The Providence news. (Providence [R.I.]) 1891-1906, 1896-08-07
Yarn Manufacturers Will
Reduce Product.
Action Taken by Cotton Men
in This City.
Crop Statistics of the C0untry--A
Falling Off of 20 Per Cent.

Before adjournment last evening the
cotton yarn manufacturers of New Eng
land, WHO were assem- bled at the Nara
gansett Hotel, adopted the following reso-
lutions:
"Wheress. This meeting of cotton yarn
spinners, called together at Providence,
X. L., to consider the present unsatisfac-
tory condition of the cotton yarn business
and to adopt measures for relief.
"Therefore, BE ii resolved that Ii Is
the unanimous consent of this meeting
that a curtailment of one-half the ordin-
ary production, and longer should the
present state of the market render it
necessary.
.'The secretary of the meeting is re-
quested to bring these resolutions to the
notice of each individual or corporation
manufacturing cotton warns, In order that
unanimous and immediate action may
be taken, II being understood that each
mill can arrange the method OF curtail-
ment TO suit its own convenience, and II
is recommended tnat in no case should
the stoppage be less than one-half tue
ordinary. running time during the
month OF August"
THE COTTON CROP.
In connection with this meeting OF cot
ton men the latest facts concerning the
cotton crop issued by Clapp, are interest
ing. The statement is as follows:
"The Government report yesterday and
private reports of the cotton crops vary
more than usual. Texas and the Western
cotton belt complain of too hot and dry
weather. Many reports now claim the
condition IN precarious and the outturn
will be less than 5000, 900 bales for the
whole crop. Louisiana and Mississippi
report serious loss by drought and exces-
sive heat, and that the amount OF cotton
that is shedding Is unprecedented. Some
private reports claim there will not be
bale on ten acres, others, cotton will be
ru seed by wet weather. Some places in
Texas report no dews and cotton lice
have each affected the plant. and bolls are
opening prematurelv and shedding. The
Arkansas State report says crop deteri-
Grated 80 per cent. in July. The season
Is from twenty TO thirty days earlier than
usual. Marketing may be nearly as free
in August. 1896, MS Ii has many seasons
in september, but the crop Will fall short
20 to 30 per cent unless some unforeseen
change occurs soon. We think the con-
sumption OF cotton the past IL months
has been largely overestimated, and that
for the season will scarcely exceed 7,600,-
600 tales, where MIR. Ellis predicted about
4, 800, 600 bales would be consumed. Spin
ners have been and are closing down in
many sections. Over 1000, 900 spindles
are idle. Sales of wool are less than one
quarter of those year ago and at the
lowest known prices. Bombay, India,
receipts of cotton for season have been
2,115.0O0 bales against 1,501, 600 last year.
Alexandria. Egypt, received 5,205, 900 can
tars (9S lbs.), against 4, ,53S, 600 last season.
Fall River stocks of cotton goods are 2.
Ol2,0 900 pieces against $50, 900 last year.
Our importation of cotton goods have
fallen OF and exports increased, aud
the price declined to ZIG, or about
the lowest price ever known. American
spinners took 2,46S, 904 bales against
2,8l3, cas- bales last season. Last season
Northern spinners took three-quarters OF
the cotton spun in the United States, this
season they will scarcely take over 60 per
cent. of all. There came in sight last
August about POS, ,6l5 bales. 1t appears
to us the quantity this August will be
dou bled or tripled; that spinners will not
buy as freely rs usual. July 10 cotton for
January delivery sold ut g. lSc., against
&c. a year previous, yesterday it sold OF
7.62c. The Agricultural Bureau report
since 1882 shows the crop deteriorated in
condition on an average of six points in
August. 1be July 10th report was o.. 8.
Ordinarily when sentiment gets control
of market, as of late, real values are
ignored until checked by demand and
supply causes"