The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-08-13
TOBACCO MEN
VERY BLUE
Bright Leaf. Bought High, is
Very Low.
SOME ARE FACING RUIN
They Fear With Large Supply. Low
Prices and Tight Money Market,
They Will Be Unable to Stand
the Strain.
SOME ARE FACING RUIN

Leaf tobacco dealers In Richmond and
several other places are suffering heavily
as result of the steady decline in the
prices OF the bright crop. and 1t is even
said that some Of them are facing ruin.
High-prlced tobacco. purchased a year
ago, when the bright weed was In great
demand, when the supply was SMALL and
when the figures were correspondingly
large, are now sticking like a dead weight
in the face of conditions the reverse in
every particular.
The situation has. indeed, become a very
serious one, and gloomy view of the
outlook for the future is taken by many.
The marketing of the new bright crop
has Just begun, and the way 1t starts off
in a dragging, dull and spiritless fashion
Is far from encouraging. AS Is most usu-
ally the case, however. the very thing
which makes the condition SO bad now
v Ill operate to make It good in tho here
after by driving the tobacco planter to
raising other stuff. thinning out the crop.
and making tobacco scarce and prices high
again, when the farmers will bark back
and the retrograde movement begin again
The market moves in cycles of more or
less regular recurrence, and there are
signs reported from the South that de-
velopments there will start the trade on
tho upward trend again.
GOT CAUGHT.
Speaking OF the matter, a prominent
leaf dealer Of Richmond declared that he
and many others in his class had been
sadly caught In the movement that sent
the bright market to the bottom. Some OF
his colleagues were practically ruined,
he said and were In decidedly bad
frame of mind. AS will be recalled. the
prices on bright were soaring high a year
or two ago. and many men reaped har-
vest. On every side there was great
demand, and as the old stock began rap
Idly to disappear, the figures went up.
The leaf dealers went into it rather heav-
lily, and q number of them laid in large
supplies Then the market began to
break down. and when 1t started 1t
went with thump. The thump scattered
many of the leaf dealers right and left,
and right at this moment some OF them
are ioundering hopelessly-
The opening of the market to the new
bright crop brings with 1t no CLEAN Of
hope in the way Of prices. In North and
mostly sold, the first OF the new crop
is being bought up at 4l-2 and cents.
Last year the same grade of tobacco
brought s to 9 cents.
CHANGE FOR BETTER.
In the midst Of this darkness. however.
there Is one ray of light that seems to
promise something. A local tobacconist
who is largely Interested In the matter
went south recently to take look ut the
situation, and he visited North and South
Carolina. He comes back decidedly pleased
and feels that better days are coming.
There Is no hope for the crop Of this
year, but next year it win be different,
he says.
The cause which will bring about this
beneficent effect is teh decision or the de-
termination Of ehfaThfers in the South.
Years ago when bright tobacco was high.
these farmers were tempted to stop grow
Ing cotton, which was low. and plant
their lands in the pungent weed. Now
the situation Is reversed, and they will
stop growing tobacco and plant thelr
lands again in cotton. The bad prices for
the new crop settled the matter. Next
year the farmers will try something moro
lucrative. for while tobacco is low, cotton
is high. Many millions or pounds are
raised In this disaffected section, and the
sudden stop to this large output will
put the market up again.
Such are the statements, at least. made
by leaf tobacco men here. They appear
to lay great stress on the movement,
and to look upon 1t as an interposition
that will pull them out OF the mire.