PURCHASE AND DISTRIBUTION OF FEED 73 



cultural matters. At meetings of the Agricultural Conference 

 Board during the spring of 1920 the need of some sort of a farmer- 

 owned co-operative buying corporation was discussed frequently. 

 Careful thought was given to the whole matter and considerable 

 investigation was done by special committees of the Board, with 

 the result that it was finally unanimously agreed by all members 

 of the Board to unite in the organization of a purchasing corpora- 



5 ■!.♦ t J I. 



The Board of Directors and Manager of the 

 Co-operative G.L.F. Exchange 

 Typical farmers who operate the Exchange for the benefit of themselves 

 and other farmers. 



tion of sufficient size to insure an adequate volume of business 

 and to make possible the employment of the most skilled manage- 

 ment available. It was also agreed that this new corporation should 

 purchase the assets of the Grange Exchange and begin operations 

 with the business of that corporation. 



A million-dollar co-operative stock corporation was finally 

 agreed upon, to be known as the Co-operative Grange League 

 Federation Exchange, Inc. The board of directors was made up 

 of nine members, three from each of the supporting organizations. 

 The certificate of incorporation was filed in June, 1920, and the 



