Crash of '29 effects delayed in Midwest
By KATE POUND
Staff Reporter
Tick. Tick. Tick. The ticker tape machines tapped out their final messages for Oct. 19, 2019. Tick, good,
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 Oread, unaware of the panic on New York's Wall Street, hurried home from classes. In 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 most 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 the rich in the country."
According to Donald McCoy, professor of history, the fall effect of the market crash did not hit the oil price.
Investors and industry were the hardest hit by the McCoy daunted and, except for Chicago, there was no problem.
"Some people became nervous, but it wasn't until well after the 1920 Christmas sales ruck that any one knew what was going to happen."
It was different on the East Coast. The panic on Wall Street climaxed on Oct. 29, but had actually been preceded by a short amount of slumping stock prices. The decline was slow at first, picked up momentum, then slowed again. By the middle of October, the Times published its first book of investment projects and a predictor年 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 basis of interest rates (the average as set in a 19th 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.
The early in the decade, speculation fever had hit. The post World War I economic boom had suddenly made Americans consumers instead of simply producers, making them a target of U.S. grafts. Growing industries needed more cannita.
investments and Americans, with more money than ever to spend, will盈缩 deposited their savings into banks.
TO THE CASUAL stock market watcher, there was no end in sight to easy access to the stocks purchased during the crisis, but trouble as early as 2013, according to Galbraith. Credit was too easy to obtain; far too many of the stocks purchased during the crisis were still available.
Fortunes were being made of paper. Embezzlers, knowing that speculation fever made people reckless, sold phony stocks or stockts they didn't own. The experienced speculator knew the crash was coming.
RUNNING ALMOST pell-mell, the market entered the fall of 1929. When the market slumped in September, several large investment firms combined efforts to combat it. Charles F. Mitchell, president of New York's National City Bank, Amadeo Peter Giannini, president of the Bank of America and Benjamin Cornish 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 Billion$.” Stockholders were shocked by the increase at once. Speculation fever had developed into fear and ackwud was infectious, Gaulbrath said. More than 40% of the new stock loss was more than $4 billion, according to the Times.
ON FRIDAY, OCT. 25, the headlines were more optimistic. The crash had been starmed, the Tunes and their managers were out. Crowds formed early Friday morning outside the Stock Exchange Building. They went away assured that the crash would be over.
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, Oct. 29, was different. Selling became brisk, then surged into a frantic, unstoppable, downhill run according to the Times. By the time the tape ticket machines signed off with their traditional good night, 16,383,700 shares had been sold. Total loss was more than $10 billion.
THE UNIVERSITY DAILY
"NONE OF THE experts foresaw how bad it would get." McCosy said.
The plight of Midwestern farmers added to the economic woes. At the beginning, overproduction
Slowly, the force of the crash hit industry. Facilities and credit were tight. By 1923, more than 15 million employable Americans were jobless, Galbrath wrote in 1954. Prices dropped, but even at new lows no one was employed.
KANSAN
The University of Kansas—Lawrence, Kansas
10 cents off campus
Vol.90.No.46
free on campus
Monday, October 29, 1979
Yankees fire Billy Martin
See story page six
Still kickina
Several former members of the KU pompom squad ride alaep a Homecoming float during Friday afternoon's parade. Thirty percent of the attendees wore red shirts.
pon girl reunion. About 40 of the women, so far to the field at halitime of the Homecoming form a dance routine to "I am a Jawhawk."
KCCR to investigate clubs
"If it's relevant, the investigator might interview parties employed or patrons of the clubs," he said.
Bailey said he hoped the officials of the clubs would voluntarily give information requested by the investigator.
He said the commission's decision was based on information obtained from news media reports of allegedly discriminatory practices in distributing membership app
Debate team claims fa in national tournament
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.
"But we do have subpoena power if it is needed," he said.
Earlier this fall, local and area media,
including the University Daily Kansan,
conducted inquiries into inconsistencies in
the club, "mumbereboro pollies..."
A TEAM CONSISTS of two persons. Parson said. He said there were 16 debate teams.
the commission can vote to enter a complaint on its own behalf or conduct an investigation without one. Bailey said.
Staff Renorter
He also said 37 KU debate teams were invited to the past 33 national tournaments, a record unmatched by any other university in the nation.
One KU debater, Paul Johnson, Denver junior, said each debater kept 10 file copies of his materials. The file drawers are filled with information on subjects taken from magazines, books or
By HAROLD CAMPBELL
Parson attributed KU's success to the debaters' desire to work, desire to argue and ability of expression.
"The 1970s have been called the 'decade of KU' by other university debate teams because of KU's consistent success in debate." Parson said.
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.
"It takes a lot to be a debater," he said.
"It is not easy."
Among university debate teams nationwide, KU has one of the better debate programs in the nation, Donn Parson, Director of forensics and head debate coach,
Parson said KU had won the national debate championship in 1970 and 1976, and KU teams had been third in 1970, 1971, 1973. Parson also teamed up with KU teams also were fifth in 1972, 1974 and 1978.
Two KU debate teams were invited to the national championship tournament in 1970, Parson said.
The KU debate team, it seems, has quietly become a national power during the past decade.
The director, Michael I. Bailey, said the KCU had to complete an investigation into what he suspected could begin its investigation of the clubs, Shenangqiang, "010 Missouri St., and Beijing."
The director of the Kansas Commission on Civil Rights said yesterday that a RCCR investigation of alleged discriminatory behavior from clubs and disc clubs would be "relatively short".
He said a number of the cards were quotes from different authors.
THE SUCCESSFUL record in debate, Parson said, has given KU's debate program a good reputation even among high schools outside Kansas.
Zac Grant, Joplin, Mo, sophomore, said research required in debating helped him to organize his thoughts and write better papers for classes.
KEVIN WILSON, Austin, Texas, senior, said the research involved in debate was like an "on-going term paper."
Debaters also said participating in debate helped their class work and would help in their future jobs.
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."
He also said he went to about 10 debate tournaments a year. That, he said, often made him absent from Friday and Monday classes.
He said he spent about 20 hours a week outside of classes doing research for debates.
"You try to make your schedule so you don't have classes on Monday, Wednesday and Friday," he said.
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.
HOWEVER, Johnson said he enjoyed the work because he enjoyed competition at tournaments and meeting new neale there.
"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."
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'My debate teacher outstanding academic reputation, so I deal Johnson said, Grant a KU because of the effort of our programs.
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Post-Game Wrap-Up
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