The Madison Sales Company was founded in May 1930 as a livestock sales agency in direct competition with the Richmond Sales Company. Because of the Great Depression they both operated at a loss, and in 1931 negotiations began for a merger between the two. The contract was finalized October 7, 1931. The stockholders and directors at this time were C.R. Watson, P.J. Wyrick, S.H. Jones, Warfield C. Bennett and J.M. Evans. The company changed hands at least once as Earl Cornelison and others owned it in the late 1950s.