Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-06-30
TOBACCO PRICES DETER.

| We trust that Senator Daniel Is cor
| rect in his belief that the Republicans
| will not pass the proposition to increase
| the tobacco tax from 6 to cents
| The tobacco industry has suffered very
| greatly from the long-continued hnahc'ai
| depression and ought not to De s'ruon
another blow Just when the general busi-
ness public is expecting he advent Oh
prosperity. Any change IN the tax JUST
| now would be hurtfu to the trade anu
| II may be doubted II II would add much,
| IL anything, to the Treasury balance.
| When Il Is seen that Congress viii let
| tobacco alone we think the trade VIII
enjoy something like revival OF pros
perity. We do not expect a "pooih' ou'
| a gradual improvement which VIII en-
| courage and benefit planters ana manu-
| facturers alike. Burley leaf Is now
higher than II has been In long time'
and this has been accompanied by rise
| in prices in certain grades of virginia
| and North Carolina leaf.
or course. there is much tobacco that
is not yet saleable except at very low
| prices. but II the Improvement In higher
grades continues these, too, will advance
in price.
The Louisville Courier-Journal In re-
viewing the state of the market for the
past week, says:
"The week has been a strong and ac-
tive one for every grade above monde
script and the commOnest trashes which
are in bad condition These sold irreg-
ularly, a few bids below previous high
figures. There has been little specula-
ton but the manufacturers went on the
market and sustained prices at the high
level reached last Wednesday. The
largest buyers were the most active bid
ders. Liggett & Myers and the American
Tobacco Company being close competi-
tors for all medium to good manufac-
turing types. though it is commonly I'M
derstood that both have laid in large
supplies The ST. Louis firm, especially,
began buying early in the country, and
in April put UP prices. it is said as nigh
as 10 cents a pound on the farm. The
American Tobacco Company does not
buy in the country. but bought largely
of stocks ard few weeks ago began
a more active campaign on the breaks
here. Il is said ii recently secured
very large lot of leaf away from here.
That i'm the face of this It should con
tinue to buy so freely has been COM
mented upon generally. II has been
charitably supposed by the trade that
the St. Louis firm has plenty of tobacco,
but has a phllanthropic desire to help
out the farmers by forcing its competi-
tors to pay prices that were not dreamed
Of two months ago. However, II mas not
besitatcd 10 take freely Of suitable offer
ings so this theory is not altogether
tenab)e. 1t Is agreed that the activity
Of the manufacturers in the lace OF the
sudden cessation of speculation Is quite
significant but no one pretends 10 De
able TO say how how long the movement
will be kept up. Receipts were smaller
than expected this week. but they may
be much larger next week, and II so TINS
IS likely to test the market enectuany'
Indications arc at present that the ac-
tlvity will continue
"Tbe grades most in demand this week
were the red tips short red lear ana me
fllery types. generally. These grades
advanced somewhat over the previous
weak and were strong every day. Colory
trashes and all colory grades. generally
remained firm and there was no reduc-
tion in the bids for them. The market
was easier only as respected the very in
ferior types. and even they were at times
as high as the week before. Old Burley
also sold well. and there were conside-
rable transactions in redried leaf at sat
isfactory prices.
"The dark tobacco market was pro-
portionately higher and stronger than
the Burley and auction sales were ex-
tremelv satisfactory. Wrappers sold as
high as 80 5OdslO75 for new. Good leaf
and Jugs were I'm request al all times, the
demand being eager from rehandlers ana
exporters. This was the more remark
able as a larger acreage of dark tobacco
has been put out than of Burley.