Business: Co-operation Simplified

Farmers National Grain Corp. is the top of a co-operative pyramid. Its 13 stockholders are smaller co-operatives (biggest: Farmers' Union Terminal of Minneapolis and Northwest Grain Association of Minneapolis). Their stockholders are grain elevator companies. And their stockholders, in turn, are some 300.000 farmers. Last week the 13 stockholders of Farmers National met in Chicago and, to the great relief of the farmers at the bottom of the pyramid, voted to dissolve its apex.

Farmers National, the biggest grain-marketing co-operative in the U. S., is eight years old, has always been sickly. Last year it sold more than 66,000,000 bushels of grain...

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