RESEARCH ARTICLE
Tha s icky eeling: The e olu ion and impac o wool
coope a i es in he Ame ican Wes , 1880–1930
Ike Sai ua
Uni e si y o he Basque Coun y, Facul y o Economics and Business, Bilbao, Spain
Email: [email p o ec ed]
Abs ac
This a icle examines wool coope a i es in he Ame ican Wes be ween 1880 and 1930, demons a ing how
ins i u ional equi emen s sys ema ically ans o med democ a ic ma ke ing o ganiza ions h ough
capaci y-based selec ion p essu es. Analysis o go e nmen epo s and ade publica ions e eals ha
indi idual associa ions expe ienced ex eme ola ili y despi e agg ega e g ow h s a is ics, wi h su i al
a es co ela ing s ongly wi h o ganiza ional capaci y. The sophis ica ed ma ke ing ools ha eme ged –
binding mul iyea con ac s and de e ed paymen s uc u es –imposed ixed cos s and liquidi y demands
ha ope a ed as e ec i e membe ship il e s, sys ema ically excluding smalle p oduce s. While
coope a i e ma ke sha e peaked in he ea ly 1920s be o e declining subs an ially by 1930, wes e n
geog aphic concen a ion inc eased, e ealing selec ion by p oduce cha ac e is ics a he han educed
c isis mo i a ion. This esea ch ex ends he Ho man and Libecap amewo k by demons a ing how
in e nal p oduce he e ogenei y eshaped ins i u ional objec i es despi e commodi y cha ac e is ics
a ou ing b oad-based coope a ion.
In oduc ion
In he ea ly 1920s, du ing he pos -WWI down u n, he No h Dako a Coope a i e Wool
Ma ke ing Associa ion became emblema ic o he bu geoning coope a i e mo emen in he
Ame ican Wes . As p ices collapsed and p essu es moun ed, membe s owed “We’ll s ick,”
cap u ing wha epo e Fussell (1921) called “ ha s icky eeling”– he solida i y binding
woolg owe s agains ma ke ola ili y. Ye he associa ion’s pe o mance e ealed a sha p gap
be ween he o ic and eali y: olumes ell om 815,347 pounds in 1920 o 400,000 in 1921 and o
160,671 in 1922 –abou 80 pe cen in wo yea s –be o e a pa ial ebound o 415,000 in 1923
(Elswo h, 1930: 50). This ola ili y –nea ly 1.7 imes he na ional agg ega e end –exempli ied a
b oade 1920s pa e n: c isis mobilized solida i y, bu ins i u ional equi emen s es ed who could
emain a ached. Ini ial cohesion p o ed insu icien once economic p essu es exposed unequal
capaci ies o inance wi hholding, mee g ading s anda ds, and ole a e de e ed se lemen .
This s udy a gues ha wool coope a i es e ol ed in ways ha sys ema ically a ou ed
p oduce s wi h speci ic economic cha ac e is ics, a he han se ing b oad democ a ic
cons i uencies. C isis spu ed apid expansion, bu he ma ke ing ools ha ollowed –binding
mul iyea con ac s and de e ed paymen s –imposed ixed cos s and liquidi y demands ha ac ed
as membe ship il e s. These ea u es, cen al o s abilizing p ices and ex ac ing quali y p emia,
gene a ed selec ion p essu es ha eshaped coope a i e composi ion o e ime. The esul is no
coope a i e “ ailu e”bu ins i u ional e olu ion owa ds se ing membe s able o mee ope a ional
demands despi e nominal democ a ic p inciples.
© The Au ho (s), 2025. Published by Camb idge Uni e si y P ess. This is an Open Access a icle, dis ibu ed unde he e ms o he C ea i e
Commons A ibu ion licence (h ps://c ea i ecommons.o g/licenses/by/4.0/), which pe mi s un es ic ed e-use, dis ibu ion and
ep oduc ion, p o ided he o iginal a icle is p ope ly ci ed.
Ru al His o y (2026), 37, 111–127
doi:10.1017/S0956793325100162
h ps://doi.o g/10.1017/S0956793325100162 Published online by Camb idge Uni e si y P ess
This ins i u ional ans o ma ion wi hin wool coope a i es e lec s b oade gaps in schola ly
unde s anding o wes e n ag icul u al ma ke ing. While schola s ha e ho oughly examined
coope a i e ma ke ing in many ag icul u al indus ies, wool coope a i es ha e ecei ed
compa a i ely li le a en ion despi e he indus y’s o me impo ance in he Wes . Exis ing
schola ship ex ensi ely examined a i policy and ange managemen issues (Taussig, 1912;
Adams, 1916) while la gely o e looking ma ke ing ins i u ions. Wool schola s highligh ed his
gap, wi h D ummond (1962) no ing, “The his o y o wool in he Uni ed S a es shows ha he e
has always been a need o imp o ed me hods o ma ke ing aw wool”(p. 1). Regional s udies
ouched on ma ke ing wi hou ocusing on coope a i es – o example, examining me chan -
house in e media ion, labou a angemen s, and ailhead wa ehousing in New Mexico (Ca lson,
1969; Wallace, 2024) and documen ing Midwes wool pools ha unc ioned as seasonal
agg ega ion a he han du able coope a i es wi h binding con ac s o membe go e nance
(C ocke , 1968,1970). Ea ly go e nmen epo s p omo ed coope a i e ma ke ing (Ca man e al.,
1892; Ma shall, 1917; Ch is ensen, 1929), ye ag icul u al economis s also iden i ied sys ema ic
weaknesses decades be o e ecen c i ical schola ship eme ged: o e -dependence on con ac
c ea ing coe ci e pa icipa ion and emo eness om membe s in la ge o ganiza ions (E dman,
1924; Youde and Helmbe ge , 1966).
Aus alian schola ship on wool ma ke ing ins i u ions demons a es ha hey ope a ed as
selec ion mechanisms consis en ly p i ileging well- esou ced pa icipan s, wi h iable p ice
s abiliza ion schemes p esupposing la ge capi al pools and echnical capaci y ha disad an aged
smalle p oduce s (Abbo and Me e , 2017; Pa mo e e al., 2024). Wo k on b oke age and
associa ions shows ule-based ga ekeeping, dense social capi al, and coo dina ed ou ines ha
disciplined pa icipa ion and na owed access (Me e and Ville, 2012; Me e e al., 2008).
Viewed ac oss he An ipodes sheep business, New Zealand e idence poin s o simila ins i u ional
ou ines wi hin wool b oking, ein o cing he b oade pa e n (Ville, 2007). Resea ch on he shi
o auc ion ma ke s om London o Aus alian cen e s unde sco es selec ion ia scale economies
and specialized expe ise among dominan agen -b oke s (Ville, 2005). Taken oge he , his
li e a u e e ames ‘success’as adap a ion o membe s able o mee demanding inancial,
o ganiza ional, and knowledge h esholds –and i supplies he compa a i e ame I use o
in e p e wes e n wool coope a i es.
The ques ion, hen, is which ea u es o wool and o coope a i e design made his so ing
p edic able –a ques ion o malized by Ho man and Libecap (1991). In hei amewo k,
ag icul u al ma ke ing a angemen s hinge on commodi y-speci ic and ins i u ional ac o s.
Success ul p i a e coope a ion ypically equi es s o abili y, hick p oduce ne wo ks, manageable
ee- ide p oblems, and –c ucially –membe s’abili y o in e nalize coo dina ion cos s. Ho man
and Libecap (1991) also emphasize ha o ganiza ion and en o cemen cos s ise wi h he numbe ,
he e ogenei y, and spa ial dispe sion o p oduce s, and ha dis ibu ional con lic o e who bea s
hose cos s des abilizes coali ions; whe e moni o ing and penal ies a e weak, p i a e schemes end
o gi e way o s a u o y in e en ions –policy subs i u ing o con ac .
Wool i his p o ile: nonpe ishabili y enabled s a egic wi hholding; s anda dized g ading
acili a ed quali y pooling; and exis ing woolg owe s’associa ions supplied social capi al. Ye
he e ogenei y in scale and liquidi y gene a ed sys ema ic selec ion p essu es ha eshaped
coope a i e membe ship despi e nominally democ a ic s uc u es. In he Uni ed S a es, he
Cappe –Vols ead Ac o 1922 lowe ed legal ba ie s o coope a ion bu le ope a ional bu dens –
cash- low equi emen s, s o age cos s, and g ading discipline –squa ely on membe s, ensu ing
endu ance p ima ily among hose able o bea hese ins i u ional demands. Th ough sys ema ic
analysis o go e nmen ag icul u al epo s and ade publica ions, his s udy demons a es how
coope a i e ma ke ing became highly concen a ed among la ge o ganiza ions capable o mee ing
demanding ope a ional equi emen s. This pa e n ex ends he Ho man–Libecap amewo k o
e eal how in e nal p oduce he e ogenei y can eshape ins i u ional objec i es e en when
commodi y cha ac e is ics a ou coope a ion.
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O igins and Ea ly G ow h o Wool Coope a i es
The de elopmen o coope a i e ma ke ing in Ame ican ag icul u e ound pa icula ly e ile
g ound in he wool-g owing indus y due o he commodi y’s unique cha ac e is ics. Wool
possessed se e al ea u es ha , acco ding o Ho man and Libecap (1991), ypically a ou
success ul p i a e coope a ion o e go e nmen in e en ion: Unlike pe ishable c ops ha
demanded immedia e sale, wool’s du abili y allowed p oduce s o s o e clips o ex ended pe iods
while awai ing op imal ma ke condi ions. This s o age capaci y enabled he s a egic wi hholding
essen ial o collec i e ba gaining, while he s anda dized na u e o wool g ades acili a ed he
quali y pooling ha coope a i es equi ed o ex ac p ice p emiums. Collec i e ma ke ing became
bo h easible and po en ially p o i able o indi idual g owe s seeking o escape he disad an ages
o agmen ed selling.
Howe e , as Ho man and Libecap (1991) demons a e, a ou able commodi y cha ac e is ics
alone do no gua an ee b oad-based coope a i e success – he c i ical ac o becomes membe s’
capaci y o bea coo dina ion cos s. The expansion o middlemen and commission houses
h oughou he la e nine een h and ea ly wen ie h cen u ies in ensi ied ma ke ing challenges o
indi idual p oduce s, c ea ing he s uc u al asymme ies ha mo i a ed collec i e o ganiza ion.
Ye he solu ions ha eme ged would sys ema ically a ou p oduce s capable o inancing he
ope a ional demands ha sophis ica ed coope a i e ma ke ing equi ed.
The incep ion o wool coope a i e ma ke ing o ganiza ions in he Uni ed S a es can be aced
back o a ound 1840, p ima ily in he Eas e n egions. P io o he 1860s, he Ame ican sheep
indus y p edominan ly h i ed in he Eas and Midwes . Woolg owe s we e pionee s in adop ing
coope a i e me hods o mo e e ec i e ma ke ing wi hin Ame ican ag icul u e. In he 1840s, sheep
a me s in New Yo k es ablished he ea lies coope a i e ins i u ions ha acili a ed wool sales
h ough cen alized depo s. These ini ial coope a i e e o s ex ended beyond he wool indus y,
ca alyzing a b oade in e es in coope a i e app oaches ac oss a ious ag icul u al sec o s. This led
o no able successes in he ui and co on indus ies as well (Unknown, 1952: 354). His o ically,
wool ma ke ing was d i en by he demands o local ma ke s, and i was a common p ac ice o
a me s o ba e o ade small quan i ies o wool o mee immedia e local needs.
By he la e nine een h cen u y, as Ame ican a me s became inc easingly in eg a ed in o he
comme cial economy, hey es ablished selling o ganiza ions o manage he g owing complexi y o
hei business a ai s. S a ing in he 1870s and 1880s, small and medium a me s o med
coope a i es o ma ke hei p oduc s. A genuine a me coope a i e was de ined by se e al
c i e ia. Fi s , con ol was main ained by a me s, g owe s, o p oduce s. Second, membe ship
o ing igh s we e limi ed o one o e pe membe , ega dless o he amoun o s ock o capi al
owned, and he coope a i e did no dis ibu e di idends on s ock o capi al exceeding eigh
pe cen annually. Addi ionally, he alue o non-membe p oduc s handled did no exceed ha o
membe p oduc s (Bu eau o Census, 1960: 270).
By pooling hei ma ke ing esou ces, hey aimed o educe compe i ion among hemsel es,
he eby inc easing he p ices hey could command o hei c ops. They also collabo a ed o secu e
lowe ail oad a es. Some coope a i es expanded hei ole beyond ma ke ing, b anching ou o
pu chase a a ie y o p oduc s o a me s, om gasoline o insu ance. Al hough ea ly a emp s in
he 1870s and 1880s aced challenges and se backs, coope a i es s eadily g ew in bo h numbe and
in luence (Black o d, 2003:63–64). Th oughou he 1880s, a new impe us o coope a i e
o ma ion eme ged as nume ous a me s, who we e no pa o gene al a m o ganiza ions, began
es ablishing ma ke ing coope a i es. In s a es like Delawa e, New Yo k, and Cali o nia,
associa ions we e c ea ed speci ically o sell ui s. Addi ionally, g oups ocusing on he ma ke ing
o li es ock, wool, obacco, walnu s, and dai y p oduc s eme ged. By 1890, he e we e
app oxima ely 1,000 ac i e coope a i es, wi h 75 pe cen dealing wi h dai y p oduc s, 10 pe cen
wi h g ain, and o e 10 pe cen wi h ui s and ege ables (Ab ahamsen, 1981:6–7). In some
places, woolg owe s also joined he coope a i e momen um.
Ru al His o y 113
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The Ame ican wool coope a i e mo emen de eloped wi hin a b oade in e na ional con ex
o ag icul u al coope a ion ac oss majo wool-p oducing egions. Aus alian ag icul u al
coope a i es eme ged con empo aneously du ing he 1880s, simila ly d i en by a me s’desi es
o ‘cu ou he middleman’and achie e be e ma ke ing a angemen s h ough collec i e ac ion.
The es ablishmen o he English Coope a i e Wholesale Socie y’s Aus alian depo in 1897, which
ope a ed un il 1917, c ea ed di ec ins i u ional links be ween wool p oduce s ac oss he Paci ic
wi hin global commodi y chains cen e ed on B i ish ex ile manu ac u ing. Aus alian dai y and
ag icul u al coope a i es aced iden ical o ganiza ional challenges: while commodi y cha ac e -
is ics enabled collec i e ma ke ing, he ope a ional demands o sophis ica ed ma ke ing
ins i u ions –s o age capaci y, quali y g ading, and delayed paymen s uc u es –sys ema ically
a ou ed p oduce s wi h g ea e capi aliza ion (Pa mo e e al., 2024: 86, 103–104).
In he Ame ican Wes , success ul wool coope a i e de elopmen equi ed p e-exis ing social
in as uc u e ha could suppo sus ained collec i e ac ion. This social capi al ounda ion
p o ided he us ne wo ks essen ial o coope a ion, bu would p o e insu icien once
ins i u ional equi emen s became mo e demanding. Woolg owe s’associa ions c ea ed ne wo ks
o communica ion among p oduce s, wi h he Cali o nia Wool G owe s Associa ion (1860) and
Na ional Wool G owe s Associa ion (1865) o e ing o ganiza ional empla es ha sp ead
h oughou he egion o Mon ana (1883), O egon (1893), Idaho (1895), and Wyoming (1905)
(Adams, 1946:34–35; B own, 1955:5–10; C ocke , 1970: 16, 52). These associa ions os e ed he
mu ual ecogni ion ha enabled ini ial coope a i e o ma ion, bu hei democ a ic s uc u e
would la e con lic wi h he ope a ional demands o sophis ica ed ma ke ing ins i u ions.
By he la e nine een h cen u y, Aus alian b oke s had de eloped a sophis ica ed auc ion
sys em cen e ed in po ci ies (Melbou ne, Sydney) in which pas o al agen i ms agg ega ed clips
om dispe sed s a ions and hen classed and displayed hem in cen alized wa ehouses/
show ooms; egula auc ion os e s, expe classing, and binning/in e lo ing educed buye
sea ch cos s, sha pened p ice disco e y, and sped ealiza ion o g owe s –and, as he sys em
ma u ed, he echnical axonomy deepened o well o e 1,500 ypes and sub- ypes (Ville, 2005:
11–15, 25). In he Uni ed S a es, wa ehousemen and commission me chan s expe imen ed wi h
simila cen alized g ading and auc ions in eas e n hubs in he la e 1890s –e.g., he Oc obe 1897
New Yo k Wa ehouse Company sale o A izona and New Mexico wools, which con empo a ies
epo ed b ough p ices oughly 20 pe cen abo e p e ailing a es (“Local and Pe sonal,”1897 3;
Ma shall, 1917; Che ing on, 1911:85–88) –bu ea ly U.S. e o s s uggled o eplica e Aus alian
e iciencies: olumes we e une en, specula i e dealing could unse le p ices, and, c ucially, he
b oke /classe in as uc u e ha unde pinned us ed g ading in Aus alia emained hin in he
Uni ed S a es (Ma shall, 1917: 229–233; Fede al T ade Commission, 1928: 333–343). In sho , he
Aus alian model es ed on long-es ablished pas o al agen s, cen alized show ooms, and a
na ional sales os e ha lowe ed ansac ion cos s – ea u es ha ook longe o assemble in he
Ame ican con ex (Ville, 2005:11–14).
The ea ly ins i u ional pa e n e ealed bo h oppo uni ies and inhe en ensions. As he
indus y consolida ed wes o he Mississippi Ri e , p oduce s aced inc eased exposu e o deale
manipula ion and un a ou able consignmen a angemen s. Wool pools o med ac oss he Wes ,
bu scale p o ed c ucial: pools handling 50,000 pounds o mo e p o ed mos e ec i e, a ac ing
mo e buye s and le e aging g ea e ma ke ing expe ise. Fo ins ance, in 1875, a wool pool in
O egon s o ed 60,000 pounds o wool a he Albany Fa me s’Wa ehouse be o e selling i h ough
a compe i i e bidding sys em (“Wool Pool,”1875). Con e sely, pools handling smalle olumes –
less han he 20,000 o 30,000 pounds needed o e icien ly ill a ailca –s uggled o p o ide
adequa e ma ke ing se ices. Such low- olume pools we e o en less iable, encoun e ing
di icul ies in me chandising and acing highe anspo a ion cos s (Wilson, 1965:30–31).
Du ing he h ee decades om 1890 o 1920, ag icul u al coope a ion en e ed i s hi d phase o
de elopmen , i mly es ablishing i sel wi hin he economic amewo k suppo ing Ame ican
a me s. By he end o his pe iod, he e we e an es ima ed 14,000 ac i e coope a i es na ionwide.
114 Ike Sai ua
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Ma ke ing associa ions app oached a his o ical peak wi h o e 12,000 o ganiza ions, while
app oxima ely 2,100 coope a i es specialized in supplying p oduc ion inpu s. This g ow h ma ked
a signi ican expansion and in eg a ion o coope a i e e o s ac oss nea ly all s a es, exempli ied
by he eme gence o an inc easing numbe o wool pools and ma ke ing associa ions
(Ab ahamsen, 1981:6–7).
Legal unce ain ies complica ed o ganiza ional e o s un il he ea ly wen ie h cen u y. The
She man An i us Ac o 1890 in oduced signi ican ambigui y ega ding he legali y o
coope a i e ma ke ing ac i i ies, as ag icul u al en e p ises ound hemsel es ulne able o
p osecu ion unde b oad an i- es ain p o isions. This ede al law p ohibi ed con ac s,
combina ions, o conspi acies in es ain o ade, c ea ing unce ain y abou whe he coope a i e
ma ke ing ag eemen s cons i u ed illegal collusion. Though en o cemen o he She man Ac
a ound he u n o he wen ie h cen u y c ea ed powe ul incen i es o businesses o a oid
in e i m ag eemen s and o ganize ins ead in he legally sa e s uc u e o in eg a ed mul iuni
ope a ing companies, ag icul u al coope a i es lacked clea exemp ions om hese p o isions.
While Chandle (1977) demons a ed ha he manage ial co po a ion eme ged p ima ily om
echnological and economic o ces a he han public policy, he en o cemen o he She man Ac
ne e heless c ea ed powe ul incen i es o businesses o adop in eg a ed co po a e s uc u es.
Economic his o ians ha e shown ha an i us policy equen ly wo ked, o en unin en ionally, o
bene i la ge in eg a ed en e p ises a he expense o smalle i ms ha we e he in ended
bene icia ies (Langlois, 2023: 14) –a pa e n ha would epea i sel in ag icul u al coope a ion,
whe e legal unce ain y a ou ed o ganiza ions wi h su icien esou ces o na iga e complex
egula o y equi emen s. The She man Ac hus inad e en ly ein o ced he o ganiza ional
ad an ages o scale, pushing economic ac i i y owa d cen alized co po a e s uc u es while
lea ing loose coope a i e a angemen s legally exposed.
Se e al ea ly cou cases illus a ed he p eca ious legal posi ion o ag icul u al coope a i es. An
Illinois milk coope a i e disco e ed his ulne abili y in 1895 when cou s oided paymen
con ac s on g ounds ha he associa ion cons i u ed an illegal ade es ain unde s a e law.
Texas lawmake s a emp ed o add ess such conce ns by c a ing ag icul u al exemp ions om
an i us p o isions in 1897, bu ede al cou s s uck down hese p o ec ions as uncons i u ional
jus wo yea s la e . The 1911 ede al indic men o he Bos on Coope a i e Milk P oduce s’
Company u he demons a ed ha e en well-es ablished ag icul u al ma ke ing o ganiza ions
emained subjec o an i us p osecu ion. While such legal challenges emained ela i ely
in equen compa ed o he sys ema ic disman ling o indus ial monopolies, hese p eceden s
c ea ed pe sis en unce ain y abou pe missible coope a i e ac i i ies (Fede al T ade
Commission, 1928:29–30, 333–343). The h ea o p osecu ion, hough spo adic, encou aged
ag icul u al coope a i es o de elop mo e legally de ensible o ganiza ional s uc u es and
ope a ional p ac ices, inad e en ly a ou ing hose wi h su icien esou ces o secu e
p o essional legal guidance and na iga e complex egula o y equi emen s.
Despi e legal unce ain y, la ge -scale coope a i e en e p ises eme ged ha could a o d he
legal and ope a ional in as uc u e hese cons ain s equi ed. The Na ional Wool Wa ehouse
and S o age Company, es ablished in win e 1908–1909, exempli ied how ea ly ins i u ional
inno a ions sys ema ically a ou ed la ge p oduce s despi e coope a i e he o ic. The ini ia i e
was pa ly co-owned and co-managed by la ge g owe s, led by J. E. Cosg i –a weal hy Wyoming
sheep anche and banke –as p esiden . The company’s s uc u e e ealed he eme ging pa e n
o selec i e pa icipa ion: g owe s pu chased s ock p opo ional o hei wool supply (5,000 o
6,000 pounds pe $50 sha e), bu membe ship did no obliga e comple e ma ke ing h ough he
company. La ge woolg owe s s a egically used his lexibili y, selling po ions independen ly
while bene i ing om coope a i e se ices when ad an ageous –a pa e n ha would cha ac e ize
sophis ica ed coope a i e ins i u ions h oughou he 1920s. O en e e ed o as he “Chicago
Wa ehouse,” he company es ablished a 25,000-pound-capaci y wa ehouse in Chicago and
handled wool on a consignmen basis, cha ging g owe s low commission a es o sales. Despi e
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ie ce opposi ion om deale s who iewed i as ma ke manipula ion, i ope a ed success ully un il
1925 (Fede al Fa m Boa d, 1932:43–45).
La ge wes e n woolg owe s began u ning o coope a i e o ganiza ions in he ea ly wen ie h
cen u y, seeking o bypass middlemen and gain g ea e in luence o e wool p icing and
dis ibu ion. This shi was d i en by a desi e o es ablish collec i e ma ke powe capable o
challenging deale con ol o e p ices. By 1905, he Na ional Wool G owe s Associa ion
ecognized deale s’g owing con ol o e p icing and dis ibu ion, p omp ing ad ocacy o
coope a i e al e na i es. A hei 1906 annual con en ion, woolg owe s openly discussed hei
conce ns abou wha hey pe cei ed o be a ca el o wool deale s manipula ing p ices o hei
disad an age. Tha same yea , he Mon ana Wool G owe s Commission Company was o med
wi h he goal o p o iding g owe s wi h g ea e au onomy in ma ke ing hei wool, bu i s uggled
o achie e signi ican esul s (“Woolg owe s company,”1906).
A pa allel pa e n was isible ab oad. In Aus alia, woolb oke s’associa ions unc ioned as
explici ca els engaging in p ice ixing and exclusi e dealing, coo dina ing access and e ms in
ways ha en enched in e media y powe (Me e and Ville, 2012). The An ipodean expe ience
unde sco es how wool ma ke ing ended o concen a e in o ganiza ions able o coo dina e
p icing, in o ma ion, and logis ics – he e y dynamic Ame ican g owe s aimed o coun e
h ough coope a i e o ganiza ion. Ye in bo h se ings, he ins i u ions ha endu ed –Ame ican
coope a i es and Aus alian b oke ca els –g a i a ed owa ds pa icipan s wi h g ea e
ope a ional capaci y, indica ing ha ma ke concen a ion e lec ed s uc u al ea u es o wool
ma ke ing a he han me ely ins i u ional p e e ence (Sex on, 1990).
Recognizing bo h he po en ial bene i s o ag icul u al coope a ion and he legal obs acles
hinde ing i s de elopmen , ede al policymake s began c a ing suppo s o os e coope a i e
g ow h while add essing an i us conce ns. Go e nmen ac ion in he ea ly wen ie h cen u y
p o ided he legal oo ing and educa ional in as uc u e o mo e sophis ica ed coope a i e
s uc u es. The Smi h–Le e Ac o 1914 es ablished ag icul u al ex ension se ices ha
dissemina ed coope a i e know-how, and coun y-le el a m bu eaus became ins umen al in
o ganizing local wool pools. In Idaho, o example, a m bu eaus in Ada and Canyon coun ies
acili a ed he ma ke ing o 230,000 pounds o wool in 1918, secu ing 60 cen s pe pound –a
p emium p ice ha yielded $76,400 o pa icipa ing a me s while elimina ing handling cos s ha
would ha e o he wise consumed se e al housand dolla s. Beyond immedia e economic bene i s,
a m bu eaus p o ided educa ional se ices ha augh g owe s wool g ading echniques and
quali y imp o emen me hods, enabling mo e e ec i e u u e ma ke ing. This ins i u ional
suppo e en acili a ed ag icul u al di e si ica ion, as he success o wool pools spa ked in e es in
sheep aising in adi ionally g ain-g owing egions like Lewis Coun y. Ye while his case
demons a ed how go e nmen ex ension se ices could imp o e coope a i e pe o mance, he
bene i s acc ued chie ly o p oduce s wi h su icien scale o pa icipa e in coo dina ed ma ke ing
and abso b he lea ning cu e o imp o ed g ading p ac ices (Idaho a me s, 1918; Hayes, 1926).
By he la e 1910s, coope a i e wool ma ke ing had al eady coalesced a ound wo main
o ganiza ional o ms. Local pools –exempli ied by he Je icho Wool Pool (U ah, 1917–1929)–
agg ega ed membe s’clips in o single lo s and empowe ed selling commi ees o accep o ejec
o e s, u ning agmen ed supplies in o uni ied ba gaining blocks ha could ime sales and esis
downwa d p essu e. These local pools, some imes ope a ing in e mi en ly, depended hea ily on
loyal y wi hin smalle g oups o p oduce s who knew each o he pe sonally and could en o ce
pa icipa ion h ough social p essu e a he han o mal con ac s (Be y, 1961:4;“U ah wool
g owe s,”1929). S a e and egional associa ions –such as he Ohio Wool G owe s’Coope a i e
Associa ion, e i ed in 1918 and quickly expanding o hi y coun ies and 2,720 membe s by ea ly
1919 –ope a ed wi h binding annual deli e y equi emen s, p o essional g ading, quali y pooling,
and coo dina ed sales ha c ea ed dependable supply o collec i e p ice ba gaining (Elswo h,
1927: 4). The ag icul u al dep ession o he ea ly 1920s hen ampli ied hese empla es, p omp ing
new o ma ions and scaling up exis ing ones. Alongside hese, he ea lie Na ional Wool
116 Ike Sai ua
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Wa ehouse and S o age Company unc ioned as a egional se ice hub –cen alized wa ehousing,
handling, and ela ed se ices— ha suppo ed widely dispe sed coope a i e e o s because sha es
we e ied o an icipa ed clip, pa icipa ion il ed owa ds la ge , be e -capi alized p oduce s, a
pa e n ha ecu ed in he 1920s (Fede al Fa m Boa d, 1932:43–45).
Taken oge he , hese p e-1920 de elopmen s es ablished he in as uc u e and empla es o
collec i e ma ke ing while also e ealing he scale and capi aliza ion biases ha would become
mo e p onounced in he nex decade. As he 1920s opened, ins i u ional backing om
go e nmen ein o ced his ajec o y –ex ension ne wo ks and coun y a m bu eaus a e Smi h–
Le e , and, c ucially, he legal au ho iza ion supplied by he Cappe –Vols ead Ac (1922) –
enabling coope a i es o ha den hese empla es in o en o ceable o ganiza ions. In esponse o
side-selling and p ice ola ili y, hey hen u ned o con ac en o cemen and loyal y mechanisms,
in ensi ying he selec ion p essu es analysed in he nex sec ion.
Ag icul u al Collapse and he Tu n o Coope a ion
The cessa ion o Wo ld Wa I hos ili ies b ough unp eceden ed dis up ion o Ame ican wool
ma ke s. Du ing he wa , Eu opean demand and go e nmen pu chasing p og ams had d i en
wool p ices o his o ic highs, eaching 55 cen s pe pound in 1918 –nea ly iple p e-wa le els.
Ame ican woolg owe s esponded by expanding p oduc ion, pu chasing addi ional land, and
aking on subs an ial deb o inance inc eased ope a ions. This pa e n mi o ed b oade
ag icul u al esponses o wa ime demand. Fa me s ac oss he coun y expanded on o ma ginal
lands –in he Wes , his included a id angeland wi h spa se ege a ion, high-ele a ion g azing
a eas wi h sho g owing seasons, and emo e p ope ies a om ailheads and wa e sou ces.
Fede al land managemen agencies ac i ely acili a ed his expansion: he Fo es Se ice
subs an ially elaxed g azing es ic ions on public-domain lands du ing he wa yea s, allowing
woolg owe s o inc ease hei locks on p e iously es ic ed ede al angeland o mee wa ime
p oduc ion demands (U.S. Sena e Commi ee on Ag icul u e and Fo es y, 1954:12–15; B own,
1985: 129–130). This expansion equi ed subs an ial deb inancing secu ed agains in la ed land
alues and enla ged he ds. Howe e , his expansion p o ed ca as ophically mis imed o
woolg owe s. Eu opean wool p oduc ion eco e ed a mo e apidly han an icipa ed, and he
ede al go e nmen ’s ab up wi hd awal om wool pu chasing in 1919 elimina ed he p ice loo
ha had sus ained wa ime p ospe i y (U.S. Ta i Commission, 1921: 167–171).
The 1920–1923 c isis s uck woolg owe s wi h pa icula se e i y wi hin a b oade ag icul u al
collapse. Wool p ices collapsed om hei wa ime peak o app oxima ely 17 cen s pe pound by
1921 –a decline o nea ly 70 pe cen (Figu e 1). While consume p ices ell 11.3 pe cen and
wholesale p ices d opped 45.9 pe cen be ween 1920 and 1921, he a m p oduc s p ice index
plumme ed 53.3 pe cen du ing he same pe iod (U.S. Bu eau o he Census, 1976: 200, 210). Wool’s
e en s eepe decline e lec ed he commodi y’s pa icula ulne abili y o he simul aneous
es o a ion o Eu opean p oduc ion and con ac ion o domes ic demand. Cash eceip s om wool
sales plumme ed om o e $90 million in 1918 o less han $30 million in 1921, lea ing
woolg owe s acing deb obliga ions con ac ed a peak p ices wi h e enues ba ely su icien o
co e p oduc ion cos s. Figu e 1 e eals a c ucial asymme y in o e all ma ke condi ions: while
p ices collapsed 70 pe cen , wes e n wool p oduc ion emained ela i ely s able, declining only
modes ly om 167 million pounds in 1919 o 144 million pounds in 1921 –a 14 pe cen educ ion
a smalle han he p ice decline. This p oduc ion s ickiness in ensi ied he c isis ac oss he en i e
indus y, as woolg owe s’inabili y o apidly adjus ou pu magni ied inancial p essu es. The Wes ’s
declining sha e o na ional p oduc ion – om 63 pe cen in 1918 o 59 pe cen in 1921 –indica es
ha eas e n p oduce s wi h mo e di e si ied a ming ope a ions could exi wool p oduc ion mo e
eadily han wes e n anche s whose specialized ope a ions and ixed in es men s in angeland
made apid adjus men economically in easible.
Ru al His o y 117
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The c isis in ensi ied exis ing ulne abili ies wi hin he wool-g owing sec o . P oduce s who
had pu chased ma ginal angeland du ing he wa ime boom now aced mo gage paymen s ha
consumed any emaining p o i s om wool sales. The combina ion o collapsed p ices and ixed
inancial obliga ions c ea ed immedia e p essu es ha es ed woolg owe s’capaci y o main ain
ope a ions. Those wi h su icien capi al ese es o di e si ied income sou ces could wea he he
down u n by educing expenses and wai ing o eco e y. Howe e , p oduce s dependen solely
on wool income and lacking subs an ial liquidi y aced impossible choices be ween de aul ing on
deb obliga ions and liquida ing b eeding s ock a dep essed p ices.
The indus y-wide p oduc ion ajec o y isible in Figu e 1illumina es he s uc u al p essu es
ha would d i e woolg owe s owa d coope a i e solu ions. Despi e sus ained p ice dep ession,
wes e n wool p oduc ion expanded om 144 million pounds in 1921 o 204 million pounds by
1930, e ealing a undamen al p oblem: indi idual p oduce s had incen i es o expand ou pu o
co e ixed cos s, bu agg ega e expansion u he dep essed p ices indus y-wide. The Wes ’s
con inued decline in na ional ma ke sha e – alling o 58 pe cen by 1930 –demons a es ha
specialized wool p oduc ion cha ac e ized p ecisely hose egions whe e coope a i e ma ke ing
would ake oo , as p oduce s lacking al e na i e en e p ises had g ea es need o collec i e
s a egies o imp o e e u ns.
Ag icul u al income collapsed ac oss all sec o s. As Johnson (1974) demons a es, he se e i y
o he u al inancial c isis e lec ed wa ime op imism ha had encou aged excessi e deb
accumula ion and land pu chases a in la ed alues. Wes e n ep esen a i es oiced he despe a e
inancial s ai s o hei anching cons i uencies, including woolg owe s, seeking ede al
in e en ion o p e en wholesale collapse. A no o ious case eme ged in Decembe 1921, when
Cha les J. Smi h –a p ominen Pendle on physician and in luen ial Democ a ic Pa y leade
se ing as chai man o O egon’s s a e cen al commi ee –p esen ed he Wa Finance
Co po a ion wi h a comp ehensi e plan o eme gency ad ances o g ain and woolg owe s in
Eas e n O egon. Smi h calcula ed ha o e $21,000,000 would be equi ed: $15,000,000 o g ain
alone, assuming hal migh be secu ed om o he sou ces, and an addi ional $11,000,000
ad anced by he go e nmen on mo gages secu ed by g owing g ain, g owing wool, and hal he
sheep inc ease. U.S. Sena o Robe N. S an ield –O egon’s newly elec ed sena o and himsel a
0
10
20
30
40
50
60
70
0
50
100
150
200
250
P oduc ion in M pounds (le ) P ice in cen s ( igh )
Wes sha e in pe cen age ( igh )
Figu e 1. Wool P ices, Wes e n P oduc ion, and Regional Ma ke Sha e, 1909–1932
No e: Dual-axis g aph showing h ee a iables: wes e n wool p oduc ion in million pounds (le axis), p ice pe pound in
cen s ( igh axis), and he Wes ’s pe cen age sha e o o al U.S. p oduc ion ( igh axis).
Sou ce: Au ho ’s elabo a ion based on da a om Bu eau o Ag icul u al Economics (1949).
118 Ike Sai ua
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majo Eas e n O egon woolg owe om Uma illa Coun y –consul ed o icials on he plan and
epo ed i had been well ecei ed, an icipa ing subs an ial elie would be o hcoming
(“$21,000,000 will be asked,”1921). Such eme gency in e en ions, howe e , could no e e se he
undamen al damage. Mo gage o eclosu es eached his o ically high le els and emained
ele a ed h ough he 1920s, hough as Als on (1983) shows, hese p ima ily a ec ed second
mo gages a he han p ima y loans, indica ing ha specula i e expansion du ing he boom
c ea ed he c isis a he han undamen al p oduc ion ailu es.
This di e en ial impac o he c isis es ablished he selec ion p essu es ha would eshape
coope a i e membe ship h oughou he decade. The ag icul u al ex ension se ices and
coope a i e ma ke ing o ganiza ions ha eme ged in esponse o he c isis o e ed po en ial
solu ions o ma ke ing challenges, bu pa icipa ion equi ed esou ces ha c isis condi ions had
dis ibu ed une enly ac oss he woolg owing popula ion. The capaci y o inance s o age while
awai ing be e p ices, o mee quali y s anda ds equi ing in es men in imp o ed handling, and
o ole a e de e ed paymen schedules became implici membe ship equi emen s ha
sys ema ically a ou ed p oduce s whose inancial posi ion had su i ed he ini ial c isis in ac .
By he la e 1910s, coope a i e wool ma ke ing had ins i u ional momen um om bo h
p oduce ini ia i es and go e nmen suppo . Fede al ag icul u al ex ension se ices and coun y
a m bu eaus expanded apidly a e he Smi h–Le e Ac , and US Depa men o Ag icul u e
allo men s speci ically o ma ke ing and u al o ganiza ion climbed h ough he decade (T ue,
1928: 199). Co e age widened in s ep: he numbe o coun ies wi h men coun y agen s ose om
928 in 1915 o 2,097 by 1923, wi h especially dense build-ou ac oss wool coun y. Using T ue
(1928: 200) s a e coun s, he G ea Plains accoun ed o oughly 15 pe cen o co e ed coun ies in
1915 and app oxima ely 21 pe cen by 1923; he Moun ain Wes and Paci ic s a es ose om
app oxima ely 8 pe cen o app oxima ely 11 pe cen o e he same span. Toge he , hese
de elopmen s c ea ed an o ganiza ional sca olding o collec i e ma ke ing ha was mo e obus
han he loose pooling o ea lie decades.
Pe haps mo e impo an ly, he Cappe –Vols ead Ac o 1922 –passed amid his expansion –
g an ed p oduce associa ions a quali ied an i us exemp ion o p ocess and ma ke a m
p oduc s and o se p ices collec i ely, on he condi ion ha associa ions be p oduce -only and
democ a ically con olled (e.g., one-membe –one- o e o limi ed di idends), while p ese ing
ede al o e sigh o combina ions ha migh unduly enhance p ices (To ge son e al., 1998:5–6;
F ede ick, 2002:22–48). In e ec , Cappe –Vols ead lowe ed legal ba ie s bu le ope a ional
bu dens – inancing s o age, ole a ing de e ed se lemen , and mee ing g ading s anda ds –
squa ely on membe s. Con empo a y p ac ice shows he wo ace s wo king oge he : cou s
en o ced coope a i e deli e y con ac s and penal ies, alida ing he use o binding ag eemen s o
secu e supply (“Upholds coope a i e con ac ,”1923;“Sui s agains membe s,”1923). A he same
ime, ede al sc u iny emained in ese e o associa ions judged o es ain ade beyond he
Ac ’s in en (F ede ick, 2002:22–48). In wool speci ically, Cappe –Vols ead complemen ed he
Depa men o Ag icul u e wa ehouse amewo k (e.g., wool-wa ehouse egula ions unde he
U.S. Wa ehouse Ac o 1916) and he ex ension ne wo k, supplying a legal shell wi hin which
coope a i es could p o essionalize classing, s o age, and sales –wi hou o se ing he capaci y
h esholds ha so ed membe s (U.S. Depa men o Ag icul u e, 1920; Fede al T ade
Commission, 1928: 153–160; Fede al Fa m Boa d, 1932).
The ise o coope a i e wool ma ke ing in he ea ly 1920s was e iden in he g owing numbe o
associa ions, he expanding olume o wool hey handled, and hei inc easing membe ship.
Acco ding o Depa men o Ag icul u e epo s, by 1926, he e we e se en y- ou wool-
ma ke ing associa ions in ope a ion, including wen y- wo egional o s a ewide coope a i es and
38 independen locals. The olume o wool ma ke ed h ough hese o ganiza ions ose om 5.8
million pounds in 1920 o mo e han 20.2 million pounds in 1926 –an inc ease o nea ly 250
pe cen . Membe ship also expanded s eadily, as housands o g owe s joined in he hope o
secu ing mo e a ou able e ms h ough collec i e ba gaining. Al oge he , coope a i es accoun ed
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