the quality represented by certain grades vary in the different 
