Crash of '29 effects delayed in Midwest
Bv KATE POUND
Staff Reporter
Tick. Tick. Tick. The ticker tape machines tapped out their final messages for Oct. 19, 2019. 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 Ouverture, unaware of the panic on New York's Wall Street, buried from class on May 16. After a flood in 1929, 1928 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
them," Was that only valid for the rich in the
East. "McNavarro."
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 difference.
"Some people became nervous, but it wasn't until well after the 1920 Christmas sales rushes that any real worry came to mind."
It was different on the East Coast. The panic on Wall Street climaxed on Oct. 29, but had actually been followed by a slow decline 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 1926 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 a percentage.
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 capita!
THE CASIAN stock market watcher, there was no end in sight to easy money. But economists and business analysts have been according to Galibath. Credit was too easy to obtain; far too many of the stocks purchased during the recession were unissued.
investments and Americans, with more money than ever to spend, willightly deposited their savings into banks.
Fortunes were being made of paper, Embezzlers, knowing that speculation flee made people reckless, said phony stocks or stocks they didn't own. The speculator calculated the crash was coming, Gathrush 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 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 Bernstein, the Bank of America and partners of J.P. 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 Bills." Stockholders were shocked when at once, Speculation fever had developed into fear and fear was infectious, Galbraith said. More than a quarter of all the stockless loss was more than $4 billion, according to the Times.
ON FRIDAY, OCT. 25, the headlines were more announced. The building was then sounded up. But the crowds formed early Friday morning outside the Stock Exchange Building. They went away assured they were back.
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 franchise, until the stock began to drop. The time the ticket tape machine signed off with had been sold. Total loss was more than $1 billion.
Wall Street stood silent, a massive, hushed ruin
"NONE OF the experts foresaw how bad it would get," McCoy said.
THE UNIVERSITY DAILY
The plight of Midwestern farmers added to the economic woes. At the beginning, overproduction
Slowly, the force of the crash hit industry. Facilities and credit were tight. By 1922, more than 15 million employable Americans were jobless, Galbrath wrote in 1934. Prices dropped, but even at a lower no one was paying.
See CRASH back page
KANSAN
The University of Kansas—Lawrence, Kansas
free on campus
Vol. 90. No.46
10 cents off campus
Mondav. October 29.1979
Yankees fire Billy Martin
See story page six
KCCR to investigate clubs
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 distributing membership application forms.
Earlier this fall, local and area media, including the University Daily Kansan, conducted inquiries into inconsistencies in the clubs' membership policies.
mould
specialist would
"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.
The director, Michael I. Bailey, said the KCCR had to complete an investigation and begin a plan to begin its investigation of the clubs, Shenanigans, 901 Mississippi St. and,
The director of the Kansas Commission on Civil Rights said yesterday that a KCRC investigation of alleged discriminatory behavior in private clubs would begin "relatively shortly."
Steve Comeau, manager of Bullwinkle's,
Still kicking
Several former members of the KU pompon squad ride alape at Homecoming float during Friday afternoon's parade. Thirty percent of attendees participated in the event.
BARB KIP
member commission voted
pum girl romination. About 20 of the warmers, some now at the field at halftime of the Homecoming football game, said they were upset.
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 best programs in the nation, Donn Parson, DK director science and beat debate coach, University of Kansas.
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 1972, 1974 and 1978.
"The 1780s have been called the 'decade of KU' by other university debate teams because of KU's consistent success in debate." Parson said.
He also said 37 RU 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.
Two KU debate teams were invited to the national championship tournament in 1970, Parson said.
Parson attributed KU's success to the debaters' desire to work, desire to argue and ability of expression.
One KU debater, Paul Johnson, Denver
draws and uses dead letter keep 10 file
drawers. The file drawers are filled with information
on subjects taken from magazines, books or
journals.
"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.
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.
THE SUCCESSFUL record in debate, Parson said, has given KU's debate program a good reputation even among high schools outside Kansas.
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., soophmore, said research required in debating helped him to organize his thoughts and write better papers for classes.
Debating helps you to develop skills in analyzing problems," he said. "In debate, you must be able to look at both sides of an question intellectively."
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.
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.
'My debate teacher told me outstanding academic and reputation, so I decided Johnson said. Grant also as KJ because of the deprivation as one of the programs.
IT WOULD TORK WORK for
compete against quality
*we Need the competition
teams to get ready for the
squad.*
Parson also said KU had good reputation in debate against witter opponents.
he increased in income and coun-
nements, he said KU's Debe
people became involved
but he said he was not so
aware.
I think our repudiation
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need additional funding if I
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The top 60 debate teams
teams from U.S. colleges are
selected to represent the
committee of debate
throughout the United States
The teams are selected of their performance in the deb The debate comes less
This year's national chair at the University of Arizona
He said the team receive Senate to use for transport two meals a day at a tournament costs at a 1794 level.
Although the game unfolds in Texas, it's as neutral as if it were held in the red River. Dallas is halfway Austin, Texas, and Norman, Oklahoma. Both schools receive the team's home uniforms when their teams wear home uniforms alternately.
FTS, Saturday morning in Dallas, the day of the Game. Texas vs. Oklahoma at the Cotton Bowl football game between two teams who happen to be among the best teams in the nation, Texas-Oklahoma.
For on this October weekend, the game - as important as any the team plays - isn't always the main attraction of the school's children to see the Texas State Fair, which is considered one of the country's finest. Thousands bring the festivities to campus and party they do. Most of the festivities begin Friday afternoon, as the Oklahoma students roll in for the games and the Texans from the south.
Because Oklahoma and Texas are top-match football teams, the game usually has national implications. It also affects the employment of a couple of coaches, "Both
coaches' jobs rolled on for 10 years,
says long-time Texas publicist
Jones Ramsey.
The most notable victim was Blanky Cherry, who resigned under pressure after the 2013 season. Texas team to a number two national ranking. His crime: Losing an international championship, 14-13. The team was enough for Longhorn fans; the OU trailing 13-7 and too muchOU. trailing 13-7 and blocked a punt when Texas had only 10 players on the field. The team was blown by Cherry and was on his way out.
Texas leads the series 43-27. There have been three ties, including that between Texas and Oklahoma. That was the final OT Texas game for Texas coach Darrell Dartray, a former All-American quarterback a winner in 1985. ILLUSTRATIONS BY HUGH GRANT
ILLUSTRATIONS BY HUGH ARMSTRONG
The Big Eight's GREAT RIVALRIES
These are the heart-stopping, go-for-broke anything-can-happen contests. And if you lose, there's always next year.
BY PETE GOERING
Royal, the winnings coach of Longmont history, was probably the player who finished his final. His Tex teams, after 15 of 18, had to oklahoma in a game.
Streak are commonplace in this clash, which dates back to 1900 in Oklahoma City. Los Angeles took place in Oklahoma history, lost last six games against Texas but won only two. Oklahoma has only 29 wins during his 17 years. Oklahoma eight of those defeats were on the way.
One of the most unusual was a 94-80 back in 1992. OU's touchdown for Romine Flecher, a former hockey doctor, to Dorian Rentzel, who to Dalis. It was the high-point career for Flecher, who joined the team after a Sooner coach was hit by an N.C. he threw hot dots in the stands.
Rentzel developed into an outstanding receiver for the Dallas Cowboys of the National Football team that afternoon he was in Dallas that afternoon. He had hitchhiked from Norman, and Eight Conference had a limitation on the number of players who could travel with the team, but no one knew how many could play. So Rentzel told him to sit up, and caught a touchdown.
The following year OU carried its number-one ranking into Dallas, but Texas led by Outland Trophy coach Bryan Heyward, crushed the Sooners 2-1. The team took over the number-one spot in the polls and eventually claimed national championship coaching over, went into politics.
Nebraska vs.
Oklahoma
Jeff Kinney never went into politics, but in 1971 the people of Lincoln. Nebraska, would have elected him to any office he wanted. But Jeff Kinney merely campaigned for Alabaster. He saved his best performance for 63.85 fanswear is the best football games they've ever seen.
The game was a classic. Walt Disney couldn't have dreamed up a better script. Here was Nebraska, 9-0, ranked number one in the nation, against Oklahoma, 9-0, ranked number one in the country. But there wasn't enough to best the defensive team in college football, limiting opponents to 172
The hoopla was incredible. "It's gotten as much publicity as any game in the last 10 years," said
yards and 4-6 points a game. A game
was the best offseason teama
arguing 65 points, ranging
yards and 45 points a game.
Irresponsible. Force against the
middles.
Colorado athletic director Eddie Crowder.
The game also was incredible. IPS probably the greatest victory of my career, and it wasn't Dresenay after the contest ended with Nebraska on top. 35-17.
Jeff Kinney received his All-America honors, and did eight other plays on the field at afternoon. But he was a strong performer - 31 carries for 173 yards and four touchdowns, included a winner with only 1:38 remaining.
It had been billed as the game of the decade. It had been played like the game of the century. "This game should be put in a time frame," said Joe Katz, former executive director of the Sugar Bowl.
The two heavyweights have stood toe-to-toe and slugged it out for 58 years, the victor, more often than preceded to the top of the college basketball sebastian clawed over OU to claim a back-to-back national titles in 1970 and 1971. Oklahoma returned the fearless a few later, hosting its first Big Red to the pinnacle of college football in 1974 and 1975.
The Sooners were one fumble away from another national championship in 1978. Running back he was to have been stopped at Nebraska later in the game. Using the form which a few months later would him the Hesham Trophy, Sims started a seven-second effort. As he sprinted ever, a Nebraska defensive back jarred the ball loose. Another red-letter defender recovered for the Hokies, preserving their 17-14 victory.
Iowa State vs. Iowa
For 43 years, Nebraska served as Iowa State's big game, but only house the University of Iowa football team and the "farm school" in Ames. The division was granted in 1934 when Iowa, faunting its membership in the big game, terminated a 10-year contract with Nebraska in all sports. The feud was on.
Eventually, with assistance from the state legislature, athletic directors Forest Eswaksha of Iowa and Clay Staples of Iowa State out a two-year contract to reschedule his competition in 1977. The two men agreed verbally on a four-year extension to the contract.
In Iowa City, the decision was greeted without enthusiasm. In Iowa City, he left the Hawkeyes tired to nullify an arrangement. An arbitrator was
SPORTS BULLETIN 5