Crash of '29 effects delayed in Midwest
By KATE POUND
Staff Reporter
Tick. Tick. Tick. The ticker tape machines tapped out final messages for Oct. 19, 2019. Tick, good. 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 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 McNeair, Mr.原谅 emerentus of biology, said recently. Few people at the university had the money to spend on the market, she said.
"I DIDNT HAVE enough money to worry about the stock market. That was only for the rich in the U.S."
According to Donald McCoy, professor of history, the full effect of the market crash did not hit the financial markets.
Investors and industry were the hardest hit by the crash, McCoy said, and except for Chicago, there was no need to worry.
"Some people became nervous, but it wasn't until well after the 1929 Christmas sales rushed that any one else would notice."
It was different on the East Coast. The panic on Wall Street climaxed on Oct. 29, but had actually begin Sept. 1. The New York Times carried an article about a group of shopping declines was slow at first, picked up momentum, then slowed again. By the middle of October, the Times reported a surge in investing investments and predicting a boom year in 1930.
THE 1928 HAD been boom years on the market; speculation became easy, a quick way to make money. Middle income earners bought stocks on the market because they were less aware 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 much more dependent on capital, Glabrath, Growing industries needed more capita!
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 money. But economists and financial experts agreed that it would not accord to Galbraith. Credit was too easy to obtain; far too many of the stocks purchased during the crisis were backed on bad credit.
Fortunes were being made of paper. Embutezzels, knowing that speculation flee made people reckless, sold phony stocks or stocks they didn't own. The experienced speculator knew the crash was coming,
Even President Herbert Hover 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 Giannini, president of the Bank of America and George J. 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 Stock Crises in Heavy Liquidation, Total Drop of Billion$” Stockholders will pay up to $1 billion if the stock at once. Speculation fever had developed into fear and fury was infectious, Galbraith said. More than 750,000 people lost less money was more than $4 billion, according to the Times.
ON FRIDAY, OCT. 15, the headlines were more dramatic. The team announced, and conditions were sound. But the crowds formed early Friday morning outside the Stock Exchange Building. They went away assured the crowd that things would be well.
The weekend was peaceful. Investment companies were eager to learn how to prepare themselves trying to clear the mounds of paperwork. Few were able to accomplish that.
Wall Street stood silent. a massive, hushed ruin.
Tuesday morning, Oct. 29, was different. Selling
the ticker tape machines stopped, downshift run according to the Tunes. By the time the ticker tape machines sign off with
their traditional good night sleep, $70,000 of stock
was in hand and the machines were ready.
"NONE OF the experts foresee how bad it would get," McCoa said.
THE UNIVERSITY DAILY
Slowly, the force of the crash hit industry. Factory-made and credit were tight. By 1982, more than 15 million employable Americans were jobless, Galbrash wrote in 1994. Prices dropped, but even at a low no one was willing to pay.
The plight of Midwestern farmers added to the economic woes. At the plantation, overproduction has caused HASH bursitis.
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 director of the Kansas Commission on Civil Rights said yesterday that a KCRC investigation of alleged discriminatory behavior against his other clubs would begin "relatively shortly."
The director, Michael I. Bailey, said the KCR had to complete an investigation and begin its investigation could begin its investigation of the clubs, Shenanigans, 801 Mississippi St., and Cincinnati, 763 Temple St.
Several former members of the KU pomp squam ride alope at Homecoming food during Friday afternoon's parade. Thirty people dressed in masks attended the event.
Earlier this fall, local and area media, including the University Daily Kansan, conducted inquiries into inconsistencies in the clubs' membership policies.
The seven-member commission voted unanimously Thursday night to conduct the
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 attributing membership application forms.
Still kicking
Bailey said a civil rights 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.
BARB
pon girl reunion. About 20 of the women, some novi
to the field at hatchline of the Homecoming footb
all game.
Steve Comeau, manager of Bullwinkle's,
and Chuck Shannon.
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 Parson, KU director of fences 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 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.
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.
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.
One KU debater, Paul Johnson, Denver
and an exdebatetorek 10 file
drawers. The file drawers are filled with information
on subjects taken from magazines, books or
theses.
"It takes a lot to be a debater," he said.
"It is not easy."
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."
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.
KEVIN WILSON, Austin, Texas, senior, said the research involved in debate was like an "on-going paper naper."
HOWEVER, Johnson said he enjoyed the work because he enjoyed competition at tournaments and meeting new people there.
"You try to make your schedule so you don't have classes on Monday, Wednesday and Friday," he said.
Zac Grant, Joplin, M. , 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.
THE SUCCESSFUL record in debate, Parson said, has given KU's debate program a good reputation even among high schools outside Kansas.
Wilson said debating helped him in preparing for law school.
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 outstanding academic and reputation, so I decided Johnson said. Grant also was because of the diapragmus as one of the programs.
Parson also said KU has good reputation in debate by against weaker opponents.
The teams are selected their performance in the deb The debate season lasts through March.
"IT WOULDN'T WORK if we compete against quality it." We need the competition teams to get ready for the tournament.
The top 60 debate teams
teams from U.S. colleges are
chosen for the national c
联赛 throughout the United States
This year's national chance at the University of Arizona was limited, his names, he said KU's debt looked encouraged because people involved in the fight was not a financial support.
"I think our reputation attracts detracters," he said need additional funding for the tournaments to come to compete in "tournaments."
He said the team receive Senate to use for transport two meals a day at a tournament costs at a 1975 level.