Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-03-07

OF caStanetS throughout the land, has
silenced, for the very good reason that
knees cannot knock together if the
owner is rapidly putting one foot in
front of the other in business progress
Fear has been the main thing which
has retarded business recovery. Fear
was overcome to no small degree when
Congress adjourned. Its passage was
indicated even before that time by the
activity in the stock market. Whether
the movement be up or down, there is
usually small fear of general conditions
indicated in active stock trading.
Bargain Season Near End.
The days of the bargain hunter are
numbered. The closing of the bargain
season seems to be close at hand. This
Is shown in the stock market and in the
call for investment securities, as well as
T. in the producing, manufacturing and
distributing lines. Already the market
in Worth street. New York, center of
the cotton textile trade has turned
from buyers to sellers market The
demand for machine tools, while not
active, is steadily showing continual
ticn OF Industrial activity.
The big power producing companies
are reporting an increase in demand, as
compared with the early weeks of the
year, and the gas distributors have sold
more of their product in the last nine
weeks than at any time in history
Wholesale demand for Easter require
ments is in fun Swing, but retail trade
has not yet reached the peak, which is
expected to equal or exceed that of last
December, SO far as men, women and
ch1ldren'S clothing is concerned. The
shoe manufacturers are actively engaged
in the production of footwear for the
Spring demand and the styling of the
new models is such as to favor econom-
ical production by the manufacturers.
The oil industry is loose again. 1t
has been engaged in bitter contro-
versy as to embargoes and curtailment
of production. Some of its best friends
have hampered it. The industry in
general has felt good deal like the
longshoreman who, threatened with a
fight, said to his friends: Don't hold
me. Hold the other fellow" Now. with
Congress adjourned the petroleum men
can work out their own salvation or
damnation, as the case ma ybe.
Weather Factor.
The weather has been a disturbing
factor. In most sections it has been a
season of almost unprecedented mild
ness. This has disorganized retail trade
In number of lines. However, the
call for garments Is most encouraging.
Steel is showing strength despite the
failure of some of the ambitiously
promised building plans to eventuate.
1t Is now sure that even If the rail-
roads suffered severe depression in 1880
they will not let down in the slightest
in keeping roadbed and equipment at
the peak of efficiency, although new
equipment orders may show a diminu-
ton.
The autoniboiIe game has shown
~
finished products going in and out of
Michigan and Ohio automobile CEN
ters indicate plainly that the plants
are not at capacity and, moreover. are
not stretching themselves to jack up
production.
It is worthy of notice that automo-
bile statesmen made hundreds of sales
by soliciting the veterans who formed
in line TO obtain additional loans on
their adjusted service certificates under
the new law passed over the Presidents
veto last week These sales, of course,
were contingent on the reception by
the veterans of the additional cash, and
most of them were on a deferred pay
ment basis.
Winter Tourist Business.
The Winter tourist traffic is Begin
ming to brisken up in response to the
reduction in fares for tropical and
seni-tropical cruises, but the British
boats are gathering the cream of this
business to Bermuda. Florida, the Car
Tibean and the northern coast of South
America.
There are rumors Of chain store, steel
company, railroad, shipping company
and food company consultations in the
air but the facade of the Department
of Justice Building has turned an I'M
smiling face on all that have come close
enough to catch the glitter OF the de-
partmental eye. However, 1t Is gem
orally conceded in governmental sources
that the Sherman act and the Clayton
act must be brought up-to-date to mPet
modern conditions.
Business, which has been carrying
around the Old Man Of the Sea, got
rid of its burden for nine months, at
least, when Congress adjourned. That
is the general feeling expressed By
hnanciers, business. men and labor
leaders here. Uncertainty, which has
beeh felt in scores of lines, temporarily
is at an end, and business is free to
put itself in as advantageous position
as possible.
Outside of the drought relief pro-
yided for, the business leaders now here
seem unanimous in asserting that the
benefits to business from the short
session lay in what Congress did not
action. Congress did make available
money to be used in experimenting
construction of highway by the States,
and also provided sums sufficient to
keep a considerable amount of Federal
building construction moving. But the
construction industry, according TO
bankers, no longer is the key industry
it was in 1927 and 1923. Moreover, the
volume Of work under way does not
e. 10 eIan tNn
pected.
Public Improvements.
The Presidents Emergency Commit
tee for Employment says confidently
that As States viii spend over billion
dollars this year. but. while that amount
of construction may have been con-
templated or promised. it has not been
begun. Many are commencing to doubt
If the volume will come anywhere near
the figure named.
The money and investment markets
soon will have an opportunity TO reject
what passage Of the bonus legislation
will mean, since the Government must
borrow the money 70 finance the pay
ments to veterans Whether the spend
ing of this bonus money will aid busi-
ness sufficiently TO compensate for the
burden thrown on the investment mar
ket, with the prospect of tax increase
TO follow, cannot be determined Tor
the hands of the possible spenders for
q considerable period.
In general, business was fortunate
that the more radical legislative meas
ures were not acted on. There will be
no action with regard 10 railroad hold
ing companies until the next session,
and the Schall Committee, which has
been probing into the holding company
situation, will be inactive.
The measure to hold up all railroad
consultations failed to ger the support
necessary. It Is regarded as likely tirat
the roads and the Interstate Commerce
Commission win get together and be so
far along the Rad to agreement on con-