The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1903-08-13
THE TOBACCO SITUATION.

come through boycott Methods
That is a mistake, no matter what
the object at which it is aimed or the
evil sought to be corrected. The
boycott is n dangerous weapon, COM
pick in character and far reaching in
effect, easily directed i'll more ways
than one
Let us study the situation a little
and see If we cannot find a cause in
part at least for the present low
prices for tobacco if we may not find
a remedy therefor. Just at this time
in 1902 the tobacco crop began to
move to market under the most
favorable conditions. Manufacture
ers, dealers and agents were all in
fine shape financially. Dealers were
free of stock, with good bank ac-
counts. The crop perhaps was the
finest, most useful and largest ever
grown in the bright tobacco belt,
exceeding the 1901 crop by seventy
five TO one hundred million pounds.
But strange to say, every one, farm
ers, manufacturers, agents and deal
ers, at the opening OF the season,
underestimate the size OF the crop,
thinking that it would be short in
pounds, and no one thought other
wise until about November LIST, and
only the most Observant ones so
early Il date as that Prices had
risen daily until the average price
was higher than ever before and con-
tinued to rise until along in NOvem-
Der when manufacturers and dealers
found that their houses were holding
from 50 to 100 per cent more leaf
tobacco than ever before, and that
their bank accounts were being re-
duced: SO by December the price
began to decline and the market
grow dull, but not before every buyer
was loaded up to his full capacity.
Unfortunately, the present crop,
from a financial standpoint, starts
to market under entirely different
conditions. While the crop in guam
tity may be an average one and there
will be II great deal of useful tobacco,
it will not be so heavy as the last,
nor will it approach it in quality.
The manufacturers are all carrying
heavy stocks of the last crop The
dealers, with few exceptions, are car
rying their entire purchases OF the
1902 crop with all their capital in
vested and in many instances large
amounts borrowed. While this is
not IL very bright and hopeful view,
it is nevertheless facts as they appear
today in all of the Virginia and
North Carolina markets, with the
new crop pressing for sale. Hence it
is we hear great complaint of low
prices from every section of the
bright belt
In addition to the troubles we al
ready have, the money markets have
become unsettled and panicy. The
stocks OF the best companies-those
that have always stood panics and
hard times-have declined as never
before, both railroad and industrial.
People who have been regarded inn
mensely rich with their millions in
many instances have lost ALL Manu-
featuring concerns which have issued
millions upon millions of stock and
have paid their regular dividends
from legitimate earnings of their
companies now find their cash ac-
| count depleted and many are unable
to finance their underta kings, with
here and there a total failure With
these conditions overhanging the
business interests of the country, is
it reasonable to expect people to buy
what they can reasonably do with
out? We hope to see the financial
atmosphere clear soon, and then oul
farmers will see an advance in the
prices of tobacco. We confidently
expect to see better prices in the neal
future. We do not share the opinion
often expressed that the manufac
turers of the SOuth's two none,
crops will destroy their best assets
the cotton and tobacco farmers.
| Now word as to the remedy fol
low prices. The GOLD LEAF ha:
preached in season and out of season
to our farmers, imploring them to
raise their home supplies first, an(
then all the market crop possible
Those who have followed this advic,
are the independent men of Thu
county. Only this morning we noticed
Il wagon load of old corn coming
into town, sold by one of our mos
prosperous farmers, and one VIII,
listed considerable cash on hand il
June. We met another who had Jus
| sold 1 bales of cotton at 13h cents
This man also lives at home" an,
| is prosperous.
| Twenty-Five years ago no sue
things as corn, hay, feed-stuff, mea
and flour were shipped to this depo
If at all, in very small quantities
We mention this fact merely so sa,
that at that time our people wer
large shippers of wheat, corn, &c
Now we buy thousands upon thous
ands of dollars worth of these article
that We formerly sold and can no,
raise at home.
After the crops are made meeting
|