THE CALIFORNIA FARM BUREAU EXCHANGE.

The article discusses the California Farm Bureau Exchange. It was established as a marketing association by the California Farm Bureau Federation in 1920. The Exchange served the affiliate county grain exchanges as a purchasing and marketing agent. The county exchanges granted the state exchange "the exclusive right to market, sell, store and dispose of all products" handled by them. In the period from 1922-1923 the Exchange achieved considerable marketing success. After an prolonged California drought caused grain scarcity and poor grower returns, the membership proposed reorganization. In March, 1926 the Exchange's directors voted to close the organization.