Crash of '29 effects delayed in Midwest
By KATE POUND
Staff Reporter
Tick, Tick, Tick. The ticker tape machines tapped out the messages for Oct. 19, 2012. T tick, good. T 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 from classes at Iowa State University, 1929, revealed a normal day on campus. The big news was an accusation made by the Iowa State University football court that KU paid its players. Iowa State officials said they were not present.
The stock market was far away from most KU students and faculty, Ruth McNair, professor emeritus of biology, said recently. Few people at the ceremony 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 the business McMaan."
According to Donald McCoy, professor of history,
the full effect of the market crash did not hit the
money market.
Investors and industry were the hardest hit by the McCajon, McCajon and, except for Chicago, the crash was a bit worse.
Some people became nervous, but it wasn't until well after the 1920 Christmas rash that any of us would recall.
It was different on the East Coast. The panic on Wall Street climaxed on Oct. 29, but had actually been driven by a strong interest in 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 investing 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 margin, that is, on a system of credit, often paying as interest.
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 it had led to a massacre of American food. Galbrath. Growing industries 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 in sight to easy access to the markets, but Burkholder saw early as 122 according to Galbraith. Credit was too easy to obtain; far too many of the stocks purchased during the crisis were not available.
Fortunes were being made of paper. Embezzlers, knowing that speculation fever made people reckless, sold phony stocks or stocks they didn't own. The speculator calculator knew the crash was coming, Grabath said.
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 1928. 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 Gannini, president of the Bank of America and William Morgan met 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 Billion$” Stockholders were left shocked when a speculation at once. Speculation fever had developed into fear and fear was infectious, Galbraith said. More than $1 billion of those who lost less was more than $4 billion, according to the Times.
ON FRIDAY, OCT. 25, the headlines were more optimistic, with reports of improvement and conditions were sound. But the crowds formed early Friday outside the Stock Exchange Building. They went away assured they would be back soon.
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 an ordinary good night, 18, 383, 700 shares of stock were on the market. Wall Street stood silent, a massive, hushed rubin
THE UNIVERSITY DAILY
"NONE OF THE experts foresaw how bad it would get." McCov said.
The plight of Midwestern farmers added to the economic woes. At the beginning, overproduction
Slowly, the force of the crash hit industry. Factors such as poor management and credit were tight. By 1922, more than 19 million employable Americans were jobless, Galbraith wrote in 1924. Prices dropped, but even at lower lows one year later.
KANSAN
The University of Kansas—Lawrence. Kansas
10 cents off campus
free on 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 practices in club disc clubs would be "politically abortive."
The director, Michael L. Bailey, said the KCRU had to complete an investigation that would begin to determine how could begin its investigation of the clubs, Shemangury, Mississippi St., and Bakersfield, California.
He said the commission's decision was based on information obtained from news media reports of alleged discriminatory practices in distributing membership app-
the commission can vote to enter a complaint on its own behalf or conduct an investigation without one. Bailey said.
Earlier this fall, local and area media, including the University Daily Kansan, conducted inquiries into inconsistencies in the global membership policies.
Still kicking
"If it's relevant, the investigator might interview parties employed there or patrons of the clubs," he said.
Several former members of the KU pompon squaw ride a台eHomecoming float during Friday afternoon's parade. Thirty boys were among those killed in the attack.
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.
pon girl reunion. About 60 of the women, now to the field at hatchline of the Homecoming football team, will be reunited.
Debate team claims far in national tournament
By HAROLD CAMPBELI
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, Director of forces and head debate coach,
"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, 1974 and 1975.
Two KU debate teams were invited to the national championship tournament in 1970, Parson said.
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.
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.
"It takes a lot to be a debater," he said.
"It is not easy."
One KU debater, Paul Johnson, Denver junior, said case debris kept in his library is "massive." The file the drawers are filled with information on subjects taken from magazines, books or
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.
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."
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, Joplin, M., soophomore, said research required in debating helped him to organize his thoughts and write better papers for classes.
HOWEVER, Johnson said he enjoyed the work because he enjoyed competition at tournaments and meeting new people there.
Debaters also said participating in debate helped their class work and would help in their future jobs.
Wilson said debating helped him in preparing for law school.
THE SUCCESSFUL record in debate, Parson said, has given KU's debate program a good reputation even among high schools outside Kansas.
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.
'My debate teacher told a outstanding academic and reputation, so I decided Johnson said. Grant also said KU because of the debate as one of the programs.
Parson also said KU hac good reputation in debate by against weaker opponents.
The top 60 debate teams of teams from U.S. colleges are chosen for the national chariot race throughout the United States.
The teams are selected of their performance in the debate The debate season lasts through March.
IT WOULDNT WORK to
presidentig tournan
team we need
"we need the competition
teams to get ready for the
This year's national chap at the University of Arizona.
at the University of Arizona or
at the despite increasing compa-
nements, he said KU's debate
looked encouraged because people
becoming involved in the
business was not so a financial support.
"I think our reputation is attacker retreats," he said need additional funding treasury to compete in tournaments."
He said the team receives
Senate to use for transport
two meals a day at tourme
ness costs. He teams
costs at a 175% rate.