When 119,624,909,917 cigarets were produced last year against 119,038,841,560 in 1929 tobacco men hailed it as an indication of their industry's ability to withstand Depression. Last week, however, this stout business suffered a reversal. It was announced that July production was 10,705,532,520 cigarets, a decrease of 9.7% from July 1930. One reason for the sharpness of the decline was that during June the wholesale price was upped, retailers given a period of grace during which they stocked up. Also, July 1930 was the industry's best month ever. Nevertheless the decrease was so large that 1931's cigaret record, until now ahead of...
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