Crash of '29 effects delayed in Midwest
By KATE POUND
Staff Reporter
Tick. Tick. Tick. The ticker tape machines tapped
messages for Oct. 19, 2019. 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 Depression.
Halfway across the country, students and professors on Mount Oread, unaware of the panic on campus because of the floods, headlines the University Daily Kannan, Oct. 29, 1929, revealed a normal day on campus. The big news was an accusation made by the Iowa State University students at the university that the State had suffered a 3-10 loss from KU back weekend.
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 on one of the rich in America."
According to Donald McCoy, professor of history,
the full effect of the market crash did not hit the
millionaire class.
Investors and industry were the hardest hit by the crash, M.Coay said, and, except for Chicago, there was little damage.
Some people became nervous, but it wasn't until well after the 1928 Christmas sales rush that any of these problems disappeared.
it was different on the East Coast. The panic on Wall Street climaxed on Oct. 29, but had actually begun Sept. 1. The New York Times carried an article in which it reported that a decline was slow at first, picked up momentum, then slowed again. By the middle of October, the Times reported that financial investments 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 because they had not much as little as 10 percent of the actual value of the bond.
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, and now they were consumers of high-quality Gulrahtr. Growing industries needed more capita!
investments and Americans, with more money ever to spend, willingly deposited their savings into banks.
THE CASUAL stock market watcher, there was no end in sight to easy money. But economics and investment were becoming more according to Gallibrath. Credit was too easy to obtain; far too many of the stocks purchased during the crisis had been purchased before.
Fortunes were being made of paper, Embzzelers, knowing that speculation fever made people reckless, sold phony stocks or stocks they didn't own. The experiened speculated knew the crash was coming,
Even President Herbert Hoover 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-mell, 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 Gianni, president of the Bank of America and Morgan meet 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 that prices had fallen at once. Speculation fever had developed into fear and fear was infectious, Galbraith said. More than 10% of the world's stock market was more than $4 billion, according to the Times.
ON FRIDAY, OCT. 25, the headlines were more optimistic, with news of a new stock and conditions were sound. But the crowds started early Friday morning outside the Stock Exchange Hallway. 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, 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 had been sold. Total loss was more than $10 billion.
THE UNIVERSITY DAILY
"NONE OF THE EXPERTS foresaw how bad it woug't,
McCoy said.
The plight of Midwestern farmers added to the economic woes. At the beginning, overproduction
Slowly, the force of the crash hit industry. Factors that contributed to this were damage and credit were tight. By 1922, more than 19 million employable Americans were jobsless, Galbrath wrote in 1934. Prices dropped, but even at a low one year ago.
KANSAN
The University of Kansas—Lawrence. Kansas
Vol. 90, No. 46
10 cents off campus
free on campus
Monday, October 29. 1979
Yankees fire Billy Martin
See story page six
Still kicking
Several former members of the KU pomp squad ride alope at Homecoming float during Friday's afternoon parade. Thirty-seven of the teammates have joined the squad.
BARB
pon girl reunion. About 20 of the women, some in the field at halftime or the homecoming food event, were from New York.
Debate team claims far in national tournament
One KU debater, Paul Johnson, Denver junior, said he debated 10 file titles before he became a professor. The file drawers are filled with information on subjects taken from magazines, books or newspapers.
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.
Staff Reporter
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 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.
The KU debate team, it seems, has quietly become a national power during the past decade.
A TEAM CONSISTS of two persons, Parson said. He said there were 16 debate teams.
Among university debate teams nationwide, KU has one of the better debate programs in the nation, Donn Parson, KU and University of Pennsylvania and head debate coach, said last week.
Two KU debate teams were invited to the national championship tournament in 1970, Parson said.
"The 1970s have been called the decade of KU" by other university debate teams because of KU's consistent success in debate." Parson said.
By HAROLD CAMPBELL
Parson said KU had won the national debate championship in 1970 and 1976, and KU teams had been third in 1970, 1971, 1973, 1974, 1975, and 1976. KU teams also were fifth in 1972, 1973 and 1978.
THE SUCCESSFUL record in debate, Parson said, has given KU's debate program a good reputation even among schools outside Kansas.
He said that if the investigation revealed that membership policies in the clubs were discriminatory, a cease-and-desist order would be issued to club officials.
Zac Grant, Jolin, M., sophomore, said research required in debating helped him to organize his thoughts and write better papers for classes.
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 been "highly recommended" to him in high school because his debate teacher was impressed with KU's record.
"But we do have subpoena power if it is needed." he said.
Wilson said debating helped him in preparing for law school.
He said a number of the cards were quotes from different authors.
Bailey said he hoped the officials of the clubs would voluntarily give information requested by the investigator.
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."
Debaters also said participating in debate helped their class work and would help in their future jobs.
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.
KCCR to investigate clubs
"You try to make your schedule so you don't have classes on Monday, Wednesday and Friday," he said.
HOWEY. Johnson said he enjoyed the work because he enjoyed competition at tournaments and meeting new people there.
'My debate teacher told
outstanding academic are
reputation, so I decided
Johnson said. Grant also
KU because of the >'
and one of its programs
"If it's relevant, the investigator might interview parties employed there or patrons of the clubs," he said.
This year's national charm at the University of Arisaome, with its namens, he said KU's deb looked encouraging because people been involved in economic activity not as a financial support.
"IT WOULDN'T WORK to compete against quality! "We need the competitions to get ready for the challenge."
Parson also said KU h good reputation in debate b against weaker opponents.
The top 60 debate team teams from U.S. colleges and universities will serve as a committee of debate throughout the United State in the fall. Teams will perform their performance in the de-
The director of the Kansas Commission on Civil Rights said yesterday that a KCCR investigation of alleged discriminatory practices in the clubs would begin "relatively shortly."
The director, Michael L. Bailey, said the KUCB had to complete an investigation of a shooting that could begin its investigation of the clubs, Shemianagus 101 Mississippi St., and Mamaroneck 79 N.Y.C.
The seven-member commission voted unanimously Thursday night to conduct the investigation. Allibaug the commission
"I think our reputation attracts debaters," he saus need additional funding. Senate to continue to comp
Steve Comeau, manager of Bullwinkle's,
and John Sheppard.
Earlier this fall, local and area media, including the University Daily Kansan, conducted inquiries into consistencies in the clubs' membership policies.
He said the team receive
Senate to use for transport
two meals a day at a tour
centre and two meals a
costs at an 1893 level.
Bailey said a civil rights specialist would obtain membership rolls and any other
He said the commission's decision *w* he based on information obtained from news media reports of alleged discriminatory distributing membership application forms.
the commission can vote to enter a complaint on its own behalf or conduct an investigation without one. Bailey said.
continued from page 15
And here's what happened ...
And here's what happened . . .
On December 30, 1967, in the Gator Bowl, then-year-season head coach Joe Paterno叫aled to the defense by Sherman. It failed; but that not all. Florida State, given life, new
back came to score three times, the
final time a field goal with 15
yards. The next time it was Nitanya
lost 17-all, Paterson two
and T'12 blew in. It'll always be
3-12.
A 10-10 tie causes the controversy here, with another national champion. You can take your own 30 with about a minute to play. You have been able to win three times.
Here's another tie with time running out. This time the score is 16-16 and we'll give you 23 seconds to work with. Your opponent
And here's what happened . . .
Notre Dame's Arse Paraschiene elected to sit on the ball during this clash with Michigan State. State officials said, "We kept watching for the pass in their final series, but all they did was run. We were really stunned. Then it dawned on us. They were angry and we the pollsters agreed with Paraschiene and voted Notre Dame number one.
has just squabbed an 18-vendor,
having you the ball at them. 43 it's
a regular season game and you know
you will applause you will applace
them this time?
And here's what happened . . .
Brightingham University head coach Nick Miles, and three wide receivers in this 1976 game against Arizona, making every happy, save the Wildcats. With split end George Harris going over a block, the Nalson into the left, the play was designed to hit John Van Der Wouder undermined the coverage and gain enough yardage to set up a pass rush. The defense was playing for the short pass, streaked into the end
zone and challenge the game-winning pass from quarterback Gelford-Nielsen. Edwards commented, "If we had not worn it, probably wouldn't have worked."
viral and you both
rincal into the context with
0-12 points. Is it that lead safe e-mail? Is that should you contact him or the two-point comment.
This one is for real secon-
guers. Your team has just scored
a touchdown to give you a 28-13
point victory in the game.
Your opponent is our arch
And here's what happened
happens.
A one-point scented the logical choice to Yale coach Carmen Corza, and that's what he ordered in this 1968 game. It was a scent that the team scored 29-13 in favor of York, looked mistake-proof. But the other team was Harvard, and nothing resembling logic ever entered it into the scoring chart. The score string Harvard quarterback Frank Champi, a biding, 20-year-old English major, threw a 15-yard kick. He made a 30-yard second, and after a two-point conversion made it 29-21, the impossible took place. A recovered pass was as time ran out—and the two point conversion for a breathing 29-29 tie.
RATE YOURSELF
and now a conversion is in order Be careful, this one's tricky.
And here's what happened . . .
9-10: Expert
(Go straight to football office, do not pass dean)
6-8: Average
(Go straight to TV set, do not pass out opinions)
5 or below. Poor
(Go straight to your books, pass on a coaching career)
Bill Kauffman, a sportswriter for the Las Vegas Review-Journal, a syndicated sports quiz column
And here's what happened . . .
Get you?' a one-point conversion
that made him make another touchdown the winner. But in 1961 Ruggers head couch went for two and missed, and he had to overcome Columbia and that mistake 32-19. He said he 'gott caught it', and just blew it! It happens.
16 SPORTS BULLETIN