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, 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 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
The stock market was far away from most KU students and faculty, Ruth McNair, McRair professor 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 town."
According to Donald McCoy, professor of history,
the Maryland crash did not hit the Midwest until the midle of 1987.
Investors and industry were the hardest hit by the crash, McCoy said and, except for Chicago, there was no impact.
"Some people became nervous, but it wasn't until well after the 129th Christmas sales run that it worked."
It was different on the East Coast. The panic on Wall Street climaxed on Oct. 29, but had actually begun Sept. 1. The New York Times carried an article describing how the Wall Street decline was slow at first, picked up momentum, then slowed again. By the mid of October, the Times reported that investors had投资 investments and predicting a boom year in 1930.
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.
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, and they were willing as little as 10 percent of the actual value of the bond.
investments and Americans, with more money than ever to spend, willingly deposited their savings into the bank.
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 the new manufacturing industry, Galbrath, Growing industries needed more capita'
TO THE CASIAL market watcher, there was no end in sight to easy money. But economists and investors are optimistic that the bank will according to Galtrabhit. Credit is too easy to obtain; far too many of the stocks purchased during the crisis were in transit at the time.
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.
Fortunes were being made of paper, Emherrzels, knowing that speculation fever made people reckless, solid phony stocks or stocks they didn't own. The experienced speculator knew the crash was coming,
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 Bernard 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 Months" and warned that stockholders had punished and dumped stock onto the market at once. Speculation fever had developed into fear among the infected, Gailbraith said. More than 494,530 people lost less was more than $4 billion, according to the Times.
ON FRIDAY, OCT. 25, the headlines were more optimistic. The stock were steadily up and conditions were good. But the crowds formed early Friday morning outside the Stock Exchange Building. They went away assured the crowd of their disappointment.
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 $10 billion.
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. Factor 12, which was the reason for credit and credit were tight. By 1952, more than 19 million employable Americans were jobless, Galbraith wrote in *Invesco* dropped, but even at new low ones I could see a recovery.
KANSAN
The University of Kansas—Lawrence, Kansas
10 cents off campus
Vol. 90. No.46
free on campus
Mondav. October 29.1979
Yankees fire Billy Martin
See story page six
Still kickina
Several former members of the KU pompon squad ride a stop at Homecoming float during Friday afternoon parade. Thirty men and women participated in the parade.
KCCR to investigate clubs
the director, Michael L. Bailey, said the KCRI had to complete an investigation into the shootings and could begin its investigation of the clubs, Sheenangyi 90 North Williams St., and Shengqiang 90 North Williams St.
pon girl reunion. About 20 of the women, some nee to the field at hullmeadow in the Homecoming football game, are being reunited.
Earlier this fall, local and area media, including the University Daily Kansan, conducted inquiries into inconsistencies in the club's membership policies.
He said the commission's decision was based on information obtained from news media reports of allegedly discriminatory practices in distributing membership application forms.
The director of the Kansas Commission on Civil Rights said yesterday that a KCRC investigation of alleged discriminatory behavior by local discus club would be "politically shocking."
the commission can vote to enter a complaint on its own behalf or conduct an investigation without one. Bailey said.
Bailey said a civil rights specialist would
The seven-member commission voted unanimously Thursday night to conduct the
"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 Comeau, manager of Bullwinkle's.
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, KU president and head debate coach, said last week.
"The 1790 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.
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.
Two KU debate teams were invited to the national championship tournament in 1970, Parson said.
"It takes a lot to be a debater," he said.
"It is not easy."
One KU debater, Paul Johnson, Denver junior, said debate team kept 10 file copies of his notes. The file the drawers are filled with information on subjects taken from magazines, books or movies.
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 Kapas.
He said he spent about 20 hours a week outside of classes doing research for debates.
Zac Grant, Joplin, Mo, 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.
He also said he went to about 10 debate tournaments a year. That, he said, often made him absent from Friday and Monday classes.
Johnson said the KU graduate 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.
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.
"You try to make your schedule so you don't have classes on Monday, Wednesday and Friday," he said.
This year's national chair at the University of Arizona has made a series of nations, he said KU's deaf looked encouraged because people being involved in academic work not so financial support.
The teams are selected their performance in the debt The season lasts through March.
"My debate teacher told outstanding academic and reputation, so I decided Johnson said. Grant also a KU because of the d answer as one of the programs.
"I think our reputation attractulates detractors," he said. He added additional funding for the trip to compete in tournaments.
Parson also said KU h good reputation in debate by against weaker opponents.
"IT WOULDN'T WORK in a compete against quality we "We need the competition teams to get ready for the challenge."
The top 60 debate teams
teams from U.S. colleges
are chosen for the national
a committee of debate
He said the team receive
Senate to use for transport
two meals a day at tauem
court in the summer and
be cast at 19% level.