Denton Record-Chronicle (Denton, Tex.), Vol. 77, No. 26, Ed. 1 Sunday, September 2, 1979 Page: 3 of 48
This newspaper is part of the collection entitled: Denton Record-Chronicle and was provided to The Portal to Texas History by the Denton Public Library.
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WASHINGTON, (AP) - Congress
returns from its month-long August
Fhe motor-
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duced from
Victories in these two areasleeuld be
a big boost for President Carter's re-
election hopes as 1980 approaches
Senate leaders hope to start floor
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CARL H. STOCKER
500 Malone Suite C 566-1212
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being found
Friday,
putee, was
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e and hands
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Frederick Lewis Allen in his book "Only Yester-
day.” ' ,
"The enormous majority expected the Big Bull
Market to go on and on. For the blood of the pioneers
still ran in Amertcan veins; and if there was no
Special 5.99
Juniot shirt of 100% cotton .n an assortment
ot plaid patternsand colors S-M-L
debate on the SALT II treaty in
October and have asked the Foreign
Relations and Armed Services corn-.1
recess this week to a full agenda inat
includes two programs dear to the
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plaid combinations Button cuff sleeves, long :
tuck-in tails. Sizes SMI XE
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straight leg style to wear down or foiled
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N BUREAU
Capital Station
teiKltni
512-4785663
35
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125
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longer sdmething lost beyond the ranges, still the
habit of seeing visions persisted - •
“Still the American could spin wonderful dreams
— of a .romantic day when he would sell his. |
Westinghouse common at a fabulous priteand live I
in a great house and have a fleet of shining'cars and I
loll at ease on the sands of Palm Beach." I
Two days later,-on Sept. 5, there was a small E
forerunner of the disaster to come when the market—I
• declined sharply in what became known as the I
"Babson break."
Roger Babson, an economist known as something
ofa maventk and a perpetual prophet of gloom, "
—declared that day in a luncheon speech to a business
conference that "sooner or later a crash is coming."
His forecast, however similar to ones he had made
before touched off a wave of selling.
.By the next day: Friday,'Sept 6; the market had
steadied But Wall Street, was.still ruffled by what
had happened, and Babson was roundly criticized.
The historical chart of the stock market shows a
lofty, isolated peak in the late 1920s The mountain
was built out of margin — borrowed money used to
finance speculation in stocks/
Once the market started to decline, it generated
its own downward momentum by wiping out the
value of the collateral on those loans, forcing more
and more sales of stock
As it turned out, the Dow "Jones industrial
average, after reaching a high of 386.1 in 1929, did
not get back to that level again for 25 years
Jogging
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50 years ago
Ritnaivay market
pointed to '29 crash
NEW YORK (AP) — Few people knew it at the
time, but 50 years ago this week Wall Street and the ।
United States stood at a landmark point. . t
In the first week of September 1929, a runaway
bull market in stocks reached its climax. Less than
two months away was the crash that was to usher in
the Great Denression.
"On Sept 3, by common consent, the great bull •
market of the 1920s came to an end," the economist
John Kenneth Galbraith wrote in his book “The
- Great Crash 1929."
“Economics, as always, vouchsafes us few
dramatic turning points. Its events are invariably
fuzzy or even indeterminate. On some days that
followed — a few only: some averages were ac-
wtally higher ... • .
"However, never agaihdid the market manifest
its old confidence. The later peaks were not peaks
but brief interruptions of a downward trend.”
In the stock market Sept. 3, the day after Labor
Day, General Electric reached 396%4, three times
where it stood a year and a half before. Radio hit
s
4+84
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6.992
Girls’ Nylon Bikinis.i
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ind: He called energy "the biggest
The president’s new energy plan, issue of all" facing Congress in the
unveiled in mid-July after Carters coming months "
period of self re-assessment at Camp And Brademas 4said_that while -
Dayid,is scattered in Congress across. Congress is nominally scheduled to
a number of . different bills and finish its work by Oct. 20. members of
committees. ~ -■ Congress and aides "should not plan-
■/Therewill-be some - titanic to go too far away from Washington
vmittees.to complete their reports on struggles upcoming" over -energy for their Thanksgiving. dinner and
the.pact by Sept 25- z measures. predicted House should expect to ’ do some of their
The arms limitarion agreement --Democratic Whip John Brademas, D- - Christmas shopping in 'the nation's
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Sizes S-M-L 19.98 Sizes M-t xL17.98
101, having quintupled in 18 months, and U.S. Steel___
was 26144, double its early-1928 level
•'•Remember that on that day few people imagined I
that the peak had actually been reached,” said S
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irged with
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.-—5
- — . -- Sunday. September 2, 1979 DENTON RECORD-CHRONICLE Page 3A
SALT treaty, energy problems top Congressional agenda
muntnssamriurosppnammuzta .Victories could boost Carter's ---windiaiurreha- tms .
defense spending. A Senate floor - . , Ao t i ponies make-as a restt of the bill and Carter's are now being
a . J battle of at least six weeks is ex Sagging IV&J^leCtlOn ChanC^S "......... president’s related decision to studied by the Senate Energy and
J?arter.administration: energy and • pected, with the outcome still viewed °° ” - -deregulate domestic crude oil prices Banking Committees
tne SALT II treaty s. " as c lose: ) — - ind: He called energv "the biggest capital" । has passed the House and isrnow —Energy Mobilization Board. The
Here’s where" the major energy before the Senate Finance Com-. president’s proposal fot a board to
* measures stand: . mittee. However, the House has yet to oversee major energy projects and
—Standby gasoline-rationingA act on legislation determining how to cut through red- tape is progressing
House-Senate cenference panel will spend revenues from the lax , ' though committees in both House and
begin meeting late this week to —Synthetic Fuels The president Senate, with floor action expected
reconcile House and Senate dif- wants to earmark $88 billion of his later this month in both chambers,
ferences over legislation-giving the $141 billion 10-year energy program Senate, leaders hope to complete- '
president authority to ration gas and— for- promoting the development of wprkon the energy legislation by late,
take other energy-conservation steps synthethic fuels though a combination September or early October to clear
durihg grave fuel shortages ' of government subsidies loans and the way for the SALT II debate.
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Denton Record-Chronicle (Denton, Tex.), Vol. 77, No. 26, Ed. 1 Sunday, September 2, 1979, newspaper, September 2, 1979; Denton, Texas. (https://texashistory.unt.edu/ark:/67531/metapth1594704/m1/3/?q=%22%22~1: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting Denton Public Library.