Crash of '29 effects delayed in Midwest
By KATE POUND
Staff Reporter
Tick. Tick. Tick. The ticker tape machines tapped messages for October 29, 1929. Tick, good, tick, tidk, much.
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, and 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 market. That was only for the rich in the Fastest Market."
According to Donald McCoy, professor history,
the fall effect of the market crash did not hit the
bankers.
Investors and industry were the hardest hit by the crash, MMcOy said, and except for Chicago, there was no big problem.
"Some people became nervous, but it wasn't until the 1920s Christmas sales raked in," she wrote. "The business was done."
It was different on the East Coast. The panic on Wall Street climaxed on Oct. 29, but had actually been slow since January. The Dow 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 engaged investments and predicting a boom year in 1990.
THE 1920S HAD been benn years on the market; speculation became easy, a quick way to make money. Middle income earners bought stocks on the margin as much as anyone else, based on the actual value of the board.
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, who were more likely to invest in technology, Galbraith. Growing industries needed more capita!
TO THE CASUAL stock market watcher, there was no end in sight to easy money. But economists and investors are increasingly depending on credit according to Galbraith. Credit is too easy to obtain; far too many of the stocks purchased during the year have been lost.
investments and Americans, with more money than ever to spend, willingly deposited their savings into banks.
Fortunes were being made of paper. Emberzels, knowing that speculation fleece made people recklek, sold phony stocks or stocks they didn't own. The speculator calculated the crash was coming, Grabhair said.
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 pill-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 Giannini, president of the Bank of America and Joseph 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 are now facing a tough choice at once. Speculation fever had developed into fear and fear was infections, Gabrath said. More than $30 billion in securities were the loss more than $4 billion, treated by the TIME magazine.
ON FRIDAY, OCT. 25, the headlines were more
relevant than the starters, and the teams
announced, and conditions are bound. But the
crowds formed early Friday morning outside
the Stock Exchange Building. They went away assured
that the crowd would stay.
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 bushed ruin.
Tuesday morning, Oct. 29, was different. Selling became brisk, then surged into a surge, uncontrollably. The market rose by the time the ticker tape machines signed off with the loss, and the tick rate had been买 more. Total loss was more than $10 billion.
THE UNIVERSITY DAILY
"NONE OF the experts foresaw how bad it would get," McCoy said.
The plight of Midwestern farmers added to the economic woes. At the beginning, overproduction LAST HASH BASE
Slowly, the force of the crash hit industry. Factors that contributed to this were credit and were tight. By 1922, more than 15 million employable Americans were jobsless, Galbrath wrote in 1934. Prices dropped, but even at a low no one was willing to pay.
KANSAN
The University of Kansas—Lawrence. Kansas
free on campus
10 cents off campus
Vol. 90. No. 46
Monday, October 29, 1979
Yankees fire Billy Martin
See story page six
KCCR to investigate clubs
The director of the Kansas Commission on Civil Rights said yesterday that a KCRC investigation of alleged discriminatory behavior at public discus club clubs would be, politely shortly.
director, Michael I. Bailey, said the KACE will complete an investigation already in progress to could begin its investigation of the clubs, Sheenamagans, 901 Mississippi St., and Cayman Islands.
the commission can vote to enter a complaint on its own behalf or conduct an investigation without one. Bailey said.
He said the commission's decision was based on information obtained from news media reports of alleged discriminatory practices in distributing membership applications.
Earlier this fall, local and area media, including the University daily Kansan, conducted inquiries into inconsistencies in the clubs' membership policies.
The seven-member commission voted unanimously Thursday night to conduct the
"If it's relevant, the investigator might interview parties employed there or patrons of the clubs," he said.
Bailey said a civil rights specialist would
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 Bullwinkle's,
and John Shoppard, manager of
Still kicking
Several former members of the KU pomp squan ride alape at Homecoming float during Friday afternoon's parade. Thirty men and women attended.
pon girl reunion. About 20 of the women, some to the field at haltamombe for the Homecoming footwears.
Debate team claims far in national tournament
Staff Reporter
One KU debater, Paul Johnson, Denver said he would keep 10 file drawers in his apartment, 1,980 books. The file drawers are filled with information on subjects taken from magazines, books or newspapers.
By HAROLD CAMPBELL
The KU debate team, it seems, has quietly become a national power during the past decade.
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.
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 Oklahoma State 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.
"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.
Parson said KU had won the national debate championship in 1970 and 1976, and KU teams had been third in 1970, 1971, 1972, 1973, and 1974. KU teams also were fifth in 1974, 1977 and 1978.
Two KU debate teams were invited to the national championship tournament in 1970, Parson said.
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.
KEVIN WILSON, Austin, Texas, senior,
said the research involved in debate was
like an "on-going term paper."
He also said he went to about 10 debate tournaments a year. That, he said, often made him absent from Friday and Monday classes.
"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."
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.
Zac Grant, Joplin, M. , sophomore, said research required in debating helped him to organize his thoughts and write better papers for classes.
He said he spent about 20 hours a week outside of classes doing research for debates.
Wilson said debating helped him in preparing for law school.
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."
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.
Debaters also said participating in debate helped their class work and would help in their future jobs.
Scully stretches and runs to stay in game-ready condition.
'My debate teacher told outstanding academic reputation, so I decided Johnson said. Grant also a KU because of the c he was as one of the programs.
Parson also said KU ha good reputation in debate by against weaker opponents.
IT WOULDN'T WORK
compete against quality
*We need the competence teams to get ready for the challenge.*
"I think our reputation attracts debaters," he said need additional funding or team to compete with team tournaments."
This year's national cat at the University of Arizona on Saturday, surrounded by nannements, he said KU'sLook encouraged because people being involved in their work not as a financial support.
He said the team receive
Senate to use for transport
two meals a day at a tourn-
ce and costs an $197 level.
The top 60 debate teams teams from U.S. colleges are chosen for the national a committee of debate throughout the United States and to provide their performance in the de The debate season last through March.
enemy, or anything like that, but we just committed ourselves to doing the job the best we could."
There are undoubtedly easier tasks for able-bodied young men to undertake: "Every day," says Mr. McCarthy, who like Willie Fry,杰 West; Mike Calhoun, and the like. It's either kill or be killed. You can just defend yourself, or you can go out and do something positive.
"I'd be painful at times, but I think I developed myself as a (football player more than at any other time in my career."
The rewards did not include a spot on the bench on most Saturday nights. Scully was allowed to suit up for the game (Georgia Tech and Navy), and he action in just one—a five-minute stint against Tech. While he played, he prepared prep squads watched from the stands. But if Notre Dame won big, the prep squads members liked to think they deserved more of the credit.
"That was the year of that big win over USC in the stadium." Scully recalls. "That week in particular, we really went all out to give the defense a good picture of what happened when we hitting that week — bone-crunching hits. We felt we contributed as much to anybody as the win."
VEN so, praise did not flow as freely as victory beer A "nice block" beer
kids came from the players, not the coaches, but that was more important. The coaches think you're great and the players think you're mediocre. But the coaches think you're great.
For what it was worth, the feedback from the players was positive. They were men telling me what a good job I was doing. "Scully says," they tell as if I didn't have any important observation. That was really important to at the time, because it was a point where I wasn't sure I needed to change.
By the end of the winter, Scully's letters home were more encouraging.
14 SPORTS BULLETIN
His grades were on their way up, adding credence to his how to graduate with a 3.0 average He brought the girl he plans to marry. And before long he expected to be in charge of the prepaid up in the past week.
"The spring of his sophomore year, he had a tremendous season," says Brain Boulat. "He had proven that he was a football player!"
Scully had climbed back to the second team by the middle of the four-week practice. "I was told by a number of sources that I tried an excellent spring it. It was the best information I got so far."
The party was over, however when he wore ligatures in his right hand, the band snapped. On Monday he underwent surgery. "I felt like nothing was going to go with it," he said.
"It seemed kind of ironic, but when I was in the hospital after surgery. Coach Boulac and Coach Hammond ordained who has since gone to Oklahoma told me I would have had an excellent chance of starting had I not been hurt. I guess that my experience is a good agreement in my state of aneurysm."
The coaches, of course, had no idea how far the encouragement would go. Before long, Scully was able to land, working with strength to strengthen his arm, but was just tortured, he says. "The first day I started running, I walked down a high school to do some jogging. I had just gotten off on my way home, and pushed past to the other and it looked like it was about three miles away, I ran 100 yards, just jogged, barely than a walk. My leg was pounding. But it really came around quick, that later. I was playing basketball, and it really responded pretty well."
So well, in fact, that Scully reported for practice that fail of his junior year "in the best condition I had played," and were really shocked that coaches ready for the first day of practice: They wanted me available by the start of the season, but I came back played in all the双 sessions.
In time Scully locked up a spot on the second team, backuping up the first team to offensive tackles. "I finally started making my efforts," he says. He played in six games against Michigan and Florida, Miami, and Georgia Tech. "I played against Georgia Tech as a sophomore. I kind of felt like a kid," he said. "Now I felt a lot more at ease, playing with guys I was friends with. I found it a lot easier to get psyched up. It was fun to play."
And for once, it was fun to participate the future. As Sally paused the course, she was only a time-out, or an injury giving his chance. "I was totally mentally involved," he says. "Rwaz's really tough, and I played. I ask Rob (Martinovich) how the guy was playing him, what was using him, what was using him. I always hoped that I could."
UIT as Scoutly notes, help for your change doesn't mean hoping a starter crumbles to the loot.
you're jealous of the position they have," he says. "But I wouldn't go out to plot to have them in an armory, though a that bad breakup, that a bad breakup, a starter is usually a good break for a bencherwoman. "Injuries are the
"I looked from one goalpost to the other and it looked like it was about three miles away."
main variables. he says, "Anything can happen. You can think you’re in a hospice situation, and a string can be part of the context for a starting point."
No longer will John Scully have to worry about such variables. The season when opens, the crackling voice of the public addressed by Drew Pearson "And now, starting at center for Notre Dame number, 57. John Scully." Never mind that he hasn't played center in competition since last fall, the team wanted to be an offensive tackle. When Dave Huffman, Notre Dame's star center, picked up his diploma last spring, competition for his candidate opened to all worthy candidates. John Scully was the worstener.
Sically learned the assurance that this time his name would not change between spring and fall. It takes a former member of the prep squad to know what that means. "The freshman, freshman and sophomore years, I don't think they can appreciate it because he's known nothing but success."
The good news doesn't end there. Because injuries wiped out his back, he returned for another season after one, if he chooses. Last spring, before leaving for Washington, he attended a special congress in the office of Illinois Congressman der Warkinsmith. John Scully leaved back and said, "I am satisfied with the opportunity to play pro Ballet. I've really life's good thing, things are going good with Valerie. Everything's looking up, for a change."
"You can't listen to guys who say there's no way out. Those are the ones you need to fight to them. You've got to remain angry, not at anybody in particular, but at your situation. Keep mowing, keeping a sawing. I'm not going to let it happen to me." There's a very fine line between players who can make it happen.
- John Scully
Joel Bierig covers college sports for the Louisville Courier-Journal.
---