Crash of '29 effects delayed in Midwest
By KATE POUND
Staff Reporter
Tick. Tick. Tick. The ticker tape machines tapped
mails messages for Oct. 19, 2023. 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 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 responded.
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
that. Was that only for the rich in the
East." Mr.Neal said.
According to Donald McCoy, professor history, the full effect of his attack did not hit the city.
Investors and industry were the hardest hit by the crash, M-Coop said, and even for Chicago, there was no benefit.
"Some people became nervous, but it wasn't until well after the 1920 Christmas sales ruck that any truth was found."
It was different on the East Coast. The panic on Wall Street climaxed on Oct. 29, but had actually begin Sept. 14. The Times carried an article accusing Apple's slapping decline was slow at first, picked up momentum, then slowed again. By the middle of October, the Times carried optimistic articles, encouraging investments in Apple.
The 1926 HAD been boom years on the market; speculation became easy, a quick way to make money. Middle income earners bought stocks on the market in the 1930s as well as lending as little as the actual value of the stock.
By 1925, 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 produce. Galbraith. Growing industries needed more capita'
TO THE CASALI stock market watcher, there was no end in sight to easy money for economists and financial analysts. According to SEC, 224 according to Galbraith. Credit was too easy to obtain; far too many of the stocks purchased during the recession were also available.
investments and Americans, with more money than ever to spend, willingly deposited their savings into the bank.
Fortunes were being made of paper, Emberzies, knowing that speculation fever made people reckless, sold phony stocks or stocks they didn't own. The experience speculator knew the crash was coming, the stock market was crashing.
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-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. Afterward, 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 Billion$” Stockholders were scrambling to find ways to survive at once. Speculation fever had developed into fear and foe; was infections, Gabrath said. More than a quarter of those who had less was more than $4 billion, according to the Times.
ON FRIDAY, OCT. 25, the headlines were more optimistic. The crash had been determined, the Timon group was there to help and the crowds formed early Friday morning outside the Stock Exchange Building. They went away assured that things would be fine.
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 had been sold. Total loss was more than $1 billion.
"NONE OF THE experts foresaw how bad it would get." McCoy said.
The plight of Midwestern farmers added to the economic woes of West Michigan, overproduction
**CRASH ALERT**
Slowly, the force of the crash hit industry. Factors such as new technology and credit were tight. By 1832, more than 15 million employable Americans were jobless, Joblath wrote in 1943. Frokes dropped, but even at low ones a few years later.
KANSAN
The University of Kansas—Lawrence, Kansas
Vol. 90, No. 46
free on campus
10 cents off campus
Yankees fire Billy Martin
Monday, October 29, 1979
See story page six
Still kicking
Several former members of the KU pompon squad ride alape at Homecoming festival during Friday afternoon's parade. Thirty people were there.
pam girl reunion. About 60 of the women, some now to the field at ballet of the Homecoming football game in Brooklyn.
BARB KI
Debate team claims far in national tournament
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, Denn Parson, KU president, investigates and head debate coach, week.
Staff Reporter
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.
Paron said KU had won the national championship in 1970 and 1976, and KU teams had been third in 1970, 1973, 1977 and last year. KU teams also were fifth in 1978.
"The 1970s have been called the 'decade of KU' by other university debate teams because of KU's consistent success in debate," Parson said.
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.
One KU debater, Paul Johnson, Denver
Junner, said each debater kept 10 file
discs and the documents were filed with
the file drawers are filled with information
on subjects taken from magazines, books or
magazines.
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.
Bv HAROLD CAMPBELL
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."
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."
THE SUCCESSFUL record in debate, Parson said, has given KU's debate program a good reputation even among KU's outside Kansas.
He said he spent about 20 hours a week outside of classes doing research for debates.
Zac Grant, Joplin, M. sophomore, said research required in debating helped him to organize his thoughts and write better papers for classes.
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."
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.
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.
Wilson said debating helped him in preparing for law school.
'My debate teacher told me in outstanding academic and reputation, so I decided Johnson said. Grant also was because of the de reputation as one of the programs.
KCCR to investigate clubs
IT WOULDN'T WORK in
compete against quality队
*we need the competition
teams to get ready for the
Parson also said KU had good reputation in debate by against weaker opponents.
The top 60 debate teams from U.S. colleges are chosen for the national college debate throughout the United States.
The director of the Kansas Commission on Civil Rights said yesterday that a KCRC investigation of alleged discriminatory practices by clubs and disc clubs would begin, "relatively shortly."
at the University of Arizona & despite increasing compensation, he said KU's debt burden is not as large as people become involved in. But he said he was not so of a financial support.
the teams are selected
of their performance in the deba
the debate season lasts
through March.
This year's national champ at the University of Arizona
"I think our reputation is attack debaters," he said. He needs additional funding for trips to compete tournaments."
the director, Michael L. Bailey, said the KCCR had to complete an investigation of Mr. Grace and could begin its investigation of the clubs, Steenmaniag 601, Mississippi St., and Nassau St. to ensure safety.
He said the commission's decision *was* based on information obtained from news media reports of alleged discriminatory practices in distributing membership application forms.
He said the team receive Senate to use for transport two meals a day at a taurine cost at a costs of 1975 level.
Earlier this fall, local and area media, including the University Daily Kansan, conducted inquiries into inconsistencies in the club membership policies.
Bailey said he hoped the officials of the clubs would voluntarily give information requested by the investigator.
"If it's relevant, the investigator might interview parties employed there or patrons of the clubs," he said.
the commission can vote to enter a complaint on its own behalf or conduct an investigation without one. Bailey said.
"But we do have subpoena power if it is needed." he said.
needed." he said. The investigation revealed that membership policies at the clubs were discriminatory, a cease-and-desist order would be issued to club officials.
THE BENCHWARMER
After three years of frustration, John Scully finally is going to get his chance.
BY JOEL BIERIG
"It was a real rude awakening I guess it's just the same old story. You get a bunch of freshmen who were stars—more or less shots—they're at all the times of a sudden they're right in the middle of a ladder when they walk in the door."
John Scully
HEN be arrived at
Note Dame dame this
three years ago for
information, dear-
The 1978 Notre Dame squad. Scully (57) is in third row, sixth from left.
ment was advised to order a separate file cabinet for his press clipping. He was big and strong and talented, the kind of guy who would be in the starting line behind him, and could find their way around campers.
“If you listened to the coaches,” he said, John Seuclid Jr., who watched the game from his bed, pet. “yes, I think every body implied he would have a chance at the award.”
Three years later, however, John Scully's life is empty, save for the questionnaire he filled up upon his graduation. He performs in a few high school all-star games. The sports information department reports no contact with him, and interviews with John Scully, who chose Note Dame from 100 colleges that had expressed an interest in her career not popular interview subjects.
After a frustrating three years on the depth chart, John Scullily will finally hear his name called as a star. He is not alone; he knows that he still won't be getting star billing. The glory goes to the offensive backs, and reporters avoid a center locker as if they were worn by the Four Horsemen.
But if glory has been his goal, John Nealy would have pried the splinter out of his rear end and used his ample speed to get to it. "If he might start thinking of transferring," his father says.
His girlfriend suspected he might
All true, John Scully says, but out of the question. "I hate to quit at things," says this 6-foot-2, 540-inch immobile with the force. "I don't like people that quit nothing, no matter what it is."
leave football altogether. "After his first two years, he could have played a full season in Valerie Gulys." "His father was perfectly capable of picking up his
When he first packed his bags for South Bend, quitting was the farthest thing from his mind. all he could think about was continuing a long career he had begun at Holy Cross School in Huntington, New York.
B ECAUSE he played so well as a senior, he chosen to perform several high school alli.
star games. As a result, he arrives at *Notte Dame* with toochairballs and an earplug. He asks, "I thought it was when I got to scum." Sally says, "in her eyes," but she really favoring it a lot. In the increasingly gored lime fragments in her ears.
He also destroyed any plans for instant success. "I was more or less seven weeks ago," he recalled, "weeks I was at Notre Dame," he says. "After the second or third year of my studies, I played any more. My arch had headed by them, but my ankle was broken."
Moreover, he never even dressed for practice; I would go and lift a chair to teach. He well-acquainted with other members of my class. I simply members of my class. I simply
10 SPORTS BULLETIN
He was homeshock to boot, and his grades weren't much to cheer about. He went through that first year had to do a new dress," says Brian Boulou, the Notre Dame line coach. "It was really pressing," says Seymour. "I was just limping around. I thought my knee was ruined. I ended up with a 2.3 grade average, but I think my grade was in the course of what I was going through.
His ankle healed faster than his hip. Because coaches play gamers, they need to have little attention to spare for little damage damaged merchandise that doesn't figure in the following week's game. When you know you get to know them better, 'Silly says now.' It's only natural that they pay more attention to their players on a more regular basis, and they're more interested in seeing them improve themselves. I eventually realized they live their life well. They're not going to do something that would endanger them. They're too work toward the best possible teamwork.
At the time, however, it was difficult for him to comprehend that the best possible squid didn’t in fact know how to come up with one to turn to, no one to问。
to about the injustice of it all. Ed Chiehke, the man chiefly responsible for the recruitment of John Schull, had taken the head coaching job at Eastern Michigan and wasn't away when he got there but he didn't want there. He was kind of a lot of "loss." She was kind of a lot of "loss."
Meanwhile, out on the practice field, the other freshmen were playing Go to the Head of the Class.
"I felt a sense of despair because we all linenemen were already there," he says of my freshman class. "Nelly said she taught my class had 10 offensive lines, which I think, is really a lot. Ten lines, not including tight ends."
"I left at the bottom of the towel pot. There wasn't much of a motivating factor there. I was really in a state of stumbo. I wank really sure I was feeling much more anytime. I was wondering how it's going to be for four weeks."
Nothing that happened in the spring indicated otherwise. Scully's study of the way he didn't seem to be making much of an impression. "I didn't think I was really well," he says. Apparently the coaches didn't learn John Scully the necessary skills.
"That's what the whole thing we I think, says 'Scary' they techniques perfect, my pass block was as good as any body, but I wouldn't say as good as anybody." Sally shrugs. "Well, I shouldn't say to him, to give you
I shuffle,again "You can't be a grou on the field. I don't see ing you have to be
dirty, but you can't be a nice guy from the beginning to the whole story. You need to knock on the ground and knock the helmet off his head. I don't try to knock someone's head off! I'd do it from my experience in high school.