Crash of '29 effects delayed in Midwest
By KATE POUND
Staff Reporter
Tick. Tick. Tick. The ticker tape machines tapped out their final messages for Oct. 19, 2020. Tick, good.
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 Oured, 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 lost it.
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 only for the rich in the country."
According to Donald McCoy, professor of history,
he was the first to crush a crash did not hit the
Midwest until the mid-1900s.
Investors and industry were the hardest hit by the crash, McCoy said and, except for Chicago, there was no significant spill.
"Some people became nervous, but it wasn't until well after the 1923 Christmas sales rushing that any change in their behaviour occurred."
It was different on the East Coast. The panic on Wall Street climaxed on Oct. 29, but had actually been delayed because of the 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 the biggest 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. Mining prices fell by 10 percent to 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 simply producers, who were increasingly dependent on labor. Galbraith. Growing industries needed more capital.
TO THE CASALI stock market watcher, there was no end in sight to easy money. but economists and investors have long been alarmed according to Galtraburh. Credit was too easy to obtain; far too many of the stocks purchased during the period were liquidated.
investments and Americans, with more money than ever to spend, will willingly deposit their savings into
Fortunes were being made of paper, Emberzebras knowing that speculation flee made people reckless, said phony stocks or stocks they didn't own. The speculation科能 knew the crash was coming, Galbrath said.
Ever President Herbert Hover knew, McCoy said. "Hover 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-mill, 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 Richard 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 are now having to deal with liquidation at once. Speculation fever had developed into fear and fear was infectious, Galbraith said. More than a quarter of the world's stocks were more than $4 billion, according to the Times.
ON FRIDAY, OCT. 25, the headlines were more optimistic. The crash had been stemmed, the Times reported. But crowds formed early Friday morning outside the Stock Exchange building. 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.
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 their traditional good night, 16,383,700 shares of more than $1 billion. Wall Street stood silent.
THE UNIVERSITY DAILY
"NONE OF THE experts foresaw how bad it would get."
McCay said.
The plight of Midwestern farmers added to the economic loss. At the beginning, overproduction
Slowly, the force of the crash hit industry. Factories began to close; warehouses in 1932, 1933, and 1934. In 1932, more than 18 million employable Americans were jobless, Gallabrath wrote in 1945. Prices dropped, but even at new lows one
KANSAN
Vol. 90. No. 46
The University of Kansas—Lawrence, Kansas
free on campus
10 cents off campus
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 membership policies at two local clubs disco
The director, Michael L. Bailey, said the KCR had to complete an investigation and determine why it could begin its investigation of the clubs, Shenqiangans, 901 Mississippi St., and Taipei, 843 Guangxi St.
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 applause.
Earlier this fall, local and area media,
including the University Daily Kansan,
conducted inquiries into inconsistencies in
the clubs' membership policies.
"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.
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.
Still kickina
Several former members of the KU pounpong square ride atop a Homecoming floor during Friday afternoon's parade. Thirty people, many from Brooklyn and Queens, made the trip.
pon girl reunion. About 28 of the women, now to the field halfway at the Homecoming football game, will be reunited in
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 and Dana Schuster 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.
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 also were fifth in 1972, 1974 and 1978.
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.
One KU debater, Paul Johnson, Denver junior, said each debater 16 file his papers in order to be selected. The file the drawers are filled with information on subjects taken from magazines, books or research materials.
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."
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.
"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."
KEVIN WILSON, Audit, Texas, senior, said the research involved in debate was like an "on-gong term paper."
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, that, he said, often made him absent from Friday and Monday classes.
THE SUCCESSFUL record in debate, Parson said, has given KU's debate program a good reputation even among ku's outside Kansas.
"You try to make your schedule so you don't have classes on Monday, Wednesday and Friday," he said.
Zac Grant, Jolin, Pho, sophomore, said research required in debating helped him to organize his thoughts and write better nanners 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.
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."
Wilson said debating helped him in preparing for law school.
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 in outstanding academic and reputation, so I decided I Johnson said. Grant also said KU because of the die of one as one of the proarrams.
IT WOULDN'T WORK in a prestigious tournaments team. "We need the competition teams to get ready for the
Parson also said KU ha good reputation in debate by against weaker opponents.
The top 60 debate teams
teams from U.S. colleges
are chosen for the national ch
ollege competition throughout the United States
This year's national charge at the University of Arizona is that he has made naments, he said KU's debacle looked encouraged because people becoming involved I was not so good at financial support.
The teams are selected of their performance in the debate The debate季lasts through March.
"I think our reputation attackers debatt," he said need additional funding for tournaments to compete tournaments."
The team receive
Senate to use for transport
two meals a day at a tour
costs it at 1975 level.
I was a day of change, a time caught between the hot breath of a
SATURDAY'S HERO
breath of a Missouri August and September's day, fresh snap. In the shadow of Jesse Hall, the main admenstry of the University of Missouri's Campus. Phi Bradley walked among those dressed during those first few days of 1977.
Mose of the new students would remain an old woman, known only to a special girl, a special boy, or both. But not Phil Bradley.
Bradley would soon acrobatics on one of America's most avid watched college football field OLBs. He has alternately danced and knelt in mental torment. Foot-alted lieutenant altered life itself for him.
man who each Saturday in the fall is shoved into prominence as the quarterback of the Missouri Tigers.
Anonymity is no longer a hazard. 6-foot, 120-pound junior from Iowa and 5-foot, 140-pound from Sophomore season, in which he pursued for 1,780 yards, led the big East by 399 yards, and set a single-season completion benchmark at Missouri.
Bradley' name is known in such college football hatchings as South Bend, Birmingham, and Norman. At Columbia, Bradley' performers have given the Missouri fans and students something to brag about
Despite such successes, Bradley is uncomfortable by big Man on Campus. "I'm a different type of person," he says, "I would be incapable to participate in athletics. I am very hardheaded. I don't make friends easily."
"I've got a girlfriend at home."
He has been described as a social loner. "To a certain extent, I am," he says.
On crisp fall days and warm spring evenings, thousands of couch-side walks to walking along the bluffs over the river to Surouri River, which flows by just west town. If you find Phil Bradley, you most likely be alone, not with other people.
His freshman season was too much too soon. Now Phil Bradley has matured into an All-American quarterback.
RY MIKE DeARMOND
Local watering holes do not count on the all-star quarterback as a customer.
he explains. "We write letters and use the telephone when she can't come down for a weekend."
"I don't drink and I don't smack."
Bradley says. "And besides, I am only 20. I'm not supposed to be in those kinds of places."
"Once in a blue moon you'll
me and Ida Va tu Faumia
mur apart, but not very often.
We'll go in my own confident
going into play again."
Bradley's main diversion is watching television, which demands that the energy needed to turn the wheel be even that. However, is held to a minimum. Lesser time is short for man playing who plays football in the field in the spring, and still carries a 255 grade-point average in business.
"I hate school," Bradley says. "If you gonna go to college you might as well do the best you can, and will help me down the road. I won’t help me down the road, but I'm doing all right for 32 academic hours last year."
Summers back in Macomb, Illinois, offer no relief. Bradley works on a farm all morning, spends a short hours at home, then plays in the Central Illinois Collegiate League, a circuit for promosing baseball players run with the help of major league baseball.
he resents the demands on his time. Bradley doesn't show it. "I need to work for all that," he explains. "And that's all it's a matter of making other things even if you have to squeeze them into shorter periods of time.
"But if you really put an eye on it, now is the time to work at what you want to do." Bradley says. "We are big real wants to do is make it more professional football or baseball." "I'll do that, accomplish what I want to accomplish," I have time for the other things later."
Bradley's devotion to his dream brudely added some problems. Strangers who live as self-centered. Old friends go to the hospital but he unspecialized a treatment to him.
SPORTS BULLETIN