WALL STREET: The Big Shakeout

The stock market, which has been as unsteady as a hog on ice, last week again fell hard. The Dow-Jones industrial average dropped five points to 270.73, a low point for the year. Down with it went the rail and utility averages. Investors sold not only because they were worried over economic adjustments which peace in Korea might bring; they also began to jitter—with little cause—that the vast outpourings of civilian goods would soon pile up big surpluses and bring cutbacks in production.

The six-week shakeout in the market was the worst since the start of the Korean war. The...

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