Shipments

on order figure to a considerable extent in dealings in both domestic and foreign exchange. Illustration: A shipment of grain from Chicago to New York may be consigned on order. A certain amount is advanced by a bank (or banker) on the bill of lading. When the grain is sold in New York the bank surrenders the bill of lading to the buyer of the grain, reimburses itself for its advance to the shipper and returns the balance to the shipper. Or, a shipment of grain may be made from New York to London. The proce is the same as with the shipment of grain from Chicago to New York. Also see Sold on order; also see To order. On pa age. Grain or other commodities or merchandise on the high seas; refers particularly to grain. On the inside. Po e ing a knowledge of affairs that are seeret or that are known to very few. On track. A term applied to grain in cars; such grain is not included in the visible supply for the reason that its loca-, tion is not always known.; Open account. Same as running account, although the term open account is usually employed. In trade (particularly the wholesale trade) when an open account is established the buyer arranges with the seller to | receive credit for a certain period on purchases made. He does not give a promi ory note or furnish security of any kind, but when the period of credit agreed upon has elapsed after a (after each) purchase he makes payment for it by check;. ww or bill of exchange or in whatever way may have been predetermined by the seller and buyer. If the period of credit is exceeded without payment by the buyer the seller is considered to have or perhaps by stipulation has the right to draw on the buyer for the amount due. The name open account also is applied to an account in which some item is not settled between the parties. On the London Stock Exchange the term open account means the exce at the fortnightly settlement of the bull (long) interest over the bear (short) interest; or the reverse, the exce of the bear interest over the bull interest in the market as a whole or in a group of stocks or in a single stock, accordingly as specified. It is an open bull account or an open bear account as designated. 398