Prices of the various grades are fixed and sales 

 take place at the day's price. 



The principal tobacco markets are: 



For Kentucky and Tennessee At Louis- 

 ville, Clarksville and Cincinnati. 



For Maryland and Ohio At Baltimore. 



For North Carolina At Durham and Wins- 

 ton. 



For Virginia At Richmond. 



The warehouse system has the great ad- 

 vantage that the proceedings are open and the 

 prices are recorded and published. Hence 

 growers can know how the market fluctuates 

 and judge the best time for sale. This is not 

 the case when the sale is private between the 

 buyer and seller as is customary in the eastern 

 and northern states. Here the price actually 

 received by the grower is often different from 

 that given out as paid. 



The price of tobacco leaf has had many 

 vicissitudes during the past 25 years, the price 

 often having reached so low a point as to dis- 

 courage producers. Thus at Winston, N. C., 

 the price has gradually fallen from 12. 3c per 

 Ib. in 1889 to 6.3c in 1896. In the same period 

 Burley leaf at Louisville and Cincinnati fell 

 from lOc to 7%c. Prices similarly dropped 

 in other centers. The price of cigar leaf has 

 latterly increased. In 1900 prices ran from 



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