NO RT -H S9HwO4 RE 
Ben VE VEZ 33 
WEEKLY MARKET LETTER 
W. C. Langley & Co. 
Oceanside Hotel Magnolia 
Members of New York and Boston 
Stock Exchanges: 
Ag the extra session of Congress is 
drawing to an end the market has 
been under considerable nervous 
strain during the past few days. 
But it seems more and more probable 
that the question of tariff reform 
will be allowed to go over until next 
winter. It would seem only right 
that such a course should be pursued 
in view of the investigations of the 
subject now being made by the com- 
mission appointed for that purpose. 
At present any action must of ne- 
cessity be based on insufficient data. 
The other influences of the week 
have been partly good and partly 
bad. The crop report was even 
worse’ than had been expected, and 
yet judging from results in past 
years it is still possible for us to have 
a total yield well up to the average. 
The further data as to acreage of the 
cotton crop, however, ensures a yield 
above any we have ever had, and as 
more than half is exported our for- 
eign trade balance will be further in- 
ereased. Offsetting this, there has 
been still more selling of American 
securities by foreign bankers, and 
this ig partly responsible for the de- 
elines du ing the last week. On the 
whole the market has absorbed these 
offerings rather well, and, were it 
not for one or two further disturbing 
features, would be due for a very 
sharp rally. We refer to the labor 
troubles on the Harriman _ Jines 
where increased wages are being de- 
manded in spite of the constant de- 
crease in net earnings and the inabil- 
ity of the roads to raise their rates. 
It is eminently unfair that labor, 
which in good times shares in pros- 
perity, should never be willing to 
take its part in adversity. But it is 
only a question of time when labor, 
like any other commodity, will have 
to be liquidated, and the attitude of 
the Union Pacific in refusing any 
concessions seems to be likely to 
force the issue. No country can go 
on indefinitely competing with other 
countries if its labor costs it twice as 
much. We have only been able to 
do it up to the present time because 
we have taxed the public at large 
labor saving devices, and because 
have taxed the public at large 
through our high prices at home, 
and sold our products abroad at or 
below actual cost as in the case of 
the steel companies. If our tariff 
is reduced we must squarely face the 
issue and the impending contest on 
the part of labor to prevent any cor- 
responding reduction in wages is 
the most serious economie problem 
of the near future- It means agita- 
tion, strikes, a general economic up- 
heaval. This is no visionary me- 
nace, but a plain and unavoidable 
consequence of our business econdi- 
tions.Labor amounts to considerably 
more than half the cost of the aver- 
age product. If we reduce the tariff 
the market price of commodities will 
be lessened. We cannot, in the face 
of a lessened market price, afford to 
concede to the constantly increasing 
demands of labor. 
The figures of the Copper Produc- 
ers’ statement showing a decrease of 
twenty million pounds in the sur- 
plus in this country were unexpec- 
tedly favorable. Of course owing to 
the extremely hot weather the out- 
put of the refineries fell off consider- 
ably. But the fact remains that we 
now have less than five weeks supply 
on hand. When fall demands are 
in the market this statistical posi- 
tion will be felt. There is no dan- 
ger to be apprehended that the pro- 
duction will be inereased much if 
any in the near future. In fact it 
takes about three to four months to 
get copper from the ground onto the 
market, so that any real revival in 
trade this fall on a market practi- 
cally bare of supplies would send the 
price of spot copper up very rapidly, 
and the price of the shares would 
naturally follow. Consequently we 
would advise the purchase of any of 
the leaders such as Amalgamated 
and Utah Copper, and a judicious 
choice of some of the sinal’er mines. 
But we do not advise the purchase of 
Calumet & Hecla either for invest- 
ment or speculation. This stock al- 
ready has declined sixty dollars a 
share since we ealled your attention 
to its weak condition in a previous 
letter. 
Motorists who go from the North 
Shore to Boston and vicinity should 
eo on a little further and call at 59 
Charlesbank Road, in Newton, and 
inspect the attractive line of an- 
tigues to be found here. The collec- 
tion is said to be as fine a private 
collection of genuine antiques as can 
be found in this section. 
Dr. and Mrs. Frank Martin of Bal- 
timore were registered at the Ocean- 
side Monday as guests of Dr. and 
Mrs. Tiffany of the same city, who 
are spending the summer here. 
MAGNOLIA HOTELS. 
Mrs. B. W. Peterson and Miss Pet- 
erson and W. F.. Peterson of Wheel- 
ing, West Va., returned to the Ocean- 
side last Saturday for a visit. 
Reginald K. Shober of Philadel- 
phia was among the visitors to Mag- 
nolia last Saturday. He lunched at 
the Oceanside as a guest of Miss M. 
C. Gray and Mrs. Wliliam C. Lewis 
of Boston, who are spending the 
summer there. The Shobers nave a 
summer place at Atlantic City. 
Mr. and Mrs. Charles Horton 
Watson of New York stopped at the 
Oceanside over the last week-end on 
their way to the mountains by motor- 
Mrs. Albert Kelley was hostess for 
a very pretty luncheon party of 
twenty-four Tuesday in the private 
dining room of the Oceanside, the in- 
formal party being given in honor of 
Mrs. Kelley’s daughter, Mrs. Rey- 
burn of St. Louis, who is on from 
her summer home on Cape Cod for a 
short visit. Mrs. Reyburn was Miss 
Florence A. Kelley before her mar- 
riage. 
J. A. Seymour of Auburn, N. Y., 
has joined the Robert W- Pomeroys 
of Buffalo for a short stay. The 
Pomeroys have apartments in Break- 
ers cottage, one of those connected 
with the Oceanside. 
Ralph E. Hallock of Plainfield, N. 
J., was another week-end guest at 
the Oceanside. He was a guest of 
the Frank Sprague Martins. 
N. D. Maher of Roanoke, Va., and 
his son H. R. Maher, joined the oth- 
er members of the family at the 
Oceanside last Saturday for the bal- 
ance of August Mr. Maher senior is 
the second vice president and gener- 
al manager of the Norfolk & West- 
ern Railroad. The Mahers are among 
the most prominent of the southern 
families that summer at the Ocean- 
side. They are very fond of the 
North Shore and come here every 
summer to enjoy its charms. 
Mrs. George E. Carter entertained 
very charmingly Tuesday an infor- 
mal party of eight covers at lunch 
at the Oceanside- Bridge tormed a 
very pleasant diversion in the after- 
noon. 
Thomas Swann of Baltimore has 
joined his friends Garrett E. Win- 
ants, at the Oceanside for a few 
weeks visit. 
John Sprunt Hill of Durham, N. 
C., joined the Misses Hill and Mr. 
and Mrs. George W. Watts at the 
Somers cottage, one of the Oceanside 
connections, last Saturday for a 
short stay. 
