The times. [volume] (Richmond, Va.) 1890-1903, 1902-12-05

Stump in Prices on the Tobacco
Market-lmp3r.aI Denies
The Rumofs.

The local tobacco market has literally
broken down under the burden which has
been hea ped upon 1t for the past two
weeks. Ii closed weak and unsteady
yesterday after a rather unsatisfactory
day. and there will in all proba bility. be
a still further stump to-day. Indications
last night were that the sales would
down prices even more. About l62,o"
pounds were sold on the breaks yester-
day.
Considering al things. the market has
established an enviable record. While
other points went down under the enor-
nous influx of the weed. Richmond bore
up and preserved prices in truly re-
ma ka BILE manner. But it was phys->al
impossiollily to keep the hing up for
ever. If the farmers continued heed
lessly to pour in with their wagons and
gIut the trade. the break had to come
sooner or aler.
Arrangements have been effected. it Is
understood, whereby Mr.. John Wright
whose recently announced intention OF
entering the tobacco manufacturing
world of Richmond, has been the occa-
sion for no little speculation among the
local trade, will unite with lSurEutS
Co., large manufacturers of New York.
in the establishment of a plant in this
city. The Millhiser factory on Twenty
fifth Street, where Mr.. Wright started
out In business before, has oeen leased
and machinery is being installed. opera
tons will begin about the first Of the
year.
The present occupants Of the building, the
Nlillhiser Company, are now moving out
and the tobacco machinery, which Nlr
Wright is now away looking after, Is be-
ing put into place. The plant is good
sized one and is the place where Mr.
Wright originally started in business
,rne new concern will manufacture chew
ing and smoking tobacco and possibly Gig
q. cites also.
From what can be learned there are
plans behind the venture for DEVELOPMENT.
along broad lines. The present move is
the first step.
In connection with the publication
made Thursday of rumors to the effect
that the American headquarters Of the
Imperial Tobacco Company would pos
sibly be abolished. the following official
statement was made yesterday morning
at the offices OF the company:
1--WE have unGuestionab!e authority for
the statement that there is absolutely
no foundation for the report that the
Imperial Tobacco Company will abolish
its leaf buying organization. having its
head Office in this city,.
..It will continue as heretofore. all re-
port to the contrary Notwithstanding.
The authorities OF the Imperial Tobacco
CO, are much annoyed by the recur-
renee Of runors Of this character. which
are calculated to ernbarrass their OPP
erations in this country and which they
ascrtbe to interested parties. They de-.
sire to deny emphatically and finally
that there isn't any color or foundation
for such run2ors."
Not a little confusion and di-satfsrac-
ton prevailed on the market during the
morning The buye-s expected double
sal,s again. ard came prepared for them.
But single sales were held. One Of tina
warehousemen requested that this be
done. and the supervisor ordered things
hat way. Members OF the trode in
Guiding the president. now say the ware
housernan had no. hing to do with 1t. and
that the authority to p-ovi'e for the
number OF sales is vested so ely and en-
tirely in the Sales Committee. by which
the supervisor should be gusd ID. THE
h,lyers We're considerably dtssa tsfed
with the sta tez OF thines and so were one
or two different warehousenen. who ex-
.pected by the double sales to get through
cary. In describing tho market veo-erdav
sore-. OF the buyers said it was all IN
mess
Among the visitors on the market yes
Iferday was Mr.. Reynolds, of Winston
Sa !anoEs NJ