Crash of '29 effects delayed in Midwest
By KATE POUND
Staff Reporter
Tick. Tick. Tick. The ticker machine tapped out their final messages for Oct. 29, 1929. Tick, good.
Across the country, stock brokers, bankers and speculators watched, witnesses to the death of the Roaring Twenties and the birth of an ugly legacy: the Great Depression.
Halfway across the country, students and professors on Mount Ouret, unaware of the panic on New York's Wall Street, hurried home from classes. In December 1929, revealed a normal day on campus. The big news was an accusation made by the Iowa State University football coach that KU paid its players. Iowa State
The stock market was far away from m. est KU students and faculty, Ruth McNair, professor emeritus of biology, said recently. Few people at the university had the money to spend on the market, she said.
"I DIDN'T have enough money to worry about the stock market. That was only for rich in the city."
According to Donald McCoy, professor of history,
the full effect of the market crash did not hit the
business.
Investors and industry were the hardest hit by the crash, McCain said, and except for Chicago, there was no big problem.
"Some people became nervous, but if it wasn't until well after the 1920 Christmas rush that any of us would be worried."
it was different on the East Coast. The panic on Wall Street climaxed on Oct. 29, but had actually been triggered by the recent record almost daily account of slumping stock prices. The decline was slow at first, picked up momentum, then slowed again. By the middle of October, the Times reported that investors are investing in and predicting a boom year in 1930.
THE 1920s HAD been boom years on the market; speculation became easy, a quick way to make money. Middle income earners bought stocks on the margin and got 40 percent of the actual value of the bond.
By 1929, there were more than 9 million stockholders in America and brokers, politicians and industrialists were encouraging wage earners to buy into the market.
Early in the decade, speculation发货 had hit. The post World War I economic boom had suddenly made Americans consumers instead of simply producers, and countries like Japan had to grableath. Growing industries needed more capital*
investments and Americans, with more money than ever to spend, will willingly deposit their savings into banks.
TO THE CASUAL stock market watcher, there was no end in sight to easy mortgage economists and investors. The interest rates according to Galbraith, Credit was too easy to obtain; far too many of the stocks purchased during the recession were so low that credit could not be accorded to Galbraith.
Fortunes were being made of paper. Emebberzels, knowing that speculation fever made people reckless, said phony stocks or stocks they didn't own. The speculator knew the crash was coming. Goliath said this.
Even President Herbert Hoover knew, McCoy said, "Hower was aware of the situation. He tried to help but he could't do it alone. He wasn't able to get the country together on a policy." McCoy said.
RUNNING ALMOST pell-mill, the market entered the fall of 1929. When the market slumped in September, several large investment firms combined efforts to combat it. Charles E. Mitchell, president of New York's National City Bank, Amadeo Peter Giammoli, president of the Bank of America and Morgan met several times. According to McCoy, their efforts only delayed the inevitable crash.
On Oct. 24, Black Thursday, the New York Times headline read, “Prices of Stocks Crash in Heavy Liquidation, Total Drop of Billions.” Stockholders were shocked when the price of most stocks at once. Speculation fever had developed into fear and fear was infectious, Galbraith said. More than a quarter of the stocks were lost. The loss was more than $4 billion, according to the TIME report.
ON FRIDAY, OCT. 25, the headlines were more optimistic. The crisis had been stemmed, the Time magazine reported, by the crowds formed early Friday morning outside the Stock Exchange. They went away assured
The weekend was peaceful. Investment companies kept their offices open on Saturday and Sunday, trying to clear the mounds of paperwork. Few changes occurred in the situation on Monday.
Wall Street stood silent, a massive, hushed ruin.
Tuesday morning, October 29, was different. Selling became brisk, the stock prices jumped and the ticket run according to the Times. By the time the ticker tape manager signed off with the stock, the ticket had been sold. Total loss was more than $1 billion.
THE UNIVERSITY DAILY
"NONE OF the experts foresaw how bad it would
get." McVaio said.
Slowly, the force of the crush hit industry. Factors that contributed to this trend and credit were tight. By 1892, more than 15 million employable Americans were jobsless, John轧brown in 1934 Press坏了, but even at new lows one a year.
The plight of Midwestern farmers added to the economic woes. At the beginning, overproduction
KANSAN
The University of Kansas—Lawrence, Kansas
Vol. 90, No.46
10 cents off campus
free on campus
Yankees fire Billy Martin
See story page six
Monday, October 29, 1979
Still kickina
Several former members of the KU pompon squad ride ala-tau
Homecoming float during Friday afternoon's parade. Thirty
four students attended this year's Homecoming festival.
pam girl reunion. About 20 of the women, some now married, performed at the field at halloween of the Homecoming football game, percussionist and drummer.
Debate team claims fame in national tournaments
Staff Reporter
By HAROLD CAMPBELL
The KU debate team, it seems, has quietly become a national power during the past decade.
"The 1970s have been called the 'decade of KU' by other university debate teams because of KU's consistent success in debate." Parson said.
Among university debate teams nationwide, KU has one of the better debate programs in the nation, Donn Parson, KU and Harvard universities and head debate coach, last week.
Parson said KU had won the national debate championship in 1970 and 1976, and KU teams had been third in 1970, 1971, 1972, and 1973. KU teams also were fifth in 1972, 1974 and 1978.
He also said 37 RU debate teams were invited to the past 33 national tournaments, a record unmatched by any other university in the nation.
Two KU debate teams were invited to the national championship tournament in 1970, Parson said.
A TEAM CONSISTS of two persons, Parson said. He said there were 16 debate teams.
One KU debater, Paul Johnson, Denny,
Jones, said each debater 10 file
documents he was going to send.
The file drawers are filled with information
on subjects taken from magazines, books or
"It takes a lot to be a debater," he said
"It is not easy."
He said, however, that debate was not only an exercise in research, but that it also emphasized the ability to quote authors to make arguments more convincing.
He said a number of the cards were quotes from different authors.
KEVIN WILSON, Austin, Texas, senior, said the research involved in debate was like an "on-going term paper."
"You don't prepare for just one debate tournament at a time," he said. "It is necessary to keep researching day after day to come up with new information."
Zac Grant, Jolin, Phoen, sophomore, research required in debating helped him to organize his thoughts and write better papers for classes.
THE SUCCESSFUL record in debate, Parson said, has given KU's debate program a good reputation even among high schools outside Kansas.
He said he spent about 20 hours a week outside of classes doing research for debates.
He also said he went to about 10 debate tournaments a year. That, he said, often made him absent from Friday and Monday classes.
Debaters also said participating in debate helped their class work and would help in their future jobs.
HOWEVER, Johnson said he enjoyed the work because he enjoyed competition at tournaments and meeting new people there.
"You try to make your schedule so you don't have classes on Monday, Wednesday and Friday," he said.
Debating helps you to develop skills in analyzing problems," he said. "In debate, you must be able to look at both sides of a question intelligently."
Wilson said debating helped him in preparing for law school.
Johnson said the KU debate program had been "highly recommended" to him in high school because his debate teacher was impressed with KU's record.
The top 60 debate teams out of the 1,800 teams from U.S. colleges and universities are chosen for the national championship by the NCAA team coaches throughout the United States.
- "IT WOULDNT WORK for us to only go to less prestigious tournments and not to spend the money we need."
- "We need the competition from quality teams to get the ready for the national championships."
"My debate teacher told me about KU's outstanding academic and team reputation, so I decided to go here," Johnson said. Grant also he attended KU because of the debate squads' status as one of the better debate programs.
Despite increasing competition in tournaments, he said RU's debate team's future was uncertain. He also said people becoming involved in the program. But he said he was not so confident about his prospects.
Parson also said KU had not made its good reputation in debate by competing only against weaker opponents.
the teams are selected on the basis of their performance in the debate season. The debate season lasts from October through March.
This year's national championship will be at the University of Arizona at Tucson
"I think our reputation will continue to attract defenders," he said. "But we will need additional funding from the Student Athletic Council to compete in prestigious tournaments."
The latebite season lasts from October through March.
He said the team receives $1,500 from the Senate to use for transportation, lodging and two meals a day at tournaments, but it would not allow him to learn to break even with costs at a 1975 level.
KCCR to investigate clubs
The director of the Kansas Commission on Civil Rights said yesterday that a KCRC investigation of alleged discriminatory behavior by the clubs dis clubs would be, "politely shortly."
The director, Michael L. Bailey, said the KCU had to complete an investigation of a sexual assault that could begin its investigation of the clubs, Shenicamagus, 901 Missouri St., and Wickford, 750 Wisconsin St.
the commission can vote to enter a complaint on its own behalf or conduct an investigation without one. Baile said.
The seven-member commission voted unanimously Thursday night to conduct the investigation. Although the commission does not have a formal complaint, discrimination without a formal complaint,
He said the commission's decision was based on information obtained from news media reports of allegedly discriminatory practices, distributing membership application forms.
Earlier this fall, local and area media, including the University Daily Kansan, conducted inquiries into inconsistencies in the clubs' membership policies.
Bailey said a civil rights specialist would obtain membership rolls and any other records or documents that would be relevant to the case.
"If it's relevant, the investigator might interview parties employed there or patrons of the clubs," he said.
Bailey said he hoped the officials of the clubs would voluntarily give information requested by the investigator.
"But we do have subpoena power if it is needed." he said.
He said that if the investigation revealed that membership policies at the clubs were discriminatory, a cease-and-desist order would be issued to club officials.
Steve Comeau, manager of Bullinwake,
and John Sheppard, manager of
Shenanigans, were not available for comment last night.
Explanations of zoning terms offer citizens insight into property laws
Staff Reporter
Bv ANN LANGENFELD
Downdizing, rezoning, RM-1, RM-3
These are terms associated with property zoning, but they probably are of little interest. The owner until he is confronted with a zoning issue.
Craig Helsher, Junior, is one such person. He lives in a four-plex apartment in the Oread neighborhood. Through misinspiration he moved out of his apartment if the area he lived in was downzoned. He really did not understand downzoning, but he did know it.
The Oread Neighborhood Plan calls for downzoning, which would not allow large apartment buildings to be built in the neighborhood.
Zoning is a description of property use and it regulates land use, height of a building and setback requirements. Stoll said.
The downsizing would affect only future construction, Garner Stoll, a member of the Lawrence-Douglas County planning staff, said last week. Reasoning is not retrofugible.
Setback requirements prescribe how far back from the street a building must be.
Zoning also does not affect the number of people who live in a dwelling unit, Soll said. Heiser would not have to move out of his apartment if his block was downmoved.
STOIL SAYD the city codes allowed a maximum of four unrelated persons to live in a dwelling unit. A blood-related family can be of any size.
The majority of the current zoning in the
Oread neighborhood is residential dormitory and high-density multiple family homes. One of the most residential dormitory zoning allows a dwelling for every 800 square feet of
that means on that a typical 50 by 115-foot Oread灯, an eight-unit apartment could be high-Building multiple family zoning units. The apartment is feet of property or a five-unit apartment.
OTHER RESIDENTIAL zoning classifications in Lawrence include medium-density multiple family, low-density multiple family, residential duplex and single family. Other zoning industrial, food plan.
The Oread Neighborhood Plan calls for changing the majority of the zoning to medium-density multiple family. That means there is a three-unit apartment on a typical lot.
The fringes of the neighborhood that edge the KU campus would remain high density. Stoll said.
The Oread neighborhood borders the KU campus on the north and east. The neighborhood is called St. Street, on the east by Massachusetts Street, on the south by 17th Street and on the west
TOM GLEASON, president of the Oread Neighborhood Association, said the group wanted the area downzoned to preserve the character of the neighborhood.
The current zoning makes it
economically encouraging for some people to tear down an old home to build an apartment when the house could have been rehabilitated. "he said.
When the zoning was written for the neighborhood in 1966 it was predicted that off-campus housing for KU students would spread into the area, he said. The student population has not grown into the area as he changed, so the zoning should be changed.
Mary Lynch, owner of 12 apartments in the Oread neighborhood and an opponent of the downsizing, said the changes would make her apartments a non-conforming place where she would cause her insurance rates to go up and would hurt the building's resale value.
The area is bounded on the north by ninth Street, on the west by Missouri Street, on the south by 11th Street and on the east by an enclave between Illinois and Mississippi streets.
IN JULY, the city commission turned down by a 3-2 vote a request to downzone the entire area. However, the commissioners who voted against the downzoning, Ed Carter, Bob Schumann and Don Binnis, said that they were not specific sections of the Neighborhood under review.
Earlier this month the city commission manually approved rezoning a part of the suburban neighborhood to duplex. In the future only duplexes or single family homes can be built in that area. Storm
Berman proposes scholarship bill
Bv TONI WOOD
Staff Reporter
More scholarship money will be available to more students who are eligible for the State Legislature. The 1961 Legislature passes a proposed bill sponsored by State Senate. Arnold Berman, D-
Berman said Friday he planned to introduce a bill that would award an equal number and amount of scholarships granted to Kansas program and the tuition grant program.
"The only way to get a grant is to attend a private college," he said. "There is no such requirement for state scholarships. The only way can attend a private or public institution."
Under the current system, students who choose to go to a private college can qualify for both the grants and the state scholarships.
"At the present time, there are three times as many tuition grants given as state, scholarships." he said.
However, students who attend public universities can qualify only for the state scholarship.
BERMAN SAID that about 25 percent of private college students received tuition grants. Less than 2 percent of the students attended public institutions receive state scholarships.
A student that is awarded a tuition grant can receive a maximum of $1,200 a year, and state scholarships are given for a maximum of $500 a year.
Berman said the total fund for tutu
grants for fiscal 1980 was about $4 million,
all of which came from the state's general
fund.
Lutz said that about 1,360 students had qualified this year for the state scholarship
HOWEVER, THE STATE scholarship fund for this fiscal year is only $25,254 and must be accompanied by a federal government, according to Nancy Latz, a clerk for the Kansas Board of Trustees.
program but she did not know how many students actually received the scholarship funds.
The scholarships are awarded to students who are designated as state scholars after they score high on the American College Preparatory School. Financial aid also must be earned.
Students can qualify for the grants for eight semesters, Lutz said, but the semesters do not have to be consecutive.
Bob Bingaman, director of the Associated Students of Kansas, said, "Once you are designated a Kansas scholar you can enter into graduate school." You don't consider your erasers. "I
Getting state money into the state scholarship fund has been deemed a priority for ASK, he said, because good students can be able to go to college because of lack of money.
"There is a misconception," he said. "The Legislature thinks there is an unlimited amount of money students can tap into, but there isn't enough."
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