Wall Street Topics See Rising Union Pacific on Rumors
Brokers report widening short interest and a cautious recovery as trading nears a million shares daily. Union Pacific preferred stock climbs to a fresh high on foreign buying while speculative talks swirl about asset segregation or rights offerings, with mixed signals on common stock.
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Union Pacific
London
Harriman
Union Pacific Preferred
Metal Market Stays Flat as Prices Sip Pause on Exchange
On the Metal Exchange activity remained near standstill with prices largely unchanged. London figures show copper up 7s 6d on spot and futures, while tin, lead, and spelter held steady. New York bids and asks for copper and other metals were also little changed from Tuesday.
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Lake
Coffee Market Drops as Near Months Slip and Rio Weakens
The market unsettled with near months easing and close steady at a 5 to 20 point net decline. Sales reached 18 500 bags while near month premium showed a downward trend. Havre fell 14 points, Rio weakened 50 reis, and Santos held. Spot Rio No 7 quoted 78 7 %%c. Contract prices listed.
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Rio
Santos
Rio No. 7
Stockholders reelect retiring United States Cast Iron Pipe directors
At the annual stockholders meeting all retiring directors were re-elected. Erie Railroad directors postponed their regular monthly meeting due to lack of a quorum, rescheduled for next Wednesday. Blyth & Bonner opens a branch at the Hoffman Arms with L De Canmann in charge. J P Morgan Co First National Bank and National City Bank offer the Florida East Coast Railway first mortgage bonds at 102% with accrued interest from June 1. Total issue amounts to 12 million dollars.
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