HIST 1312 1st Edition Lecture 22 Outline of Last Lecture I Modern Conveniences II Advertising III Obsolete Products IV Women s Fashions A Morals and Manners V 2nd KKK A David Stephenson Outline of Current Lecture I Buying on Margin II Sick Industries A Farming B Railroads C Textiles III Harding Scandals A Forbes B Attorney General Harry Daugherty C Secretary of Interior Albert Falls IV Washington Naval Conference V Harding dies and Coolidge becomes President A Kellogg Brand Pact VI Election of 1928 A Herbert Hoover vs Al Smith Current Lecture l Buying on Margin is when you wanted to buy 100 in shares so you go and pay 10 so you ve paid 10 down In the 1920 s the price of shares keep going up If shares go down then you re left with nothing Companies invested in three things banking insurance and financial securities Companies could engage in all three of these at once but after the stock market crash and the 1929 depression Congress passes the Glass Steagall Act which says that businesses can only play one of these at a time Act was repealed in 1999 These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute ll A Farmers in Europe didn t grow farm produce they got it from America However during the 1920 s European farmers started growing their own crops and American prices go down B Railroads are losing passengers because people use cars now and people now use trucks to transport goods instead of using the railroads C Textiles start creating synthetic fiber but they didn t have enough money to make it so they are in debt and unstable lll A Harding s friend Forbes has a scandal where he steals 200 million and Harding finds out and knows the scandal is about to pop so he tells Forbes he has 24 hours to flee before they start looking for him so he does B Harding s Attorney General Harry Daugherty gave some property to a phony company that he knew was fake and he got a lot of money for this C Albert Falls allowed illegal mining because he accepted a bribe and allowed a mining company to mine on Teapot Dome Elks Hill Falls became the first American government official to be charged with a crime lV In 1922 there was a Washington Naval Conference with the U S Great Britain Japan and Italy This conference said for every 5 ships Great Britain builds America can build 5 as well Japan can build 3 and Italy can build 1 even though Italy was too broke to build anything V In 1923 President Harding is travelling with his wife and gets sick While away he wants to eat raw shellfish and ends up dying from shellfish poisoning because it wasn t in season Harding s Vice President Coolidge becomes President and wins the Presidential election in 1924 A President Coolidge is having a disagreement with France so he expands talks to outlawing war so that he can make them focus on something else 15 nations sign the Kellogg Brand Pact which outlawed war he used this to get out of the French debate Vl A Coolidge retires in 1928 so the Republicans pick Herbert Hoover and the Democrats pick Al Smith Hoover was an orphan who paid for his own college and did a good job cleaning up Belgium Smith was a Catholic and people did not want a Catholic in office and he wanted to repeal prohibition so Hoover wins the election and on October 29 1929 the stock market crashes
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