The Echo

Flailing at Nixon from Eveleth, Minn., Democrat Adlai Stevenson last week echoed a familiar, false criticism of U.S. capitalism, namely, that it feeds on disaster and thrives on war. Said Stevenson: "When the President seemed to reopen the door for Richard, I heard on the radio that the stock market reacted to Vice President Nixon's improved political fortunes by going up a few points. I don't, as I say, know exactly what this means-- but I do recall that the market normally rises in the face of a declaration of war or other national calamity."

Stevenson, who has lived long and comfortably on his income from securities, was wrong about the stock market's normal reaction to declarations of war or other bad news. The Dow-Jones industrial average dropped nearly six points the week after Pearl Harbor, 15 points the week after the invasion of South Korea, 32 points on the first market day after President Eisenhower's heart attack.

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