"The coming of the Equity Cooperative Exchange, reputedly the first cooperative terminal grain marketing agency of account in the United States, was tantamount to an admission that terminal marketing reform offered more hope for relief from low prices than did campaigns for lower railroad rates, monetary reforms, and antimonopoly legislation. The Exchange, organized in Minneapolis in 1908 and incorporated under the laws of North Dakota in 1911, spread among the wheat producers of Minnesota, the Dakotas, and Montana, chiefly as a terminal grain marketing agency and to a lesser degree as a livestock marketing firm."
Source: “The Rise of the Equity Cooperative Exchange” by Theodore Saloutos. The Mississippi Valley Historical Review, June 1945, pp. 31-62.