Acknowledgments
Introduction

PART ONE.
CARGILL'S ROOTS, 1865-1889
1. Frontier Entrepreneur
Conover, New Prairie Town
Business Life in Cresco and Lime Springs
Farmers, Middlemen, and Others
Albert Lea Becomes Headquarters
Grasshoppers Complicate the Panic
The Grangers Take on the Railroads
Wisconsin's "Potter Law"
"Minnesota Grades"
La Crosse Beckons
New Partners
The Mule Farm
The Red River Valley
Jim Cargili in Dakota Territory
Partnerships with George Bagley

PART TWO. GENESIS OF THE MODERN CORPORATION, 1890-1915
2. Two Families Link
Wheat Prices Sag
Cargili Incorporates
Doom for the MacMiilans' Texas Endeavor
Sam Cargiil's Management Style
Away from Grain: The Sawyer & Austin Lumber
Company
Tragedy Strikes the Family
The New Chief Executive Takes Over
The Thorpe Elevator Purchase
Management Styles
Lindahl's Duiuth
Ingredicnts of Lcadership
Empioyec Rdations
Early Pubiic Relations
Managing Centraliy
A Panie and Its Aftermath
The Panic Sprcads
Trouble in Lumber
Tribulations of an Outside Auditor
Will's Intervention
Bariey for Maiting or Feed?
Guarding the Integrity of the Elevator Company
The Valier Project
A Crisis Buiids
A Problem with Prime
W W's Business Coilapses
Will the Elevator Company Be Sacrificed?
Seiiing 0ff Assets
The Valier Morass
Prudence Hoids Sway
Inspecting Grain
Pitting Offices against Each Other?
The Annual "Outings"
Deepening the Board
Ed Grimes and Austen Cargili Join Forces
Seiling Elevators
Adding Terminais
Glut
Appendix: An Alternate View of the Will

PART THREE FREETOGROW,1916-1930
Rt organization, the Great War
Caviling about Schooiboy Discipline
Freeing the Debts
A Fresh Blueprint for Action
Settling with Wili Cargil!
The Employee Stock
Emma Hanchette Demurs
Grain and War
The Food Riots, February 1917
The Grain Trade, Wartime Version
"War Profits"
The Governmcnt Controis Wheat Prices
Cargill's Crop War 1917-1918
John Jr. and Austen Go to War
John Jr. Joins the Expcditionary Force
The Grain Trade at the End of the War
á. Farmer Discontent, Regulatory Concerns
Cargili Elevator Company's War Reconversion
A Peace Treaty, Prohibition, a "Red Scare"
A. C. Townley and the Nonpartisan League
John MacMiilan, Jr., Joins the Company
Peacetime Probiems, Once More
The Crash of 1920-1921
The FTC Reports on thc Grain Trade
The FTC Looks at Country Grain Marketing
The FTC Looks ar Terminal Management
Futures and Spcculation
Public Roles, Private Philanthropy
"We Are Not Engaged in the Export Trade"
7. Expanding Eastward, a Revolt
The Taylor & Bournique Acquisition
A First in Publications—the Cargili Chaff
The Grain Laboratory
"Julius Hendel, Scientist"
John Jr.'s "Account 38"
Clashing Management
"Feeling Safe"
A Surprise for John MacMillan, Sr.
A Controversial Sale of Stock
The Hanchettes Sell & Centralization and the "Endless Belt"
Marine Insurance and Chartering Changes
Lindahl Declines
The Enigma of Buifalo
More Storage in the East
National Farm Issues—Glut Again?
Changes in Personnel
Export Fobbing, International Thrust
A Transition Begins

PART FOUR. IDEAS AND INNOVATIONS — THE 1930s
9. Hoover's Farm Board
The Birth of "Farmers National"
The Farm Board "Bulls the Market"
"Delivery" at the Chicago Board of Trade
International Complications
The Bogey of Drought
Two Good Years for Cargill
The Birth of Cargill, Incorporated
Phasing Out the Employee Common Stock
Training Younger Management
Recruiting Biases
Tightening Cargill Centralization
John Jr., General Manager
New Elevators, Cargill's Bank Crisis
Farm Board Failout
"The World's Largest Grain Elevator"
Was the Omaha Terminal Safe?
Breaking into Chicago
Wage Cuts
John Jr. Takes on the University of Chicago
Burned on Argentine Pesos
The Election of FDR
Cargill's "Economic Analysis"
Cargill's Crisis with the Banks
Jaffray Suggests an Outsider
Endangered Country Elevators
The Bank Crisis Worsens
Austen Cargill Prevails
Assessing Cargill's "Bank Crisis"
ii. International Interests: Poland, Argentina, Russia
The Market Break of July 19-20
Organizational Tensions
Overseas Travails
Polish Rye
The Drought of 1934
Renewed International Interest
The Omaha Explosion
Once Again, Health Problems
John Sr. Scolds Guaranty Trust
The Soil. Conservation and Domestic Aliotment Act
Elevators for Argentina? For Russia?
Innovating with Alfalfa
The Soybean Arrives

PART FOUR. IDEAS AND INNOVATIONS — THE 1930s
9. Hoover's Farm Board
The Birth of "Farmers National"
The Farm Board "Bulls the Market"
"Delivery" at the Chicago Board of Trade
International Complications
The Bogey of Drought
Two Good Years for Cargill
The Birth of Cargill, Incorporated
Phasing Out the Employee Common Stock
Training Younger Management
Recruiting Biases
Tightening Cargill Centralization
John Jr., General Manager
10. New Elevators, Cargill's Bank Crisis
Farm Board Failout
"The World's Largest Grain Elevator"
Was the Omaha Terminal Safe?
Breaking into Chicago
Wage Cuts
John Jr. Takes on the University of Chicago
Burned on Argentine Pesos
The Election of FDR
Cargill's "Economic Analysis"
Cargill's Crisis with the Banks
Jaffray Suggests an Outsider
Endangered Country Elevators
The Bank Crisis Worsens
Austen Cargill Prevails
Assessing Cargill's "Bank Crisis"
11 International Interests: Poland, Argentina, Russia
The Market Break of July 19-20
Organizational Tensions
Overseas Travails
Polish Rye
The Drought of 1934
Renewed International Interest
The Omaha Explosion
Once Again, Health Problems
John Sr. Scolds Guaranty Trust
The Soil. Conservation and Domestic Aliotment Act
Elevators for Argentina? For Russia?
Innovating with Alfalfa
The Soybean Arrives
The Drought of 1936
The 1936 Consolidations of Cargili, Incorporated
12, The Great Battle with the Chicago Board of Trade
Another Avenue toward Membership
A New Grain Futures Act
Cargill Fights for the Rosenbaum Terminal in Chicago
Making an Enemy
The September 1936 Corn Contract—Harbinger of Trouble?
Double Jeopardy—December Wheat, December Com
Cargili MacMillan's Decisions
Further Dan Rice Irritations—In Both Directions
Summer, 1937: Cargill Assesses Corn Supply
Two Ambiguous Contracts
The Business Conduct Committee Acts
Fighting the "Shorts"
Uhlmann Bails Out
Cargill Cleans Up the September Contracts
Who Were the Shorts?
The Business Conduct Committee Pursues Cargili
The CEA Considers a "Limits" Regulation
Cargili Charges the Chicago Board of Trade
What Was Dr. Duvel Told?
Unexpected Complications
Expelled!
Concerns about Supply
Challenge to the "Cali Rule"
Farmers National Goes Under
Corn Case Skirmishes
The CEA Accuses
A Mistake in the Crop Bulletin
Dr. Duvel on the Stand
Dan Rice Speaks Out Again
Two Decisions
Did Cargili Attempt a Comer?
Mistrusting the Speculator
The CEA Assesses Speculation
The Industry Loner
13. Transportation in the 19305
Grain Transportation Patterns
Rate Battles—Oswego and Ogdensburg
Seaways and Canais
Trucking, and Backhaul Problems
Terminals—Albany and Other Sites
Western Markets
Asian Markets
Towboats, Barges, Boats
The "Carneida Type"
A Cargili Towboat Fleet
The Sinking of the Carneida
More Transportation Battles
14. fie Late 1930S
Retrenchment
An "Insider Trading" Transgression
A Brother and a Sister Lost
Holding in Place
War Footing
Contrasting Management Styles
Education for Management
A First Venture in Ocean Shipping
What Size Ship To Build?
Should the Carlantic Be Sod?
Elevator Problems
A New Ship?
The Carlantic Becomes the Victoria
A Diversiuication Study Falters
Diversification in Keality: The Feed Business
The TNEC Study: A Paper Tiger
Cargili and War Preparedness
Twelve Years of Portent

PART FIVE. WAR ONCE MORE; NEW FEED AND OIL DIVISIONS
15. Cargili in World War II
The Grain Trade, Wartime Conditions
Cargil's Two Outstanding Crop Years
Shipbuilding—in the Cornflelds
A Railroad Is Purchased
The Ore Project Backfires
The Savage Shipyard
The Victoria a Jonah?
More Shipbuilding
Completing the Government's Ships
A Surprise at Green Bay
An Old Enemy
Settling with Farmers National
Daniel Rice and Rye Marketing
Whcre Was the Com?
Two New Diversifications
Should Cargill Advertise?
The Barge Case Reaches the Supreme Cort
Guntersville: An Opening to the Southeast
The Beginnings of the Carmacs
Personnel and Wartime Tensions
The Weather Bureau Teus John Jr. "No"
Cargill's Wartime Organizational Changes
Death Takes a Further Toli on the Organization
The "Lake Office"
Preparing for Postwar
Appendix: Service Records of Cargiil's 18 AOGs
16. Rocky Rtconversion
Honeymead: New Company, New Faces
Cargili Buys Nutrena
Port Cargill in the Postwar Era
Southeast, South, Southwest: Towboats and Barges
World Hunger, Once Again
Cargili Takes the CBOT to Court
Would Prices Run Amok?
Trading Flax, Processing Flax
Executive Health
Organizational Discontinuities
Recruiting and Training, the Cargili Way
Incentive Pay
New Initiatives
A Partncrship with Nelson Rckefe11er
A Misplayed Trade
The Albany Dock Strike, September–October 1947
The Telegraphers Strike
Truman's "Give-'em-Hell"
The CCC and May 1949 Wheat
PART SIX. ASSESSING T H E JOHN MACMILLAN, JR., YEARS
17. Korean War, Tradax Beginnings
A. New Grain Elevators and Terminais
B. Expanding the Waterways Fleet
C. Staf-O-Life Feeds Joins Cargili
D. A Dip in Oil Division Performance
E. Tradition in Seeds
The Cargili Foundation
isz—a Testing Year
Seed Adulteration
Continuing CCC Tensions: The Albany Com Case
The Oats Case
The Dwayne Andreas "Resignation"
Tightening the Organization
Rededicating the Company: John Jr.'s Stiliwater Speech
The Beginnings of Tradax
The Purchase of Kerr Gifford
The Move to Montreal—and to Europe Eisenhower and Republican Farm Policy Julius Hendel Retires
i& Corporate Leadership, Management Losses
How to Expand?
Norfolk, the Sr. Lawrence Seaway
Expanding to Europe
Relationship Tensions
A European Port Terminal, Ocean Ships
A Fresh Public Relations Approach
The Research and Development Department
The IBM 650
Farmers and Farm Policy, 1956-1959
The Death of Austen Cargill
Common Stock, Management Stock
Allocating the Management Stock
Buying Out Relatives
Two Estate Common Stock Problems
Expansion—with Caution
Tradax Success—Independently
Good Year, Great Year
Slow Completions: The Seaway, Baic Comeau
The French Barges
Calendar 1960, Tragic Year
Personal Losses
19. Cargill 's Culture
What Role for the Next Generation?
Cargill, 1961
The Chase Looks at Cargill Cargill 1963-1991: A Synopsis

Appendix Cargill Elevator Company/Cargill, Incorporated, and Subsidiaries: Net Earnings and Net Worth, 1915-1961
A Glossary of Common Grain Merchandising Terms
Notes
List of Iliustrations
Index