Crash of '29 effects delayed in Midwest
By KATE POUND
Staff Reporter
Tick. Tick. Tick. The ticker机表 mapped
mail messages for October 29, 1929. Tick, good,
tick, bad.
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 Denression.
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 April, a man was killed in a raid, 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 University.
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 rich in the country."
According to Donald McCoy, professor of history,
the full effect of the market crash did not hit the
company.
Investors and industry were the hardest hit by the crash, McCoy亏了 and, except for Chicago, there was little impact.
"Some people became nervous, but it wasn't until well after the 1920 Christmas sales rush that any of us had a chance to get away."
It was different on the East Coast. The panic on Wall Street climaxed on Oct. 29, but had actually been averted by the calm of early morning, 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 retail investors investing 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 market; middle-income investors bought 10 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 fever had hit. The post World War I economic boom had suddenly made Americans consumers instead of simply producers, and manufacturers were forced to Glaubrath. Growing industry needed more capita!
investments and Americans, with more money than ever to spend, willingly deposited their savings into banks.
TO THE CASAL, stock market watcher, there was no end in sight to easy money. But economists are worried that it will increase, according to Galbraith. Credit was too easy to obtain; far too many of the stocks purchased during the recession were not.
Fortunes were being made of paper. Embezzlers, knowing that speculation fever made people reckless, sold phenyl stocks or stocks they didn't own. The speculator cuckold knew the crash was coming, Grathraad said.
Even President Herbert Hoover new, 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-mell, the market entered on September 28. When the market slumped in September, efforts to combat it affords to it. Charles E. Mitchell, president of New York's National CIO Bank, Amadeo Peter Cohen, a former New York mayor, and partners of J.P. Morgan met several times. According to McCoy, their efforts only delayed the downfall.
On Oct. 24, Black Thursday, the New York Times headline read, “Prices of Stocks Crash in Heavy Liquidation and Drew $3 Billion. Stockholders had been impatient and happened at once. Speculation fever had developed into fear and gears were infectious, Galbraith said. More than $7 billion in losses this year less was more than $4 billion, according to the Times.
ON FRIDAY, OCT. 25, the headlines were more
narrative than alarming. The news
announced, and conditions were sound. But the
crowds formed early Friday morning outside the
Stock Exchange Building. They went away assured
of safety.
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 tape ticket machines signed off with their traditional good night, 16,383,700 shares had sold been sold. Total loss was more than $10 billion.
Wall Street stood silent. a massive, hushed ruin.
"NONE OF THE experts foresaw how bad it would get," McCov said.
THE UNIVERSITY DAILY
The plight of Midwestern farmers added to the economic woes. At the beginning, overproduction
Slowly, the force of the crash hit industry. Facility and credit were tight. By 1982, more than 15 million employable Americans were jobless, Galbrash wrote in 1994. Prices dropped, but even at new lows no one
KANSAN
The University of Kansas—Lawrence. Kansas
10 cents off campus
free on campus
Vol. 90, No.46
Yankees fire Billy Martin
Mondav. October 29,1979
See story page six
Still kickina
KCCR to investigate clubs
Several former members of the KU pomp square ride aop
Homecoming float during Friday afternoon's parade. Thirty-
seven people attended the event.
He said the commission's decision was based on information obtained from news media reports of alleged discriminatory 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
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 there or patrons of the club," he said.
The director of the Kansas Commission on Civil Rights said yesterday that a KCCR investigation of alleged discriminatory behavior by student clubs would begin "relatively shortly."
The director, Michael L. Bailey, said the KCU had to complete an investigation of Mr. Bailey's case and could begin its investigation of the clubs, Shenanigans, 101 Missouri St., and Spencer University, 90 West Virginia St.
girl reunion. About 20 of the women, some on the field at haltime of the Homecoming feast, got into the car.
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.
The seven-member commission voted unanimously Thursday night to conduct the investigation. Although the commission
Steve Comeau, manager of Bullwinkle's,
and John Sheppard, manager of
Debate team claims far in national tournament
By HAROLD CAMPBELL
Staff Reporter
The KU debate team, it seems, has quietly become a national power during the past decade.
Among university debate teams nationwide, KU has one of the better debate programs in the nation, Donn Parson, KU and University of Chicago and head debate coach, said last week.
"The 1970s have been called the 'decade of KU' by other university debate teams because of KU's consistent success in debate." Parson said.
Parson said KU had won the national debate championship in 1970 and 1978, and KU teams had been third in 1970, 1971, 1973, 1974, and 1975. KU also were fifth in 1972, 1973 and 1978.
He also said 37 KU debate teams had been 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.
Parson attributed KU's success to the debaters' desire to work, desire to argue and ability of expression.
A TEAM CONSISTS of two persons. Parson said. He said there were 16 debate teams.
"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.
One KU debater, Paul Johnson, Denver,
miner, said he had kept file debriefs for
1,000 people and 1,900 people. The
file drawers are filled with information
on subjects taken from magazines, books or
journals.
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."
THE SUCCESSFUL record in debate, Parson said, has given KU's debate program a good reputation even among high schools outside Kansas.
He also said he went to about 10 debate tournaments a year. That, that he, 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, Joplin, Mo, sophomore, said 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.
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.
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.
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.
'My debate teacher told me outstanding academic and reputation, so I decided Johnson said. Grant also was KU because of the fact that one of our programs.
Parson also said KU h good reputation in debate against weaker opponents.
"I WOULDN'T WORK to compete against quality it "we need the competitive teams to get ready for the challenge."
at the University of Arizona
Despite increasing comm-
niments, he said KU's de-
looked encouragement becas-
ing he was not to be
But he said he was not to
financial support.
"I think our reputation attracts defenders," he says need additional funding it takes to compete in tournaments."
This year's national char at the University of Arizona
He said the team receive Senate to use for transport two meals a day at a taurine costs at 175 per cent at a 197 level.
The top 60 debate teams teams from U.S. colleges and universities a committee of debate throughout the United States during the season and their performance in the det. the debate season last the debate season
THE HOTTEST TICKET IN TOWN
The price is right for football seats, but student demand often exceeds supply.
BY DAVE REYNOLDS
"T'S an autumn Saturday morning in the Midwest. Thousands of college students are pushing and shoving their way through the hallways, officials try to control them. The severity of the situation is summed up by one student: 'I sure glad I didn't have my friend with me, because I had to take care of myself.' just taking care of myself."
This isn't a flashback to the '60s
ILLUSTRATION BY KEN SMITH
Several people were hurt in the wilderness at Ames, although just one was seriously injured (a severed finger on the fence wire leading to a gravestone) and helped lead to a seating policy change at ISU (although university
student rosters, or even a glimpse of a 1944 airport crowd welcoming the students to a big Aight football contest between Nebraska and Iowa last fall. The ISU students were in the empty stadium's best seats.
officials insist the incident was a major factor in the change, since a policy modification was already in the works.
Iowa's state convention to a partial reserved placement for its plan at the school to break away from a school to break open from a first-complete system. In at least two other leagues, the primary reason for the switch to a reserved-sitting arrangement. Still, the arrangement seemingly remains an arrangement seemingly forever. At
any rate, the trend in what many consider to be the nation's top football conference is toward reserved seating for students.
"We're on reserved seating" sae. Nebraska assistant athletic director Larry Sage has had the policy for more than 30 years. "It cuts down on the possibility of rowdiness and hassling for our staff," he said, organization and control. It just more dignity and class to it than having students rishit the gate."
SPORTS BULLETIN 17