I am not quite sure about the meaning of the bracketed clauses. Would you please do me a favor?
Who owns the South? Corporations in the North won three fourths of all the South. [They asy the old cow grazes all over - in the south, the west, the north, and the east. But she's milked in just one place. Her old teats swing over just one spot when she's full. She grazes everywhere and is milked in New York.]
Thanks a lot.
The idea of milking is getting the money out of something like a business, so it suggests that most of the money heads to new York, even though much of the business may be done elsewhere.