From the research that I have done, the TC Williams Tobacco Company, which operated out of Richmond, Virginia, was acquired by the British-American Tobacco Company in 1903. It continued to operate under its name as a subsidiary of the BAT for many years after, even when the BAT fell under the ATC umbrella.
When the ATC was broken up in 1911, the Liggett and Myers Company was one of the principle companies formed. Among its many former branches of the ATC, L&M owned directly the W R Irby Branch in New Orleans (known for its ties with the T216 products). It also owned at least one factory in the Richmond, Virginia area, although I cannot find any specific mention of the TC Williams company.
The relationship between the various post-trust tobacco companies is muddy at best and full of backroom deals and partnerships. It was common for subsidiaries of the original ATC and its rivals to sell tobacco leaf to each other and I don't imagine it would be a stretch to say that originating factories for the various end products would often be intertwined as well. I have found references stating that the "American Tobacco Company" is the successor to the TC Williams company, although I cannot pinpoint if this is prior to the breakup of the trust, or after when the ATC was a slimmed down version of its prior self.
Anyway, I am proposing this possible scenario:
After the TC Williams company was bought by the BAT in 1903 and absorbed into the ATC trust, it was possibly part of what was spun off under the Liggett and Myers umbrella in 1911. L&M also owned the Irby factories of La, which shared tobacco leaf with all of its owned subsidiaries at the time. If the TC Williams Victory Tobacco was under the L&M umbrella with Irby, then its tobacco and cards may have originated from Louisiana. TC Williams was originally founded in 1850 and may have had a stronger brand recognition due to company history and its original factory location in Richmond, VA. In addition, evidence shows that one location that the TC Williams "Victory Tobacco" was marketed was in Australia. Liggett & Myers may have drawn from TC Williams' original relationship with the BAT (Imperial Tobacco Company of Great Britain) when looking for methods to distribute overseas, especially in the areas with strong British ties (western Australia).
