This cartoon features two great Looney Tunes writers, Michael Maltese and Tedd Pierce, along with the direction of Friz Freleng and the music of Carl Stalling. Often the latter gets unnoticed by the casual observer but animated short buffs know and appreciate the incredible work of Stalling. His music and instrumental sound-effects were always good. Sometimes they stood out in a cartoon. This is one of the times. Of course, it's easy to say that in a cartoon that has no dialog, just sight gags and music, but Stalling, nonetheless, is often taken for granted. I plead guilty to that sometimes, myself.
This cartoon really isn't a story, just a bunch of gags based around watching elves work at night making and repairing shoes at "Jake's Shoe Repair.". The shoe styles are interesting, since several of them are long out of style.
The title of this cartoon, by the way, was a play-on-words to a very popular song in 1940s called "Holiday For Strings."
Some of the elves are takeoffs on Charlie Chaplin and Laurel and Hardy. The music comes from a number of classic composers. The jokes are all musically-synchronized. For classic music lovers, there is a lot of music they'll recognize here.