◆ SpookStack

. . Pre teaees ee + sere eee “yOXx eyl, PASADENA. . THE. FACT, SHEET COMMITTEE . a FOR - — Feohome egAGEDENES OF DISRARAEA lor sees ‘ GENE RAL SUAVEY OF PROBLEMS INVOLVED} "OCTOBER 19597 5u5 Bast Uéth St. {Get TWOLVED? — LOCTOBER 1997! Nev York 17, N.Y. ue e Cn August 10, 1959, the New York Stock Exchango experienced its sharpest decline since September 26, 1955, the first tradinz day following President Eisenhower's heart attack. The on-paper loss to stockholders anownted to about $6.8 billion. What was the reason for the decline? According to newspaper reports, many Wall , Street observers cited as-the reason a growing concern over the then forthooning ex- change of visits between President Eisenhower and Soviet Premier Khrushchev, Said . the low York Times: "This wes said to have produced "peace jitters’ snong some tre- ders who, perhaps in a rash of optinism, had concluded that an easing in the inter- . national scene was in the works. That, in turn, it was held, night well result in ’ @ cutback in military spending, affecting large segments of the economy." Radio * koscow was, of course, quick to point out that the stock break was due to "a panic , among arms race profitesrs.". ‘ The responsiveness and the sensitivity of the stook market to peace flurries hes ‘in fact led many people to feer a lessening of tensions which misht bring e cut in defense expenditures. The plain fact is that, of all things, talk of peace brings fear to the mind of the average man. He is relieved that he and his family aren't ' going to be blow to bits after all, but he is also concerned that with peace his livelihood may be blown to bits, particularly if he works on military contracts. Recently, Senctor Philip A. Hert, Fichigan, said: "ithen the question is asked, _ 'Whet do you think would happen if ansrica disarmed?! meny of us have heard er an~ - Swer which goes something like this: ‘We would have the darndest depression you ever _ see! The person meking such a n ensver would heve in mind the sometimes dramatic . ne alwoys evident ripple of troubles in a town which suddenly finds that tho piat - which has been turning out a tool of war for the Govemment has its contrast tsi~ mineted." a 1t is truc, of course, that cutbacks in military contfctts' nays recalted in w~ erployre:t, employment shifts, and a fear that general disarm Min? waar bring wide- Spread dspression. ‘sherever cutbacks havo taken pleco and the employment of indi-# viduels has been affooted, concern has been expressed ebout disariamont od its im pach on the economy, If small cutbacks « s:mll in rclation to tho total = cen causa such extonsivo employment dislocations, maiy people wonder what would bo the cffect ‘of a msjor reduction in our arma vents expenditures. After oll, thoy point out, you Gan*t suddenly stop sponding $20, $30, 40 billion and “not expect senething to har pers to the eoonor’s vi -_ ~ ses (35 individual vhe has recomised this proble:2 is Senator Hubert Huaphrey (25u~ nostexj. Rasentiy, he pointed owt thet truthirds of the Faderrl budgct wes for crm funse nud related programs, end added: "Dieawrarank and aris eantsol onttore muct t qd f. : Solis RU Se Fosse qr Oo