MARKETING OF GRAIN 383 



namely, the independent, the cooperative, and the line 

 elevator. The independent elevator is one at a country 

 shipping point owned and controlled by one or more in- 

 dividuals. The management of such an elevator is inde- 

 pendent or not connected with other elevators or large 

 market centers. 



408. The coSperative elevator is one owned and oper- 

 ated by an association of farmers. A cooperative or 

 farmers' elevator usually has some advantages over other 

 elevators in the securing of grain from the farmers, many 

 of whom are stockholders in the company and share in its 

 profits. Sometimes as many as 50 or 100 farmers around 

 a shipping point may hold stock in such an elevator, 

 which insures for it a large supply of grain. Many farmers, 

 also, who are not stockholders prefer to sell their grain to a 

 cooperative company, since it is operated by farmers, 

 preferring to do business with farmers rather than inde- 

 pendent dealers or line elevators. All cooperative 

 elevators are not successful, however, as might appear 

 from what has been said. Failure is frequently due to 

 inexperience of the managers in business affairs, which 

 results in poor management. Sometimes, too, jealousy 

 springs up between the stockholders, and this frequently 

 results in the company's bankruptcy. 



409. The line elevator differs from the independent 

 dealer and the farmers' company in that it is only one 

 elevator of many along a certain line or lines of railroad, 

 and owned and managed by a concern having headquarters 

 in one of the large central markets. The line elevator at 

 any one shipping point is in charge of an individual who 

 is employed by, and receives directions for management 

 from, the headquarters in the central market. A line 

 elevator company, therefore, may control many elevators 



