The Daily times. [volume] (Richmond, Va.) 1886-1889, 1888-12-11
THE POPULAR " Fed.
What is the Reason for
the Low Prices in
Tobaccop
INTERVIEWS WITH A NUMBER OF
fROMINESr DEALERS.
A Variety ef Opinions EXPRESSED.

'fihioh Ni lNt WItlti tuhl lbc cause OF
he low prices I'm tobacco was due 10
over production and over cropping on
lie part Of the farmers In the paper OF
YESTERDAYS appeared statement IN our
letter that low prices there
we're attributed TO the cheap aud mean
IcbaccOs which were being so extensively
shipped from the country TO that city.
knowing The universal interest felt In
a subject of such great importance 10
30 large and prominent class Of our
nerchants. and thinking that the farm
Prs especially would Ike some inlofma-
ion rs TO why IL was that the prices they
received for their tobacco products did
not come up to their expectations, n rep
resentaiive OF the TINES yesterday called
IN number OF Well-knOwn dealers In
Nirginia's great staple to get their sew
aral ideas. The following was the result
of the interviews.
MH. X. {. MORTON,
being he FIRST approached said that IN bic
opinion the duliness IN the trade and in
lie prices Of tobacco was mainly que to
lie large surplus on hand, whicl. surplus
had accumulated from number Of
rauses. In the first place, manufacturers
largely buy their stock outside the city,
going 10 the inland towns OF Virginia and
NoIth Carolina for that purpose. This has
resulted in taking away yalu-
able amount Of custom, which legid-
mately belongs to Richmond, to other
points, and large stOcss Of tobacco which
had been sent here for sale could not
iud purchasers. Some OF these stocks
had been lying here for several years,
and now both the owners and merchants
feel inclined TO let them 20 at much
lower figures than those at which they
were first held. Then, again, there is the
large increase In the use Of Bnrleys and
Western tobsccos, which are thrown in
direct competition with the Virginia pro-
duct. 4 great many new chewers prefer
the sweet and mild BuTley tobacco, which
has in il very little substance, and which
b hardly anything more than candy, and
In this way the demand for this class Of
tobacco has grown tremendously in the
past few years These, In my opinion,
are the prime causes for the present dull
ness in trade aud low prices. but hope
Tor better trade in Old tobacco In the next
two or three months.
NR. W. T. HANCOCK
was next approached, and he attributed
the cheap prices TO over-production,
which is bonnd TO glut the market. He
thinks, however, that while trade is dali
now. good business will be done In
February and Mach. He also thought
that the increased Burley crop and the
increased demand for that class Of to-
baccos had much to do with the present
Of affairs. While little is do
inr AT present, he does Lot see how good
tohaccOs can keep from getting better
in the near future.
MR W. q. MILLER
was of the opinion that the prime cause
Of the trouble was the large accumula-
ton of stocks of mean tobacco as well Ms
the overplus of good grades. There was
undoubtedly, be said, largely Increased
of Burleys, Of which there
had been considerable output, mani
festly much greater than was The case
formerly. The demand for this class
was certainly increasing daily, and, as
matter OF course, the greater the demand
for Burlcy, the lesser for Virginia
tobacco, With propOriiona,e decline In
prices.
MR. " L. CARRIN3ToN
said that he was convinced the dullness
OF trade and low prices was due both TO
the oyerst0cked condition OF the market
and the preponderance OF mean, un..
cured tobacco He believed that good
tohaccos were Obliged to bring better
prices when trade regularly opens, but
ne could not SEE much chance for the
meaner grades
MR. W. MILES CARY,
of the firm Of sublett s Cary, thought
the trouble complained If was due 10 q
number of causes. First. he thought
that oyerproduction IN the country
added to the fact that mum
Der of foreign countries are no"
was a great factor III
keeping down trade and prices. Form
erlv these countries were consumers and
customers of Virginia tobaccos, now
they are producers and competitors
Their tobacco is much inferior TO iha'
crown In this county, 1t Is true; but to
offset this, and TO prevent the product o.
Virginia from coming into too great com
petition with their inferior article. they
have imposed heavy tax upon imported
products, thereby establishing virtually
prohibitory tariff against us.
Then, again, the agitation OF The To-
hacco tax. no doubt, has had great dea
10 do with It. Manufacturers do moi
SIMPLY themselves with any larger stoch
of tobacco than they absolutely neeC
while this matter Is unsettled. True. IL
case the tax IS abolished, a rebate Will bt
glyen purchasers who have supplies on
hand but this will not prevent manu-
facturers who have bought and manu-
taclured largely, and have already Paic
The tax, from being kept out of theil
money for some time, and from beihs
nut 10 considerable trouble in arranging
Tor the rebate with their customers.
Then again there is the larg'
change In the taste OF our tobacco
ohewers In former times If a man aSket
another for chew OF tobacco, he wa
sure 10 Rtl llStO VI Wv
Virginia article now at least hall woui'
offer chew of Burley This NATURALLY
lessons The demand for our home pro
duct
And then agaln-which was really on
Of the most important causes OF dullnes
our buyers would go OIL 10 buy thel
stocks elsewhere, and by so doing the.
build UP foreign markets at the expens
Of ourOwn. Nearly every upland maTke
has buyers who positively Ieius
10 purchase anywhere except at home
some Richmond buyers adopt this plan
bnt he reverse Is the rule, and so on
own people are largely tending 10 buil'
up Virginia and North Carolina inlan'
towns. while creating corresponding
depression in our markets
Mr.. d. TlDEMANN,
who purchases extensively for shlpmen
10 Europe. was next asked to give hi
opinion. lie believed the source OF al
lie trouble was due to oyer-supply, lh'
inferiorly Of the last three crops, ant
-. l.ei I'm