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World at a Glance: Labor, Railroads, and Continental Shares
Central Press reports June 7 that ballad labor unions face dire odds as railroads prepare notices of a 20 percent rate cut and potential job losses if a railroad coordinator is appointed. Brotherhoods cite executive salaries as a heavy burden while bankers’ role in rail lending is questioned. Cyrus Eaton’s collapse of Continental Shares, valued at millions, signals Cleveland banking turmoil. Eaton’s defeat over Youngstown Sheet & Tube Bethlehem merger marked his ruin. Market indicators show a slowing commodity rise but ambitions rally continues with car loadings beating expectations and the overall market rising beyond Wall Street forecasts.
MENTIONED IN THIS ARTICLE
J. P Morgan Co
Kuhn, Loeb & Co
Youngstown Sheet & Tube
Bethlehem Steel