Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-07-03
TRADE WELCOMES
FOURTH HOLIDAY
Good Buying Is Expected
Following Celebration.
Farm Outlook Drab.
BY J. c. RoYLE.

There has been mighty little resist
ance to the extension of the Fourth Of
July holiday over the week end in most
industries this year. Employers we're
glad, in many instances. to have their
workers take this time off.
This does not apply to all industries
by any means, but even the most pros
porous industries were glad to get a
chance to readjust and repair machin-
cry and prepare for the continuance of
factory runs for the remainder Of the
year.
AS soon as the holiday is over, how
ever, the effect of the tremendous vol
ume Of payments of dividends and IN
terest on bonds which took place July
is expected to develop in the commodity
markets. This volume of ready cash
should stimulate buying, according 70
the beSt-informed statisticians. It al
ready has stimulated buying to GER
tain extent, as the retail purchases of
mentioning goods have been extraordi-
narily heavy in many sections Of the
country. This has aided the apparel
industry and the sports equipment lines
very materially.
Farm Outlook Drab.
The Fourth Of July celebration
among the agriculturists probably will
not be marked by high enthusiasm. AS
one farmer put it: We can shout the
battle cry OF freedom until we are
hoarse, but, so far as I can see, It only
means that We are free to sell our
wheat at prices less than IL costs to
produce. Few Of us feel like celebrat-
ing freedom Of that sort"
Scores of industries have done re-
markedly we'll 1t is true that some
corporations have cut dividends. II is
equally true that some corporations
have been In a position to cut melons
in the way of stock dividends. The
difference between the two types seems
to be best explained by efficiency In
management and advertising.
More gasoline will be consumed from
Thursday night to Monday morning
than in any similar period in history
Automobile traffic has been heavy and
sales of automobiles have been fully
as large as was anticipated by most
business experts. Production Of oil,
however, is still in excess of require
ments and no immediate improvement
is in sight. The reduction in auto
mobile output has meant a cut in tire
production and reduced consumption of
crude rubber. AS a result stocks Of
crude rubber seemingly are as high
| now as before the tapping holiday in
the Straits Settlements was put into
effect. That holiday, however was eff
fective only with the English and Dutch
companies, the Chinese, Japanese and
Malay producers seemingly paying little
attention to it.
Steel production has been we'll main
tanned and the drop which usually
comes at this period Of the year has
| not been as severe as usual. The In
| dependence day holiday will be largely
devoted to repairs in the various plants.
The railroads of the country are spend
g,,r. fAw IHnWT
have for many years, despite the fact
that freight traffic has fallen below
the levels of 1928 and 1929.
Tool Buying Drops.
There has been q drop in the buying
of machine tools. Wholesale buying Of
furniture has started in good volume in
anticipation Of the Autumn retail de-
mand. Cotton consumption has fallen
off and cloth manufacturing companies
have cut reproduction closely to re-
quirements. Prices are low, but 1t is
possible to purchase raw materials ad-
vantageously. The one marked drop
| noted is in the work clothing produc-
ton. although this is largely a seasonal
development.
Wool mills are operating at only
around 90 to as per cent of capacity,
but prices for raw wool are fairly steady.
Silk production has been cut down de-
spite the fact that raw silk is available
at fairly low price levels. Shoe produc-
ton is fairly we'll maintained. Tanners
have excellent supplies on hand, since
they took advantage Of the low price"of
hides to lay in stocks for future require
ments.
In the last week department store
sales have made up for the small
amount of business they did early In
June, when the weather was unfavor-
able. There is some improvement In
employment recorded, but this Is only
slight. Further betterment is antici-