Evening star., 1929-06-30

forms Of insurance also did a big vol
ume OF business.
The tourist trade has grown to such
proportions as to be major factor in
the cash receipts of foreign countries
and domestic areas. 1t is estimated that
travelling Americans spent a billion and
half dollars on their trips in the last
IL months. This has aided the ship
ping industry to some extent, but the
passing of some of the Governments
operated lines into private hands was
factor which had a distinctly inprov-
ing effect on the merchant marine sit
uation.
Shipyards also are more active than
year ago. The volume of business
and the profits from intercoastal. coast
wise and interior waterways transporta-
ton was excellent.
Ine volume OF sports eQuipment sold
has never been exceeded before and at
tendance at amusements throughout the
fiscal year totaled higher and BROUGHT
in more money in the aggregate than
ever before. In the motion picture
theaters, the sound movies were the
outstanding development and did much
10 increase attendance. The vaudeville
chains did fairly well, but the legit-
innate stage had many failures and few
SNa~NSSSSS oo- A'3 VIC JOdAs
Employment At High Level.
Employment has been general
throughout the fiscal year at high levels
of wages. There have been some work.
ers out Of Jobs, but this is always the
case and is accounted for largely by vol
untary unemployment change from one
job to another and the travel of mi
gratory workers. The buying power of
the wage-earning public is extremely
high.
There were few major labor disputes
during the year, the most important one
being the troubles in the textile mills
OF the South which have not yet been
entirely composed.
The foreign trade Of the country
showed a marked gain in exports. For
the first four months of this year the
gain in exports as compared with 1923
averaged around $70,000,000 a month
This compared with an average gain Of
S54 100000 month in imports. In
May imports exceeded exports by $14,-
100000. but the balance of trade for the
five months was favorable to this coun-
try.
No Recession Imminent.
There is no recession in business or
industrial activity apparent as the fiscal
year ends. The great danger and the
one ma jor unfavorable factor in the sit
uation is the agricultural situation.
After all Is said, the greatest buying
factor in America is the farmer. and
failure to better his position is bound
to have a deleterious effect. However,
the Summer receSsions in industry are
likely to be smaller than normal and
the volume of business already booked
is sufficient to keep the industrial
plants we'll occupied for some months
to come without heavy new orders.
It is yet too early to determine how
the farmer will come out this year. II
he is even moderately successful, the
business situation seems likely to be
bright, indeed. for other lines are -four
ishing, as the above resume shows.
Money seems to be loosening also and
this should have a favorable effect.
The weather is big factor and this
may determine easily the volume of
sales in certain lines. Business men in
consequence of these facts are not in
clined to over-eXtend themselves. They
are optimistic, but not over-optimistic.
There is likely to be some check TO ac-
tivity. This would be normal and
healthy and expected. but there is not
evidence at present to indicate any re-
:cssion which would be long continued
or which would be of sufficient volume
70 prevent the calendar year of 1920
from being one of the most profitable
the country as a whole, excepting the
agriculturistS, has ever experienced.