Business: Granaries

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The Rosenbaums (Rosenbaum Brothers, Rosenbaum Grain Co.) established their position as great grain storers by forming the Chicago Elevator Properties, Inc., in Chicago last week. That new company will own and operate seven grain elevators and operate two additional leased ones in the Chicago district, acquired from Armour Grain Corp. in settlement of

Armour Grain's frauds (TIME, May 23 et ante).

The nine granaries have a storage capacity of 17,000,000 bushels and represent 46% of the total grain storage space in the neighborhood of Chicago.

Because the new company is a subsidiary of Rosenbaum Grain Co. and will be managed by that concern, the Rosenbaums now dominate U. S. grain marketing, where for practically half a century the Armours dominated. Another feature is that the Chicago Elevator Properties, Inc., will handle practically the same business for which the wrecked Farmers Cooperative Grain Marketing Corp. (TIME, March 14) was organized three years ago.