Such a study should throw light on a number of questions of social import: Can a co-operative be a success, from a purely business point of view? What is the effect of a co-operative organization on capitalist business? What effect, if any, will a co-operative have on prices? Are co-operatives subject to mushroom development and doomed to a short life? What aro the factors which lie behind the organization of a co-operative? Do co-operatives serve their members and patrons better than capitalist businesses? What are the social effects of co-operative associations? This thesis answers these questions insofar as the history of one great co-operative organization brings evidence to bear on the problems involved.