Crash of '29 effects delayed in Midwest
By KATE POUND
Staff Reporter
Tick. Tick. Tick. The ticket tape machines 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 Oread, unaware of the panic on New York's Wall Street, hurried home from classes. The crowd was filled with shock, with 1928, revealed a normal day on campus. The big news was an accusation made by the Iowa State University football coach that KU pitched its players. Iowa State lost to No. 15 Syracuse in the game.
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 US."
According to Donald McCoy, professor of history, the full effect of the market crash did not hit the stock price.
Investors and industry were the hardest hit by the crash, McCain said, and except for Chicago, there was no major impact.
"Some people became nervous, but it wasn't until well after the 1923 Christmas sales rush that they could afford the new dress."
It was different on the East Coast. The panic on Wall Street climaxed on Oct. 29, but had actually stopped months earlier. This meant 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 more than 100 investment and predict a boom year in 1950.
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, that is, on a system of credit, often paying as interest.
By 1929, there were more than 9 million stockholders in America and brokers, politicians and industrials are encouraging wage earners to buy into the market.
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 more involved in the industry. Gaulbrath, Growing industries needed more capital*
investments and Americans, with more money than ever to spend, willingly deposited their savings into banks.
TO THE CASUAL stock market watcher, there was no end in sight to easy credit, even when the risk of trouble as early as 1923 according to Galbraith. Credit was too easy to obtain; far too many of the stocks purchased during the Great Depression had been not so well backed.
Fortunes were being made of paper. Emebelzers, knowing that speculation fever made people reckless, sold phony stocks or stocks they didn't own. The experienced speculator knew the crash was coming, and the speculator knew the crash was coming.
Even President Herbert Hover knew, McCoy said. "Hoover was aware of the situation. He tried to help but he couldn'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 Giannini, 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 Upsets" and it was clear that pawned and dumped stock onto the market all at once. Speculation fever had developed into fear and fumu was infectious, Gaibrath said. More than a quarter of the stocks lost mass was more than $4 billion, according to the Times.
ON FRIDAY, OCT. 25, the headlines were more optimistic. The crash had been timed, the Times reported. Crowds formed early Friday morning outside the Stock Exchange and went away assured a fairly fully. It almost
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.
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 ticker tape machines signed off with their traditional good night, 16,383,700 shares of stock were up in the air. The Wall Street stood silent, a思索 hushed rub
"NONE OF THE experts foresaw how bad it would get," McCoy said.
Slowly, the force of the crush hit industry. Factors that made it difficult to credit and were tight. By 1922, more than 18 million employable Americans were jobsless, Galbrath wrote in 1943. Prices dropped, but even at low no one a
The plight of Midwestern farmers added to the economic woes. At the beginning, overproduction and overgrazing contributed.
THE UNIVERSITY DAILY
See CRASH back nag
KANSAN
The University of Kansas—Lawrence, Kansas
Vol. 90, No. 46
free on campus
10 cents off campus
Mondav. October 29, 1979
Yankees fire Billy Martin
See story page six
KCCR to investigate clubs
The director, Michael B. Bailey, said the KCCR had to complete an investigation and begin its work before it could begin its investigation of the clubs, Shemaniagans 901 Mississippi St., and Teague 824 Tampa Bay.
The director of the Kansas Commission on Civil Rights said yesterday that a KCRC investigation of alleged discriminatory membership polutes at two local club clubs
Several former members of the KU pong squad ride a台e Homecoming food during Friday's afternoon parade. Thirty years later, they are back in action.
Still kickina
the seven-member commission voted unanimously Thursday night to conduct the investigation. Although the commission
Earlier this fall, local and area media, including the University Daily Kansan, conducted inquiries into consistencies in the clubs' membership policies.
He said the commission's decision was based on information obtained from news media reports of alleged discriminatory practice in distributing membership applications.
the commission can vote to enter a complaint on its own behalf or conduct an investigation without one. Bailey said.
"If it's relevant, the investigator might interview parties employed or those at the clubs," he said.
pon girl reunion. About 20 of the women, some to
the field at hallam of the Homecoming floor,
some in the library.
Bailey said a civil rights specialist would
obtain membership rolls and any other
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.
Debate team claims far in national tournament
Steve Comeau, manager of Bullwinkle's and John Shepherd. manager of
Staff Reporter
By HAROLD CAMPBELL
The KU debate team, it seems, has quietly become a national power during the past decade.
One KU debater, Paul Johnson, Denver junior, said each debater kept 10 file copies of the paper. The file drawers are filled with information on subjects taken from magazines, books or movies.
"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. Students in academics and head debate coach, said last week.
A TEAM CONSISTS of two persons, Parson said. He said there were 16 debate teams.
Parson said KU had won the national debate championship in 1970 and 1976, and KU teams had been third in 1970, 1971, 1973. The team also were fifth in 1974, 1975 and 1978.
Two KU debate teams were invited to the national championship tournament in 1970, Parson said.
He also said 57 KU debate teams had been invited to the past 33 national tournaments, a record unmatched by any other university in the nation.
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.
Parson attributed KU's success to the debaters' desire to work, desire to argue and ability of expression.
"It takes a lot to be a debater," he said.
"It is not easy."
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."
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.
Zac Grant, Joquin, Mophore, somachre, research required in debating helped him to organize his thoughts and write better papers for classes.
"You try to make your schedule so you don't have classes on Monday, Wednesday and Friday," he said.
THE SUCCESSFUL record in debate, Parson said, has given KU's debate program a good reputation even among high schools outside Kansas.
HOWEVER. Johnson said he enjoyed the work because he enjoyed competition at tournaments and meeting new people there.
Wilson said debating helped him in preparing for law school.
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."
Johnson said the KU debate program had "highly recommended" to him in high school because his debate teacher was impressed with KU's record.
Parson also said KU h good reputation in debate b against weaker opponents.
"My debate teacher told outstanding academic and reputation, so I decided Johnson said. Grant also is KU because of the d challenge as one of the programs.
The top 60 debate teams teams from U.S. colleges are chosen for the nationalals throughout the United States
The teams are selected their performance in the del The debate season last through March.
IT WOULD NOT WORK
to compete against quail
tough competition.
*we need the competitive
teams to get ready for the*
battle.*
He said the team receive Senate to use for transport two meals a day at a time and costs at a rate of $195 per meal at an 19% level.
"I think our reputation attackers, he"s not needed additional funding to come to tournaments."
This year's national char at the University of Arizona has been a good one for naments, he said KU's dues looked encouraging because people becoming involved in college did not set as financial support.