ilillillii^
*f|pCtT)Sf;T»*
STATION BULLETIN 417
Livestock Markets
in
New Hampshire
By James R. Bowring
AGRICULTURAL EXPERIMENT STATION
UNIVERSITY OF NEW HAMPSHIRE
DURHAM, NEW HAMPSHIRE
ACKNOWLEDGEMENTS
The cooperation of livestock dealers and packers in New-
Hampshire and of officials of the Brighton Stockyards in Mass-
achusetts has made this study possible. Particular recognition is
given to Clark E. Burbee, a 1954 graduate of the University of
New Hampshire, for his assistance in interviews and assembly of
pertinent data, and to Professor L. V. Tirrell, Chairman of the
Department of Animal Husbandry at the University of New
Hampshire, for his advice.
MARCH, 1955
Livestock Markets in New Hampshire
By J. R. BOWRING
Associate Agricultural Economist
New Hampshire Agricultural Experiment Station
Introduction
LIVESTOCK SOLD for slaughter from New Hampshire farms is pri-
marily a joint product of the dairy industry. Some few specialized beef,
hog, and sheep producers also contribute to the market. A major part of the
trade in livestock is for breeding and replacement of dairy herds.
The methods of marketing, the agencies concerned, and the pricing
techniques discussed in this bulletin are an indication of the efficiency
with which livestock moves from farms to the final consumer in the State of
New Hampshire.
Review of Literature
A study of the marketing of Vermont cattle by Fred E. Webster ^ re-
viewed the existing outlets for Vermont farmers. He recommended im-
provements in farm pricing and market reporting without specifying any
particular market process that would improve returns to farmers. Curtiss
and Matzen^ reviewed the market institutions for livestock sales from New
York farms and stressed the importance of replacement sales in that dairy
state. They found that auctions were not widely used by farmers who
bought their hogs and sheep for fattening from other farmers or dealers.
There are many studies of livestock markets in specialized producing
states,^ but these are of little importance to New Hampshire since the size
of our industry and the conditions of production differ. New Hampshire is
more characteristic of the New England conditions about which there has
been little organized study.
Location of Production
There were 109.658 cattle and calves on farms in New Hampshire in
IQSO.'* Of these 60,141 were milk cows, leaving 49,517 beef animals, dairy
calves, bulls, and heifers under two years. The majority of these were
dairy breeds.
1 Marketing of Vermont Cattle. F. E. Webster, Vt. Ag. Exp. Sta., Bui. 569.
2 Marketing Nezv York Livestock. W. M. Curtiss and E. H. Matzen, New York
Agr. Exp. Sta., Ithaca, N. Y. Bui. 744.
^See Bibliography on the Marketing of Livestock, Meat and Meat Products.
USDA Bui. 15, 1951.
^ U. S. Census of Agriculture, 1950. U. S. Department of Commerce.
There has been a decUne in the number of cattle on farms since 1900,
as shown in Table 1 .
Table 1. Number of Livestock on
Farms in
New Hampshire — 1900 to 1950
1900
Type Thou-
sands
1910
Thou-
sands
1920
Thou-
sands
1930
Thou-
sands
1940
Thou-
sands
1950
Thou-
sands
Cattle and calves 211
Hogs 51
Sheep 65
168
28
31
164
42
22
121
11
21
116
11
8
110
13
■ 7
Some increase in the number of cattle on farms to an estimated 115,000
was apparent in 1952. This is probably a temporary phenomenon that does
not violate the general downward trend in livestock numbers of all types
which has been in progress since 1900.
The cattle are located predominantly in the Connecticut and Merri-
mack valleys. The northern counties of Grafton and Coos claim the largest
numbers, followed by Hillsborough and Merrimack, with the lowest number
in Carroll County.
Table 2. Number of Cattle on Farms in New Hampshire by Counties — 1950
County Number of Cattle Distribution
Percent
Belknap 5,373 4.9
Carroll 3,188 2.9
Cheshire 9,334 8.5
Coos 14,459 13.2
Grafton 22,314 20.3
Hillsborough 13,580 12.4
Merrimack 13,512 12.3
Rockingham 11,787 10.7
Strafford 6,868 6.3
Sullivan 9,243 8.4
State 109,658 lOO.O
About two thirds of all farms in the state have cattle and 75 percent of
the cattle are on a third of these farms.
During 1952 there was a spring pig crop of 13,000 and a fall farrowing
of 2,000 sows to produce 11,000 pigs. Approximately 13,000 hogs were
marketed and the rest were farm slaughtered or custom slaughtered for
home use.
There were approximately 4,000 lambs born in 1952 of which 2,000
were marketed, 1,000 died, and 1,000 were kept on farms for breeding.
Livestock Markets
The markets for cattle can be divided into three major segments; for
slaughter, for dairy herd replacement, and for purebred breeding. There
may be some overlapping of these uses. For example, a heifer sold to a
dealer for slaughter may be diverted to replacement stock and the purebred
sales will probably also include dairy herd replacement. In general, how-
ever, there are three separate markets and three sets of prices.
FIG. I
NUMBER OF COWS
PER TOWNSHIP
1950 STATE TAX
COMMISSION
• 25 COWS
•/.'A-
I • • • ■
rWH
' ; , I * • • •
YV
.\
(- r. V.
I;
••A
:t/-
'^,
'•'Y.i
■:•)'
•7^
-Hi
•!-•
7^
•Hy.-i'
Table 3. Number of Hogs, Pigs, Sheep, and Lambs on Farms in New Hampshire
by Counties — 1950
No. of Hogs
Percent
No. of Sheep
Percent
County
and Pigs
Distribution
and Lambs
Distribution
Belknap
745
5.8
462
6.2
Carroll
470
0.1
233
3.2
Cheshire
674
5.3
506
6.8
Coos
597
4.7
482
6.5
Grafton
1,536
12.0
1,115
15.0
Hillsborough
2,307
18.2
1,298
17.5
Merrimack
2,466
19.3
1,017
13.7
Rockingham
2,067
16.2
913
12.3
Strafford
1,051
8.2
810
10.9
Sullivan
839
6.6
587
7.9
State
12,752
100.
7,423
100.
Cattle for Slaughter
The farmers' market outlets for slaughter cattle include packers,
dealers, commission houses, auctions, and home use.
There are 26 slaughterers in New Hampshire, i Ten of these are com-
mercial packers. A commercial packer is defined as a slaughterer who takes
title to over 50 percent of the animals he slaughters for resale as meat. One
of the packers handles western beef only. Three packers combine local
cattle purchases with out-of-state purchases of live cattle. The remaining
seven follow a seasonal pattern of slaughter depending on the supplies of
local beef. Any deficiencies in market requirements are made up by inship-
ments of dressed meat. These ten commercial packers handled 91 percent
of the cattle slaughtered in 1952.
In addition to sales to packers located in the State of New Hampshire,
a large proportion of the cattle is shipped to the Brighton market in Massa-
chusetts. The following table is an estimate of the disappearance of cattle in
1952.
Table 4. Estimated Disappearance of New Hampshire Cattle — 1952
Commercial Slaughter in New Hampshire 11,500*
Sales at Brighton Stockyards 6,300t
Farm Slaughter 2,000$
Death 3,000t
* Survey of Slaughtering Establishments in New Hampshire
t Sales at Brighton Stockyards
% Farm Production, Disposition and Income. USDA, April 1953
Table 5. Estimated Disappearance of Calves Born in 1952 in New Hampshire
Born 58,000*
Commercial Slaughter in New Hampshire 14,000t
Sales at Brighton Stockyards 11,00'0$
Deaths 5,000*
Farm Slaughter 2,000*
* Farm Production, Disposition and Income. USDA, April 1953
t Survey of Slaughtering Establishments in New Hampshire
X Estimate from Brighton Stockyards
1 This figure is based on a field survey and registration under O.P.A. in 1943-4.
6
The annual calf crop of this predominantly dairy state provides a large
supply of veal for local slaughter and for shipment to Brighton stockyards.
Sales Outlets of Packers
Packers sell the dressed beef and veal to wholesalers, retailers, jobbers,
or to consumers and processors. The following table estimates the sales of
dressed meat slaughtered in New Hampshire.
Table 6. Trade Outlets for Dressed Meat Slaughtered and Packed in New
Hampshire — 1952*
Outlet
Quantity
(lbs. of Dressed
Meat)
Percent of Total
Wholesaler
Retailer
Jobber
Direct to Consumer
Processor
Hotels and Restaurants
Total
7,518,161
44.3
4,569,245
26.9
3,687,726
21.8
967,931
5.7
207,550
1.2
18,494
.1
16,969,107
100.
* Includes live animals shipped into New Hampshire from out of state.
Based on 1953 field surve3^
Custom Slaughterers
The major proportion of cattle, sheep, and hogs slaughtered on a
custom basis is for local households at an agreed cost per head. Only three
of the 16 custom slaughterers take title to some of the meat for sale in their
own retail stores or to other retailers. The majority simply provide the
service and return the dressed animal to the owner. They handle only 9
percent of the total slaughter of New Hampshire raised cattle, but a
larger proportion of the hogs.
Over 90 percent of the livestock commercially slaughtered for resale
is cattle and calves. In comparison, 28 percent custom slaughtering is
cattle and calves and 68 percent hogs. The percentage distribution of the
total number slaughtered is given in Table 7.
Table 7. Percentage Distribution of Commercial and Custom Slaughter in New
Hampshire — 1952
Type
Cattle
Calves
Sheep
Swine
Total
Commercial
Percent of total
51.8
39.2
1.8
7.2
100
Custom*
Percent of total
18
10
4
68
100
* About 12 percent of this custom slaughter is performed by the commercial
slaughterers in addition to their commercial operations.
Size of Operation
Some idea of the relative size of the slaughter operations in the state is
provided in the following tables which classify the slaughterers by the head
of livestock handled in 1952.
Table 8. Commercial Packers by Number of Livestock Slaughtered in 1952
Head of Livestock Number of Slaug^hterers
4,000 and over 4
2,000-3,999 . 0
1,000-1,999 3
500- 999 2
0-499 1
10
The custom slaughter operations are considerably smaller, as
shown in Table 9.
Table 9. Custom Slaughterers by Number of Livestock Slaughtered in 1952
Head of Livestock Number of Slaughterers
500 - 999 3
250-499 5
100-249 3
0- 99 5
16
Custom rates
The current rates for custom slaughter vary from as low as the hides
and pelts for cows, calves, and sheep, and $3 for swine, to as high as $6 for
cows plus the hide, $2 for calves plus hide, and $2 for sheep plus pelt, and
$6 for swine.
The average rate is about $2 plus hide for cows and calves, $2 for sheep
plus pelt, and $5 for hogs.
Inspection
Only one of the slaughter operations is under Federal inspection, 7 are
under local inspection, the remainder has no official inspection.
By-products of the slaughter operations are hides, bones and hoofs,
tallow, and entrails. There are two tanneries and one rendering company
operating in the state. The two tanneries buy hides and are located in Bos-
ton, Mass., and Somersworth, N. H. The rendering plant buys ofifal and
hides and is located in Manchester, N. H.
Dairy Herd Replacement
The maintenance of milking herds necessitates a continuous replace-
ment of dairy cows because of age, disease, or accident. Every dairyman
must at some time obtain additional cows or heifers. Many of these replace-
ments are raised by the dairymen and some are purchased. The most com-
mon sources of purchase are other farmers and dealers. No statistical ac-
counting is made of the number of these transactions.
FIG. 2
>]gvy J-JAMPSJ-IJKS
LOCATION OF
SLAUGHTERERS
IN 1952
• COMMERCIAL
X CUSTOM
The 1953 report of cows and heifers two years old and over kept for
milk is 70,000.1 js^^ ^n annual culHng rate of 20 percent, 14,000 replace-
ments per year would be required to maintain present cow numbers.
The Dairy Herd Improvement Association estimates that 6 per 100
milking cows of their association herds are sold for replacement. This pro-
D. C.
1 Livestock on Farms, Jan. 1, 1953. USDA Crop Reporting Board, Washington,
vides us with an estimate of 4,200 dairy cows sold as herd replacements. If
80 percent of the sale for replacement are mature cows, then the total sales
as herd replacement, including youngstock, would be 5,250 head per year.
This leaves 8,750 raised replacements retained in dairy herds and not
offered for sale.
HAMPSHIRE bAIRV HERD R&LACEMENT CATTLE
Fl6. 3
INTERSTATE MOVEMENT
OF
I
1942 1943 1944 1945 1946 1947 1948 1949
!95l 1952 1953
Dairy cows are shipped by dealers into the state from Canada, Maine,
and Vermont, and dairy cows are shipped out of the state to markets in the
southern New England States. From 1942 through 1948, excluding 1947,
the inshipments exceeded the outshipments as dairy herds were being built
up. From 1948 to 1953 outshipments of dairy cattle exceeded inshipments.
The relationship is shown graphically in Figure 3. With net outshipments in
1953 of 400, this should be deducted from the sales estimate of 5,250, to
arrive at a figure of 4,850 dairy cows both imported and raised which were
sold to farmers and retained in the State of New Hampshire in 1953.
10
Purebred Sales
The Guernsey, Jersey, Holstein, Ayrshire, and Brown Swiss are rep-
resented by New Hampshire Breeding Associations. The Purebred
Dairy Cattle Association is a state organization to coordinate the pohcies of
the breed associations, with respect to shows, testing, guarantees, and
health.
There is no formal sales organization from which the number of sales
or the prices can be obtained. Occasionally farm sales are announced. A
producer interested in purebred stock can contact the secretary of the asso-
ciation, who will act as a broker for herd owmers in his association without
financial return. This is a specialized market, and premiums over the prices
for the general run of replacement stock are generally asked and obtained.
Few cattle dealers handle this type of transaction. The artificial insemina-
tion program is reducing the need for dairymen to buy purebred bulls and
heifers for dairy herd improvement.
Dealer Operations
The collection of cattle and sheep from farms other than farm-to-
farm sales is primarily performed by dealers. This includes cattle and sheep
for slaughter and dairy herd replacement cows. There are 149 livestock
dealers licensed to operate in the State of New Hampshire, i Of these
dealers. 98 are located in New Hampshire, 25 in Massachusetts, 19 in
Vermont, and 7 in Maine.
Many of the dealers are not actively engaged in buying and selling in
the state or at least have only a small proportion of their total business in
New Hampshire. Their location in New Hampshire is shown in Figure 4.
The out-of-state dealers are located, in general, close to the New Hampshire
state boundary.
Dealers' Buying and Selling Practices
The majority of dealers buying cattle from farmers pay cash at the
farm. Some dealers make periodic visits to farms and build up their truck
loads from established routes. Other dealers arrange for truck loads by tel-
ephone before visits, or are contacted by farmers with cattle or calves for
sale.
Mixed loads are common with the smaller dealers, who equip their
trucks with removable partitions for this purpose, but are rare with larger
dealers. One or two sell on a commission basis and do not take title to
the livestock. At least three dealers buy for local packers under contract,
and most of the New Hampshire slaughterers buy direct from farmers as
well as from dealers. The majority of dealers each handled less than 300
head of all livestock in 1952. Table 10 shows the relative size of the buying
operations of dealers and local slaughterers in New Hampshire during
1952.
Dealers not under contract to local packers ship the majority of their
purchases to the Brighton market for slaughter or dispose of them at
Vermont and the occasional New Hampshire auctions. Numerous dealers
1 The law defines a livestock dealer as any person, partnership, unincorporated
association, or corporation going from place to place buying, selling, or trans-
porting cattle, sheep, or swine, or operating a livestock auction or sales ring.
11
FIG. 4
DEALERS :
LICENSED a
RESIDING IN
N.H., 1952
AUCTIONS IN
N.H., 1952
1
Table 10. Distribution of 51 Dealers and Slaughterers by Size of Purchases
from Farmers in 1952
No. of Head Purchased
from Farmers
N. H. Dealers and/or
Slaughterers
2,000 and over
1,000 to 2,000
500 to 1,000
up to 500
8
3
14
26
51
12
own farms for holding' replacements for sale to individual farmers as the
market develops. Small dealers frequently sell to other dealers, particularly
when consolidating several small lots into one truck load.
*t>
Table 11. Disposition of Livestock by Dealers Only in New Hampshire for 1952
Market Percent
Brighton 42
Packers 31
Other dealers and auctions 8
Local 19
Other Sales Outlets
There is one commission house in the State of New Hampshire which
handles sales on local and Brighton markets. One or two dealers sell
on commission, but the majority consign livestock for sale outside the state
either to the Brighton Stockyard Commission House or a commission man
selling on the Brighton market. Auctions play a minor role in cattle, hog, or
sheep sales. Some producers use Vermont auctions to buy or sell replace-
ments. Home use accounted for about 2,000 head of cattle and 7,000 hogs.
Sheep and lambs are sold locally or in specialized seasonal markets, such as
at Easter and for certain religious groups.
Prices and Price Formation
Modern communication and transportation serve to bring prices of
similar products into line on all markets. The difference in price between
two markets will not remain for very long more than the cost of transpor-
tation between the markets. If, for example, the price on one market is
higher than on another market by more than it will cost to ship from one
market to the other, then produce will move to the higher price market until
prices are brought into line again.
There may be some obstacles to movement, such as sanitation and in-
spection laws or the buying and selling practices of large firms. Under
competitive conditions, however, prices in one region bear a close re-
lationship to prices in other regions.
The influence of prices in the surplus meat producing areas of the West
and Midwest is pronounced in New England. Local production is only a
small part of total consumption here. To satisfy a total annual per capita
consumption of 140 lbs. of red meat, New Hampshire produces an equiva-
lent of about 20 lbs. A similar situation exists in Massachusetts. Large
quantities of dressed and live animals are shipped in from Midwestern
markets. Prices in New England are tied closely to the predominant price
for western beef at Chicago.
Price Relationship between New England and Chicago
The majority of livestock sold on local markets and in Brighton is
cutter- and canner-grade cattle, bob calves, and some garbage fed hogs.
Therefore, price comparisons can be made between the lower grade cattle.
For example, an increased supply of low-grade cattle from the West will de-
press prices at Chicago. Packers and slaughterers in New England have the
choice of buying local cattle or of ordering from shippers out of Chicago and
13
related markets. The cost of shipping Hve weight cattle from Chicago to
Boston is about $2 per 100 lbs. Therefore, as prices at Chicago rise or fall,
the bidding price for similar grades of local cattle will tend to follow suit.
Recent heavy shipments of under-finished cattle from the western states
lowered the prices on utility and canner beef at Chicago. This was soon re-
flected in the prices dealers offered farmers in New England even though
there was no apparent change in local supply. Extraordinary supply condi-
tions on local markets may depress local prices without a similar decline in
western prices. Western buyers, however, are less likely to buy eastern
cattle, although they may if the price spread continues for any length of
time.
An illustration of the close relationship between Chicago and Brighton
prices for cutter- and canner-grade of cattle is given in Figure 5 for the
period July 1, 1952, to Dec. 31, 1953.
The Brighton Market
The major market for cattle, hogs, and sheep in northern New England
is at Brighton, near Boston. Established around 1830, the Brighton market
was once the major price determining point in New England. Market re-
ports are issued weekly and provide up-state producers and dealers with a
guide as to what prices can be expected the following week. This takes no
account of price fluctuations during the week and is at best a somewhat in-
adequate measure for current transactions or expected prices. About 80 per-
cent of the sales on the market are by commission men or commission
houses so that the risk of price changes is carried b}^ dealers who buy cattle
from farmers or by farmers themselves if they have consigned direct. The
buyers at Brighton are packer representatives, jobbers, and a few small
slaughterers.
The Brighton price is the major published sale price for livestock in
New England and as such is widely used as a guide by dealers in New
Hampshire. Supplementary news of Chicago prices is provided by the radio
and by Boston newspapers. This is available to producers and dealers alike
and should allow for competitive buying and selling. Most dealers use a
combination of Chicago and Brighton prices when buying and selling.
Dealers aim at a flat-rate spread between the expected selling price and
the farm price aid of about $10 per cow, $3 per calf, $5 per hog, and
$2.50 per sheep to cover transportation or holding for sale. This spread will
be increased whenever it is possible to bargain for a lower farm price or the
market price takes an unexpected up-turn. For this reason dealers are no
doubt more conscious of price trends and probable future market prices than
dairy farmers selling cull cows and calves. Dealer incomes depend on the
accuracy with which they estimate the selling price, particularly if they pay
cash at the farm. If they sell on a commission basis, a percentage of sale
price is guaranteed. The commission rates charged after delivery to the
Brighton market are $1.30 for cows and $.55 for calves, hogs, and sheep
per head.
Bargaining Position of Producers
The choice of markets for an individual farmer in New Hampshire who
has slaughter cattle or replacement stock for sale is limited. If there is more
than one dealer buying in his territory he may compare bids. The newspaper
or radio will tell him the price at a central market. If he is anxious to sell
14
CUTTER.
RANGE
MONnAY QllpTATlhN;^-
i:anner~price:
FIG 5
JULY
OH1CA(50 ASJD ERIGH
I, 1952 t6 PE:. 31,
XW
mRK
J9S2l
TS"
and buyers are limited, his bargaining power is weaker than if he could
choose his time and price. When the price of beef or milk is increasing or is
expected to increase, dealers become more active and farmers are in a more
favorable bargaining position than in periods of falling prices when the risk
of loss by dealers is increased. This is the position of most dairymen in New
Hampshire. Specialized beef producers or purebred owners can be more se-
lective in their selling. If they own a truck, direct sales to other farmers
will eliminate the dealer. This type of sale for replacement cattle is generally
limited to the vicinity of the farm. Contacts through the herd association
will provide a greater selection of markets for purebred cattle. Commercial
hog markets are limited to packers or local butchers, and lambs are largely
sold direct to consumers or butchers.
Buyers of replacement cattle for Southern New England dairy herds
can frequently offer attractive prices for dairy cows in . Northern New
Hampshire where the price of milk is somewhat less than it is in Connecticut
or Massachusetts. This practice may remove the better cows from herds and
leave the dairymen with the low producers for local milk production.
Conclusion
The major sales of livestock in New Hampshire are dairy herd
cull cows for slaughter, and dairy herd replacement cattle. There is a con-
siderable amount of custom slaughtering of hogs, but the majority of meat
consumed in the state is produced in the West and Midwest. There is no
uniform state inspection law for slaughter operations, and conditions vary
15
between towns, from little or no controls to rigid controls. Uniform laws
would reduce impediments to the transfer of operations from one town to
another as supply or other conditions warranted and would facilitate State
inspection of operations for the protection of consumers' health.
Dealers buy cattle, hogs, and sheep from farmers for sale on the
Brighton market, or to local packers or butchers. There are ten commercial
packers in the state who slaughter local cattle supplemented by inshipments
of live or dressed western beef. The choice available to dealers of selling
locally or to Brighton means the quoted Brighton price and the sale price
in the state are closely related. The shipment of western livestock to New
England forces the Brighton price into line with the Chicago price. There-
fore, prices paid to farmers in New England follow the ups and downs of
the Chicago market and provide guides to any expansion of the livestock
industry in New Hampshire.
There are many dealers with licenses to buy in New Hampshire but
only a small proportion are buying steadily. The majority of dealers pay
cash at the farm and assume the risk of price changes. They allow them-
selves a margin to cover costs and profits. Some few dealers buy on com-
mission, which shifts the risk of price changes to the farmer. If all sales
were made on a commission basis, the probability of extraordinary profits
by dealers would be eliminated and farmers would receive prices paid at
Brighton or the local market less an established commission charge. Benefits
from unexpected price increases, however, would be balanced by losses from
unexpected price declines.
Prices quoted in the New Hampshire Weekly Market Bulletin are
Brighton prices of the previous Monday. Subsequent changes in price
during the week are not reflected in this quotation and are available only
from radio or newspaper news of the Chicago market.
The limited markets available to farmers reduces their bargaining abil-
ity in individual sales, but competition between New Hampshire packers
and the Brighton market tends to keep dealer margins at uniform rates.
During periods of raising prices the possibility of higher dealer spreads is
increased. Dairy herd replacement cattle are sold to other farmers or to
dealers for these transactions. There is no central market at which prices
are established and there is no quoted price by which sales can be made.
Therefore, the farm price will vary between dealers and the bargaining
power of dairymen. The general price level will be influenced by the price of
milk and the price of beef, but considerable leeway for price concessions or
gains exists. In the majority of sales, there is no record of the cows' an-
cestors or production potential to accompany the asking price.
The predominance of meat and livestock shipments into New England
from western sources limits the extent to which livestock sales either for
slaughter or for dairy herd replacement can become more profitable. Within
this national price framework, certain economies of assembly by consolida-
tion of loads might be possible, or producers might organize into a bar-
gaining cooperative to protect individual farmers not familiar with market
price changes and to protect buyers against diseased and low producers.
The competitive nature of the industry, however, relates prices in New
England to prices in other livestock producing areas. Prevention of price
fluctuations, or short-run price declines not justified by long-run market
demand and supply for meat, therefore, are national problems and are best
solved at that level.
16
Live Music Archive
Librivox Free Audio
Metropolitan Museum
Cleveland Museum of Art
Internet Arcade
Console Living Room
Books to Borrow
Open Library
TV News
Understanding 9/11