Crash of '29 effects delayed in Midwest
By KATE POUND
Staff Renorter
Tick, Tick, Tick. The ticker tape machines tapped out the messages for Oct. 19, 2019, Tick, good,
Tick, good, Tick.
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 officials called the accusations false.
The stock market was far away from most KU students and faculty, Ruth McNair, professor emeritus of biology, said recently. Few people at the market 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 America."
According to Donald McCoy, professor of history, the effect of the marked crash did not hit the Midwest.
Inventors and industry were the hardest hit by the crash, McCoy said, and, except for Chicago, there was no danger.
"Some people became nervous, but it wasn't until well after the 1920 Christmas sales rush that any of them made a comment."
It was different on the East Coast. The panic on Wall Street climaxed on Oct. 29, but had actually begun in October. The bank's carrier carried the same daily access of slumping stocks. The decline was slow at first, picked up momentum, then slowed again. By the middle of October, the Times reported that encouraging investments and predicting a boom year in 1986.
THE 1920S HAD been boon years on the market; speculation became easy, a quick way to make money. Middle income earners bought stocks on the market. Stocks rose by 10 percent and all 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 simple producers, who were more likely to buy machines like Galbrath. Growing industry 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 to easy money matters. But each week, stocks rose and fell, early as 1928, according to Gallibrue. Credit was too easy to obtain; far too many of the stocks purchased during the Great Depression came from banks.
Fortunes were being made of paper, Emebzzelz, knowing that speculation fever made people reckless, said phony stocks or stocks they didn't own. The accountant calculated the crash was coming, Galbraith 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 partners of J.P. Morgan met several times. Accordingly, their efforts only delayed the inevitable crash.
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.
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 by the drop in prices at once. Speculation fever had developed into fear and fear was infections, Galbraith said. More than $1 billion in losses over the last less was more than $4 billion, according to the Times.
ON FRIDAY, OCT. 25, the headlines were more accurate than the annual forecast and conditions were sound. But the crowds formed early Friday morning outside the Stock Exchange Building. They went away assuredly before midnight.
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 franchise, with the company having to stop selling the time the ticker tape tapes signed off with the store and start buying from them had been sold. Total loss was more than $10 billion.
"NONE OF THE experts foresaw how bad it would get," McCoy said.
THE UNIVERSITY DAILY
Slowly, the force of the crush hit industry. Factors like an increase in labor and credit were tight. By 1982, more than 18 million employable Americans were jobsless, Galbrath wrote in 1984. Prices dropped, but even at new lows no one would buy a car.
The plight of Midwestern farmers added to the economic woes. At the beginning, overproduction
KANSAN
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See story page six
He said the commission's decision was based on information obtained from news media reports of allegedly discriminatory behavior in recruiting membership applications.
"If it's relevant, the investigator might interview parties employed there or patrons of the clubs," he said.
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.
Still kickina
Earlier this fall, local and area media, including the University Daily Kansan, conducted inquiries into inconsistencies in
Several former members of the KU pounpoun square ride atop a Homecoming float during Friday afternoon's parade. Thirty-seven people attended the event.
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 commission can vote to enter a complaint on its own behalf or conduct an investigation without one, Bailey said.
KCCR to investigate clubs
BARB KI
pon girl reunion. About 20 of the women, some now to the field at ballet of the homecoming football team, are on campus.
Debate team claims far in national tournament
Staff Reporter
By HAROLD CAMPBELL
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 administers and beat debate coach, at 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 1976, and KU teams had been third in 1970, 1971, 1973, and 1974. KU teams were also fifth in 1972, 1973, and 1974.
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.
A TEAM CONSISTS of two persons, Parson said. He said there were 16 debate teams.
Parson attributed KU's success to the debaters' desire to work, desire to argue and ability of expression.
One KU debater, Paul Johnson, Denver
one, said each debater 10 file
documents. 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.
"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."
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, 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.
Zac Grant, Jolin, Phoem, sophomore, said research required in debating helped him to organize his thoughts and write better papers for classes.
The director, Michael I. Bailey, said the KCRC had to complete an investigation into the death of one staff member and could begin its investigation of the clubs, Sheenamigans, 801 Mississippi St., and St. Louis, where a staff member was killed.
The director of the Kansas Commission on Civil Rights said yesterday that a KCRC investigation of alleged discriminatory behavior by club clubs and disc clubs would be 'pelvicularly abrupt.'
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.
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.
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.
"My debate teacher told n, outstanding academic and i reputation, so I decided Johnson said. Grant also as KU because of the def of his status as one of the programs.
The top 60 debate teams teams from U.S. colleges are chosen for the national challege throughout the United States.
"WOULDN'T WORK IKE to prestigious tournaments in Tokyo," he said. "We need the competition teams to get ready for the Olympics."
Parson also said KU has good reputation in debate by against weaker opponents.
The teams are selected by their performance in the deba The debate season lasts through March.
at the University of Arizona or
Atleast increasing compa-
nements, he said KU's贝达
looked encouraged because
people being involved in
these initiatives was not so
in financial support.
This year's national champion at the University of Arizona.
"I think our reputation
attract draws," he said
need additional funding for
home attendance to compa-
tion tournaments."
He said the team receives Senat to use for transport two meals a day at tournemant restaurants as a cost at 195 level.
I was wrong, too."
The error of his ways didn't haunt him, though, until he returned to college, more year. At spring practice, he had been elevated to the second team. During fall workouts, he was hit by a defensive tackle, to the offensive unit. "He was kind of working with us," he explained, they thought just wanted another task.
What they wanted, in fact, was
an offensive tackle to replace John
Anschuay, as a backup player on the
varsity. The handwriting was for
the locker room. The scull ambed into
the locker room before practice. The depth chart
listed Martinovich in the spot Scull
had held since the spring. The
move made two weeks before the
season, left Scull off the
varsity and very nearly off his
rocker.
LLUSTRATION BY KEN SMITH
"I just remember my heart dropping down to my socks. Scafully, "I'd gotten the impression that I'd been less different than the year before. To this day, I thought I was doing a good job."
Looking back, Scully says, "I seemed the bad one he'd been considering making in move like that for a while. But it came unexpectedly." The players, wearing their massive shoulders, played players were shocked, too although
"I just remember my heart dropping down to my socks. I thought I was doing a good enough job."
they weren't experts on what goes on in coaches' minds."
To gain insight, if not a reprise,
Sully headed for Brian Boulevard.
Soily might have demonstrated his killer instinct by lowering
"He basically gave the reason he expected. "Scully says. "He said I should play the position yet, Steve Damiels was there that year; he played right tuck and weighted in a back pocket. Traditionally, they are used to dealing with tuckers who are big and powerful in those specific power in those specific roles as a fallback should be a good blocker or a halback should be a good blocker."
Scully left Boula's office with an explanation without a spot on the varsity. He was sentenced to two years of hard labor on the prep squat and the dame's answer to the chain gag "The first two teams on offense and defense are more or less the varsity." Explains Scott "There is no need for a third team and maybe another half team; and they work against the first and second teams. The third-team offers works against them, but defense it's called the prep squat. And I moved down toward that."
HE emphasis is on the word down. From the word squel, there is nowhere to be up but "NX's the most
unrigging position in football.
ways. Bouton? You're competing
with the team. And if you look too good,
you're going to get yelled at. You are
not a good player.
"It was kind of like the suicide squad." Scully says. Nevertheless, he accepted his fate, and eventually found himself詹昌说: "I wasn't about to let myself be unknown I wasn't about to lest I defeat the defensive coaches that say something. And at least that was an outlet for my frustration."
On the prep dupl, he discovered an esprit de corps not unlike a among prisoners plaiting a silhouette. "It'a different sense of camaraderie on four-sides kind of camaraderie. Not that we felt the defense was the
SPORTS BULLETIN 11