"You can't do any more business with our members till you change your
ways," declared the Exchange and forthwith, on October 25th, notice was
posted to all Exchange members that any of them found dealing with the
farmers' company would be penalized themselves.

Expelled from trading privileges! Practically boycotted! It was a
straight punch on the nose that threatened to put the young
organization out of business for the final count. Membership in the
Exchange was absolutely imperative if the farmers were to be in a
position to sell grain to exporters; they were not strong enough yet to
export direct to Old Country markets and all the exporters through whom
they were compelled to deal were members of the Exchange.

"The whole thing's just a pretext!" cried Partridge vehemently. "We
haven't got any by-law regarding distribution of profits
co-operatively; the only thing they've got to go on is that circular.
They're beginning to get scared of us and they see a chance to put us
out of business."

If this were the object, it looked as if it might be achieved in short
order. The grain was pouring in steadily by the carload and with no
buyer daring to deal with them in face of the mandate from the
Exchange, of which they were all members, the new company was in a
quandary to dispose of the incoming grain on a falling market. The
only thing they could do was to wait until they had sufficient of any
grade to make a shipment of from 8,000 to 10,000 bushels of that grade
and try to place it somewhere in the East. The Manager was sent east
hurriedly to see what connections he could establish while his office
assistant mailed letter after letter to eastern points in an endeavor
to work several contracts.

The farmers who shipped their grain to the new company were expecting
to receive seventy-five per cent. of an advance from the bank on their
bills of lading and a prompt remittance of the balance when the
Inspection Certificate and Outturn were in the hands of the Company.
With the grain piling up on their company day by day, it was not long
before the overdraft at the bank began to assume alarming proportions.

Luckily the Assistant Manager succeeded in making several sales in the
East, which eased away from the crisis which was shaping. It was quite
patent that it would have been suicide for the young trading
organization to notify the farmers to stop sending in business. They
dare not do that.

In desperatio