THE MARKETING OF MILL FEEDS. 7 
delphia, and Buffalo, who. with the Boston and Xew York City trade. 
supply the bulk of requirements of the Northeastern States, rarely 
make sales in the Southeast, while dealers in the latter territory 
located in such markets as Atlanta. Savannah. Augusta. Birming- 
ham, and Montgomery seldom solicit business in Louisiana and 
Texas. 
In fact, in practically every State where locally produced wheat 
feeds are insufficient to supply local requirements there are one or 
more important markets where such feeds, obtained by dealers from 
the large milling centers or interior mills, may be obtained by country 
dealers or dairymen. 
It is customary at times to place shipments in transit unsold, 
particularly when the demand is good and is equal to or in excess 
of offerings. In such cases the jobber usually has a number of un- 
filled orders on hand on which these shipments may be applied in 
the event the demand should fall off and he should not succeed in 
finding buyers for them. This accounts for the desire on the part 
of jobbers to keep always well sold up ahead, often for a consider- 
able period. 
Open orders for future shipment can not be filled until due. The 
jobber will not apply transit shipments in case premiums can be 
realized for transit over shipment prices. He will not usually fill 
such open orders, particularly those for season shipment, until a more 
opportune time arrives. This practice has led to some criticism 
at times, and it is claimed that the desire to keep well sold up ahead 
has a tendency to hold up prices artificially. 
When sales are made during declining markets at higher than 
prevailing prices, the desire of jobbers to gain a few extra dollars 
per ton because of the possibility of buying cheaper later on, rather 
than to cater to the immediate wants of the buyer, has often led to 
great inconvenience on the part of the buyer. This, in a measure, 
explains the growing tendency of country feed dealers to purchase 
transit cars rather than future delivery shipments, and when badly 
in need of feedstuffs they prefer to buy shipments actually at holding 
points rather than those reported as being en route to such points. 
While both offerings are considered transit shipments, the approxi- 
mate date of arrival at final destination of cars actually at holding 
points may be readily estimated, while on those shipments for which 
so-called advance notices have been given it is exceedingly difficult to 
determine at times when delivery will be effected, as various factors, 
such as tie-ups, congestions, etc.. may tend to delay them. 
STORAGE OF WHEAT FEEDS. 
During the late summer months, when pasturage is ample and 
wheat moves to the big milling centers in large volume, the offerings 
of wheat feeds by mills are usually very heavy and much feed is 
booked for deferred shipment. 
At this time of the year the large jobbers and wholesale dealers an- 
ticipate their requirements for the comincr winter and early spring. 
On account of the conditions named, prices of feed are often low 
during that season, and the jobbing trade naturally takes advantage 
of this situation. 
