Evening star., 1921-07-02

NEW YORK, July tSpeclal)--
Back on the job after the holiday next
Tuesday, the United States will enter
actively next week not only upon a
new fiscal year. but upon new era
Of business conditions. Business dis
patches and official and confidential
reports received here within the last
twenty-four hours indicate that the
first days Of that era will be marked
by resumption or increase in produc-
ton in a score of different industries.
Far more important, however, than
any concrete increase in business has
been the increase in confidence which
has spread throughout every section
Of the country within the last week:
This note of confidence has deepened
to a tone not heard for two years, and
is tuned to the pitch of realization that
the financial condition of the country
is sound. that credit conditions are
firm and that a stable basis has been
reached upon which it is safe to plan
ahead.
Assurance Is Growing.
This growing assurance among rep
resentative business men has been
followed by varied and widespread
conditions to others. They do not
court upon any miraculous recFudes-
cence of prosperity. There has been
found no new way to pay old debts.
but the old tried and trustworthy
ways are proving effective. as snow
by the heavy reduction of bank in
debtedness throughout many wide
spread industries.
Thorough investigation by credit
men has led to declaration by them
that instead Of widespread depression
"there is a fairly general condition of
we'll being which in many sections
amounts to a fair measure of pros
the volume OF business represented
in orders referred for credit recon-
mendations. 1t is evident that this
volume Of goods is bigger than a year
ago. 1t indicated the merchants
shelves are being cleared with con-
senuent purchases by merchants, job
bers and wholesalers: increased pro-
duction by manufacturers and in
creased freight revenue to railroads.
The midyear investment demand pro-
yides another indication or nnanclal
health. Money released by maturing
Investments and other payments is
coming into the investment market
next week and represents additional
canital available for industrial enter
mise. There is a good undercurrent
Of demand for sound securities.
Orders for Fall Delivery.
Tn the retail trades, merchants are
placing orders for fall delivery with
greater confidence. Volume OF sales
in manv sections has shown an in.
crease over those of last year. Retail
and wholesale demand FOR SnoeS con
tinues active and there Is dearth OF
hosiery which has set factories work
ing at increased speed:
The demand for light wearing ap'
narel has been sustained and has re-
suited in recorders unexpected by
there are indications of coming rent
reductions and relief OF housing
shortage in some cities Crops gen
orally throughout the country are
good, with no danger OF snorIaee ol
cars or harvest hands. and within the
naxt few weeks g. tremendous vol
ume Of cash will be available to the
10 armers for purchases long delayed
and sorely needed.
settlement Of Wage Disputes.
While complete settlement Of wags
disputes in the building trades has
not taken place, decided progress has
been made, and 80 plain have indica'
tions become of building revival thai
manufacturers Of building materials
already are preparing for it. Fruit
growers have made good profits de-
spite lower prices. Prices paid FOL
new wool have been slightly better
than the opening of the shearlng sea-
son indicated.
Conditions in steel, coal, oil. while
undoubtedly gloomy. give some indi'
cations of betterments. Old sugar
stocks are gradually being exhausted
| and refiners in some sections have re-
sumed melting. The oil situation
shows some signs of readjustments al
| a result of lower prices and curtail'
ment of production. The coming
weeks will be important ones in the
| steel industry, for they will serve tc
| indicate the extent to which railroad
ranair work NAV be counted on fol