The tobacco industry in the United States by Jacobstein Meyer 1880-

Author:Jacobstein, Meyer, 1880-
Language: eng
Format: epub
Tags: Tobacco industry -- United States
Publisher: New York, Columbia University Press
Published: 1907-03-25T05:00:00+00:00

112 TOBACCO INDUSTRY IN THE UNITED STATES [374

through which the Trust conducts its cigar manufacturing business, has not yet declared any dividends on its common stock.' The Trust controls the stogie trade through the American Stogie Company, which produces practically the entire output of the country. It has a capital stock of $12,000,000.

The most profitable branch of the cigar industry is the manufacture and sale of Havana goods, domestic and Cuban made. In 1902 the Trust began operations to absorb this trade. The Cuban manufacturers were already largely concentrated in three companies, the Henry Clay and Bock Company (an English concern). The Havana Commercial Company (an American Company), and the Cubanas Company. In 1902 the Consolidated Tobacco Company, which was then the Trust holding Company, secured control of each of these three companies, which were ultimately (1902) merged into the present Havana Tobacco Company." Although the Trust controls about fifty per cent of the Cuban-made cigar trade, the Havana Tobacco Company has never succeeded in earning dividends for its common stock, which has generally been quoted below thirty on the market and in 1906 went down to ten. It is said that the reputation which the Cuban cigar once possessed in America and in Germany is now being impaired under the Trust control, as a result of a deterioration both in the quality of leaf and in the workmanship employed in its manufacture. The largest American importers of Havana goods are Park and Tilford, and the Waldorf Segar Company, both handling, almost exclusively, goods of independent (non-Trust) manufacturers.

' It has outstanding to-day $20,000,000 four per cent gold bonds, $10,-000,000 six per cent preferred, $10,000,000 common stock.

' C/. Commercial and Financial Chronicle, vol. 74, p. 1142 (1902).

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