ANALYSIS OF TOBACCO GROWERS' ASSOCIATION 



103 



States tobacco (with the average pre-war crop years 1910-11 to 

 1914^-15 as a base of 100) for the war years, for the period of de- 

 pression immediately following, for the 4-year period of the asso- 

 ciation's operations, and for the two crops following the failure of 

 the association. As the price data from the Yearbooks of the United 

 States Department of Agriculture do not reflect the quality of the 

 crop, the prices given are averages by types for all grades. 



150 



ioo -<;•- > 



1910- 



I 

 1—1914-15=100 PERCENT 



Va. Sun-cured^^ \ 



1 \ Umled States 



"; A ^ 





Burleu 



y 



'/ — V — '' 



/ V 

 / 



A 



> 



/If W ^'-0 



A/ h 



/7t/e -cured • 

 Dark -fired 



! 1 1 1 1 1 1 1 ! 1 1 1 1 1 



50 



1909 1915 1920 1925 1930 



Figure 19— Index Numbers of the Purchasing Power of Flue-Cured, 

 Burley Virginia Dark-Fired, Virginia Sun-Cured, and United States 

 Tobacco 1909-1928 



The purchasing power of all types of tobacco fell below the pre-war level in 1920. During 

 the four years of the operation of the association, 1922—1925, the prices were well 

 above tbis level, but since the receivership Virginia dark-fired and sun-cured types have 

 averaged considerably below. Flue-cured values sbow a downward trend since 1922. 



Table 42. — Index numbers of the purchasing power of tobacco, 1910-11 to 



1928-29 a 



Type of tobacco 



1910-11 to 

 1914-15 



1917-18 to 

 1919-20 



1920-21 



1921-22 



1922-23 to 

 1925-26 



1926-27 to 

 1928-29 2 



Flue-cured ... ... . .. 



100 

 100 

 100 



130.2 

 122.0 

 152.0 



84.6 

 68.3 

 65.0 



112.3 



166.2 

 160.5 



111.7 

 148.9 

 114.0 



107.0 



Virginia dark-fired 



78.2 



Virginia sun-cured . .. 



83.7 







Average 3 tvpes . _. _ 



100 



144.2 



59.3 



142.4 



126.7 



92.7 









100 



138.3 



108.2 



131. 2 



125.0 



123.9 







1 Average price per pound, as reported by the Division of Crop and Livestock Estimates, United States 

 Bureau of Agricultural Economics, divided by the All-Commodity Index Number, Bureau of Labor 

 Statistics, with the average for the crop years, 1910-11 to 1914-15 as 100. 



2 Preliminary. 



During 1917-18, 1918-19, and 1919-20 the average purchasing 

 power of all tobacco increased to 138.3 per cent of the pre-war level. 

 In 1920-21 it dropped to 108.2 per cent of the pre-war figure for all 

 United States tobacco; and to as low as 65 per cent for sun-cured 

 tobacco, 68.3 per cent for dark-fired, and 84.6 per cent for flue-cured 

 tobacco. The next year, 1921^22, the purchasing power for all 

 United States tobacco increased to 131.2 per cent of the base period, 

 and an average of 142.4 per cent for the above three classes. 



