The daily morning journal and courier., 1904-09-09
OVER A MILLION DOLLARS SUNK
 IN SHADE TOBACCO.


 As a result of their last departure from the old way of growing tobacco to raising Sumatra tobacco under tents without doubt the biggest, most pictur- esque and expensive agricultural exper- iment ever tried in this section of New England-there has been 8 loss to the farmers and other investors of hum dreds of thousands of dollars. From eight to ten hundred thousand dollars, it is estimated, will not more than cover the entire loss. Tn fact even if the shade method of raising tobacco in the valley still has a future through slow and careful development, as a small mi- nority may still claim, the speculative fever of 1902 and 1903, claiming victims among farmers with limited means, business men Of small capital, widows with fixed incomes and among specu- lators who continue to find fullest ex- pression for their restless natures in their daring deals, will still be menora- ble. It has no precedent in the history of tobacco growing in this valley; it was worse than a crop failure; it has a look to-day as if the farmers and their back CTS had been exploited. The farmers in many cases trusted the government re- ports: the reports were the work of ambitious department experts and the experts drew nasty and unwarranted conclusions. That the department of lagrieulture was deeply interested, through the bureau of soils, in growing Sumatra tobacco under shade in the Connecticut valley there is no doubt. Department bulletins and numerous statements by officials emphasize this. PROMOTION OF TOBACCO COMPA-
 MESS.
 Speculation became rife; promoters saw their chance. Elaborate and eX- pensive prospectuses were got up. That of the United States Sumatra To- bacco Growing Company was a large, finely printed and exceIlently- -illustra- ted book, with an embossed cover dee- orated with an attractive specimen of tobacco plant, over a part of which was stamped in a field of gold the shield emblematic of the United States Egovernment. The contents of the book igive a good idea of what was being said about growing tobacco under shade when the speculative fever was highest. ''The discovery that it is possible to grow the finest grades of sumatra to- bacco in the world in the Connecticut valley" to quote from the prospectus, ''by simply covering the fields with low flat tent of cheesecloth opens the way to enormous profits for those who have the opportunft to engage in this richly remunerative enterprise"
 "Rieh dividends of forty per cent. are fairly within reach of the stockholders [ said the chapter of the prospectus enti- tied Interesting detail, "as the fruits of even the first year of the venture" This was easily figured out in this fash lion: Nearly thirty million pounds (rep-5 resenting six million dollars) of Suma-# itra tobacco is now necessarily imported each year by the cigar manufacturers for wrapping cigars; Sumatra tobacco raised under cloth in the Connecticut Iyalley is finer and better in every way l--in color, in texture and f1avor-than the imported Sumatra:" "manufactur- Iers prefer it because smokers prefer it." lit costs $7.S7 to wrap one thousand ci- gars with imported Sumatra, and only $S.75 with shade-grown sumatra; the shade-grown Sumatra can only be lraised in the Connecticut valley. be- cause of soil and climatic conditions; mot more than one-sixth of the crop can be raised there if every available acre lis used, which means sure market for all tobacco raised; the price will always be high because 1t will be measured by the standard of imported Sumatra plus the duty payable the government. It is certain finally, said the writer of the prospectus, that those who engage in this industry will receive rewards in the way of unusually large dividends on their investment. Forty per cent. is a moderate return eighty per cent. for the second year is reasonable expec- tation. In five years the stock in the United States Sumatra Tobacco Grow ing company will be worth three or four times par value"
 I This is the company for which a re- ceiver was appointed yesterday.-Hart- ford Courant