NEW YORK STOCK MARKET
SELLING WAVE REDUCES SHARE VALUES NEW YORK. July 16. A hew selling drive hit the stock market to-day when prices plunged from one dollar to more than three dollars a share, reducing the total market values by almost 1.000,000,000 dollars. A fall in stocks immediately followed the news that the United States Steel Corporation had granted a wage increase of 13 cents an hour to 170,000 workers, and had increased steel prices. Wall Street sources say that the price increase will affect hundreds of products, and they contend that manufacturers may find that they have now priced themselves out of a market. Americans are already finding difficulty in paying for the necessaries of life, and’ it is feared that the new leries of price increases may be the last straw on the consumers’ backs.
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Press, Volume LXXXIV, Issue 25550, 19 July 1948, Page 3
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138NEW YORK STOCK MARKET Press, Volume LXXXIV, Issue 25550, 19 July 1948, Page 3
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