Excerpts from the report Summary: This study is concerned with resales of tobacco at Maryland loose-leaf auctions after the first sales by growers, and especially with the effects of resales on the growers. Profits from the resale of Maryland tobacco are made possible by a combination of conditions. Probably the most basic of these conditions is the large amount of poorly prepared tobacco coming to market in Maryland. The second condition is market imperfections--both market fluctuations and auction conditions, such as the speed of sale and variations in light, that sometimes lead to errors in judgment of quality of tobacco. Other conditions favorable to resales on the Maryland market, especially as compared to the burley and flue-cured markets, are: Maryland has been under price supports only four times since the end of World War II; many speculators come from the burley and flue-cured areas to Maryland because, during the period between early March and mid-July , it is the only auction market open; and there is ample warehouse space, so that tobacco generally can be resold at any time.