With a scandalous clatter, the bottom fell out of New York's butter market last week. The day after Christmas, wholesale butter prices fell on the New York Mercantile Exchange from 84¼¢ a lb. to 74½¢, sharpest drop in many years.
The cry arose that the market had been rigged. So it had. The Dairymen's League Co-operative Association, an organization representing some 27,000 of the 44,000 milk producers in the six-state New York milkshed, made no bones about having done the job. Reason: the league wanted to "protect" farmers from a drop in milk prices, which, under a Federal-State marketing formula, are...
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