Crash of '29 effects delayed in Midwest
By KATE POUND
Staff Reporter
Tick. Tick. Tick. The ticker tape machines tapped out the messages for October 19, 1929. Tick good, 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.
Hallway across the country, students and professors on Mount Oreal, unaware of the panic on New York's Wall Street, hurried 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 said they knew of the assault.
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 market. That was only for the rich in the End." -M.M.
According to Donald McCoy, professor of history, the full effect of the market crash did not hit the stock market.
Investors and industry were the hardest hit by the crash, McCoy said, and except for Chicago, there was no harm.
"Some people became nervous, but it wasn't until well after the 1920 Christmas sales rush that any other retailer could sell them."
It was different on the East Coast. The panic on Wall Street climaxed on Oct. 29, but had actually stopped weeks before. "We did a 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 we were 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, when the stock price was below the percent of the actual value of the bond.
By 1923, 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 would eventually be more likely to grind Glabrath. Growing industries needed more capita'
investments and Americans, with more money than ever to spend, will willingly deposit their savings into banks.
TO THE CASUAL stock market watcher, there was no end in sight to easy money. But economics and finance are not as easy as according to Galibert. Credit was too easy to obtain; far too many of the stocks purchased during the period were not issued.
Fortunes were being made of paper. Emebelzers, knowing that speculation fever made people reckless, sold phony stocks or stocks they did not own. The speculator recumbent knew the crash was coming, Grallhard said.
Even President Herbert Hower 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 Coppola, the Bank of America and partners of J.P. Morgan 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 were forced to take a hard line at once. Speculation fever had developed into fear that was infections, Galbraith said. More than 404,350 and 69,850 customers was 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, by a series of cars formed early Friday morning outside the Stock Exchange Building. They went away assured customers.
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 frantic moment as the company announced the time the ticker tape machines sign off with had been sold. Total loss was more than $10 billion.
"NONE OF the experts foresaw how bad it would
get," McCoy said.
Slowly, the force of the crash hit industry. Factors including lower pay and credit were tight. By 1922, more than 18 million employable Americans were jobsless, Galbrath wrote in 1954. Prices dropped, but even at a low no one was going to work.
The plight of Midwestern farmers added to the economic woes. At the beginning, overproduction
KANSAN
The University of Kansas—Lawrence, Kansas
Vol. 90, No. 46
10 cents off campus
free on 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 behavior against club clubs would begin "relatively shortly."
The director, Michael L. Bailey, said the KCCR had to complete an investigation that would allow it to begin its investigation of the clubs. Sheamigans, 101 Mississippi St., and Lamar, 114 Mississippi St., both were found in the city.
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 wa-
based on information obtained from na-
sia media reports of allegedly discriminatory
media promoters distributing member application
information.
The seven-member commission voted
Earlier this fall, local and area media,
including the University Daily Kansan,
conducted inquiries into consistencies 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.
Steve Campbell manager of Bullwinkle's
Still kicking
BARB K
Several former members of the KU pomp squon ride ala-
Homecoming float during Friday afternoon's parade. Thirty
six people attended the event.
pam girl reunion. About 20 of the women, some to the field at halftime of the football home game, were on hand.
Debate team claims far in national tournament
By HAROLD CAMPBELL
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 Pennier, KU director of officers and head coach, competes.
"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, 1972, and 1973. KU teams also were fifth in 1974, 1977 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.
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 University, said each debater 10 file documents that he read. The file 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."
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, that he, 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.
Zac Grant, Joedin, Mohr, sophomore, research required in debating helped him to organize his thoughts and write better papers for classes.
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.
"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.
HOWEVER, Johnson said he enjoyed the work because he enjoyed competition at tournaments and meeting new people there.
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."
'My debate teacher told a outstanding academic and reputation, so I decided Johnson said. Grant also is because of the deference as one of the programs.
Wilson said debating helped him in preparing for law school,
Parson also said KU had good reputation in debate by against weaker opponents.
"I WOULDN'T WORK to less prestigious tourname competence against quality test. We need the competition to improve for the partnerships.
The top defender teams from all U.S. countries are chosen for the national or a committee of debate through the United States. We hope their performance in the debase the season lasts through March.
Despite increasing competences, he said diplomats become better people being involved in it. But he said he was not so surprised.
"I think our request is attract debates," he said additional funding fixes to compete for tournament's.
He said the team receives Senate use to for transport for the tournaments take $20,000 for the team to
SATURDAY'S
and the adve c e o f
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stages - the college football ball field on that stage he has alternately danced and knelt in that place the ball has altered life itself for the shy young man who each Saturday in the fall throws the ball to the quarterback of the Missouri Tigers. Anomaly is no longer a state of the 6-foot, 100-pound小象 from New York in sophomore season in which he placed for 1,780 yards. led the Bie
Eight in 1 yards, and completion (60.2 perc
Bradley college for Bend, Bir At Colun ances have and stud about.
He has loner. "To he says.
On crisp spring eyes are g bluces ow River, wh town. If there be'
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not with one of Mizzou's coeds "I've got a girlfriend at home."
quarterback.
DeARMOND
"We write letters and
phone when she can't
water holes or
rating holes do not
the all-star quarterback
drink and don't smoke,
says "And besides, I
not was supposed to be in
id's of places.
in a blue moon you'll
be, or in a columbus spot,
but in a columbus spot,
not just at my most confi-
tious places like that."
Breathing into
television, which deks
no more than the energy of
the universe, that, however, is held to a
num. Leisure time is short for
a num.
all, baseball in the spring, and still carries a 2.55 grade-point average in business.
"I hate school," Bradley says. "But if you gonna go to college might as well as do the best you can do." I can't, I won't ever make the dearest list, but I'm doing all right. I paced 32 academic hours last year.
Summers back in Macomb, Illi
relief. Bradley works
i morning, spends a
ours at home, then
it in the Central Illin-
son baseball players run
of major-league base
wents the demands on
adley doesn't show it.
I make time for all
things. I make a
matter of making
or things even if you
come into shorter
time.
i really put an eye on a time to work at what you want to wantly wants to do is make er professional football "I did it, accomplish it," he said, for the other things.
s devotion to his dream
some problems, Strang-
im as self-centered. Old
friend goes to him.
him unwanted special treat-
SPORTS BULLETIN 7