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82-545: The Washington Athletic Club, founded in 1930, is a private social and athletic club located in downtown Seattle . The 21-story WAC clubhouse opened in December 1930, and was designed in the Art Deco style by Seattle architect Sherwood D. Ford. The five-story WAC includes a 25-yard pool, full-size basketball court, running track, handball and racquetball courts, and pilates and yoga studios. The top ten floors house

164-699: A broad range of events in their monthly calendars. The members choose the events in which the club is going to take part, based upon the changing interests of the members. The members themselves determine the events they will attend of those offered. Because the purpose of these clubs is split between general social interaction and taking part in the events themselves, both single and married people can take part. However, clubs tend to have more single members than married, and many clubs exist for only single people, only married couples or only people with certain sexual orientations (homosexuality, pansexuality, bisexuality or heterosexuality). Membership can be limited or open to

246-562: A center for training local athletes for professional careers as well as for the Olympics. The club enthusiastically hired Ray Daughters, swimming coach at the Crystal Pool Natatorium . He was followed to the club by his young protege, Helene Madison . The club's pool would later be named in her honor. The Great Depression began to affect many social clubs across the nation who saw their memberships begin to taper off and

328-568: A clubhouse and by early 1928 over 1,000 had been collected. Funds were stored in a trust that couldn't be accessed until 2,000 memberships were sold. In February 1928, Clarke announced a 120 x 96' site had been chosen at the corner of 6th and University Streets. The committee hired the Seattle architectural firm of Baker, Vogel & Roush to design a building. Their plans were of an elegant twelve-story structure with Gothic Revival influences. The building would cost around $ 1 million and construction

410-514: A daily rate of 133 in 1931). The 1929 crash brought the Roaring Twenties to a halt. As tentatively expressed by economic historian Charles P. Kindleberger , in 1929, there was no lender of last resort effectively present, which, if it had existed and been properly exercised, would have been key in shortening the business slowdown that normally follows financial crises. The crash instigated widespread and long-lasting consequences for

492-703: A fixture of British upper-class male society. This is not to be confused with the modern use of the phrase, which is now a euphemism for a strip club . Clubs in England and Wales were not controlled by the licensing system until the Licensing Act 1902 was passed, or in Scotland until the Licensing (Scotland) Act 1903 ( 3 Edw. 7 . c. 25) was passed. They were passed mainly to check the abuse of "clubs" being formed solely to sell intoxicating liquors free from

574-634: A mass of 250 million bushels of wheat to be "carried over" when 1929 opened. By May there was also a winter wheat crop of 560 million bushels ready for harvest in the Mississippi Valley. The oversupply caused such a drop in wheat prices that the net incomes of farmers from wheat were threatened with extinction. Stock markets are always sensitive to the future state of commodity markets, and the slump in Wall Street that had been predicted for May by Sir George Paish arrived on time. In June 1929,

656-490: A practice of suspending trading when prices fell rapidly to limit panic selling . Scholars differ over crash's effect on the Great Depression, with some claiming that the price fluctuations were insufficient on their own to trigger a major collapse of the financial system, with others arguing that the crash, combined with the other economic problems in the U.S. at the end of the 1920s, should be jointly interpreted as

738-574: A quiet room. Due to the club's large size, it was made known by the owners that it could only be operated with full membership. In an attempt to stay in business, the owners began an aggressive new premium membership program, hoping to sign on 1,200 new members which luckily was a quick success. During the 1936 Olympics in Berlin , the Washington Athletic Club and University of Washington were represented by 23 athletes, one of which

820-508: A serious setback to industry when industrial production is for the most part in a healthy and balanced condition?" They argued that there must be some setback, but there was not yet sufficient evidence to prove that it would be long or would necessarily produce a general industrial depression. However, The Economist also cautioned that some bank failures were also to be expected and some banks may not have had any reserves left for financing commercial and industrial enterprises. It concluded that

902-468: A social club has a constitution which states the club's objects, its structure, location of its activities, requirements of members, membership criteria and various other rules. British clubs are usually run by a committee that will also include three 'officer' positions – chair, secretary and treasurer. Social activities clubs are a modern combination of several types of clubs and reflect today's more eclectic and varied society. These clubs are centered on

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984-445: A stage in the business cycles which affect all capitalist economies. The " Roaring Twenties ", the decade following World War I that led to the crash, was a time of wealth and excess. Building on post-war optimism, rural Americans migrated to the cities in vast numbers throughout the decade with hopes of finding a more prosperous life in the ever-growing expansion of America's industrial sector. Scholars believe that declines in

1066-546: A strategy used during the Panic of 1907 . This encouraged a brief recovery before Black Tuesday. Further action failed to halt the fall, which continued until July 8, 1932; by then, the stock market had lost some 90% of its pre-crash value. The United States Congress responded to the events by passing the Banking Act of 1933 (Glass–Steagall Act), which separated commercial and investment banking . Stock exchanges introduced

1148-603: A variety of other types of clubs having some social characteristics. Social clubs have commonly been used by the Mafia as meeting places, many mob crews even being named after the club that they are based out of (The Palma Boys Crew, The Gemini Crew, The Veterans & Friends Crew). Working men's clubs developed in Britain during Victorian times as institutes where working class men could attend lectures and take part in recreational pursuits. The Reverend Henry Solly founded

1230-404: Is a comfortable library decorated and furnished in a more subdued motif. Women were largely segregated from men in the new quarters, having their own entrance and elevator as described by the article: Allegorical incidents of Persian history are told on the walls of the woman's bridge room on the second floor. The woman's lounge is entirely of French motif. The third floor, too is devoted to

1312-474: Is considered the most devastating in the country's history. It is most associated with October 24, 1929, known as "Black Thursday", when about 12.9 million shares were traded on the NYSE in a single day (as compared to an average of 4 million), and October 29, 1929, "Black Tuesday", when some 16.4 million shares were traded. The " Roaring Twenties " of the previous decade had been a time of industrial expansion in

1394-508: Is especially popular for business meetings. In July 2007, the WAC Building was one of 38 surveyed buildings in and around downtown Seattle deemed eligible for landmark status. It became official on April 9, 2010. Social club This article covers only three distinct types of social clubs – the historic gentlemen's clubs , the modern activities clubs and an introduction to fraternities and sororities . This article does not cover

1476-554: Is limited to individuals with these conditions. Fraternities and sororities are part of "Greek life" prevalent in universities. Many young men and women pledge during their freshman year of college in order to become a "brother" or "sister" of a fraternity or sorority . These clubs are founded on principles of camaraderie and communal bonding. As social clubs, they are sometimes also philanthropic , hosting fundraisers for charities or on-campus events. Stock market crash of 1929 The Wall Street crash of 1929 , also known as

1558-596: The Great Crash or Crash of '29 , was a major stock market crash in the United States in late 1929, beginning in late October with a sharp decline in prices on the New York Stock Exchange (NYSE) and ending in mid-November. The crash, which began a rapid erosion of confidence in the U.S. banking system and marked the beginning of the worldwide Great Depression , which lasted until 1939,

1640-557: The National City Bank , would provide $ 25 million in credit to stop the market's slide. Mitchell's move brought a temporary halt to the financial crisis, and call money declined from 20 to 8 percent. However, the American economy showed ominous signs of trouble. Steel production declined, construction was sluggish, automobile sales went down, and consumers were building up large debts because of easy credit. Despite all

1722-484: The National City Bank of New York . They chose Richard Whitney , vice president of the Exchange, to act on their behalf. With the bankers' financial resources behind him, Whitney placed a bid to purchase 25,000 shares of U.S. Steel at $ 205 per share, a price well above the current market. As traders watched, Whitney then placed similar bids on other " blue chip " stocks. The tactic was similar to one that had ended

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1804-598: The New York Friars' Club . Social activities clubs can be for-profit, non-profit or a combination of the two (a for-profit club with a non-profit charitable arm, for instance). Some social clubs have function halls which members, or sometimes the general public, can rent for parties. A number of Jewish community centers and other organizations, such as the YMCA , have social clubs for people with social anxiety and learning disabilities . Membership in these clubs

1886-566: The Olympic Club in San Francisco , to consult with architect Ford to re-design the building in a way that would make optimal use of the lot. After an inspection of the site, Ford & McLeod left for an extended trip across the country to inspect and tour other metropolitan athletic clubs and gather ideas for the new design. Sherwood Ford's findings resulted in a new set of plans for a structure priced at $ 2.3 million. The new design

1968-505: The Panic of 1907 and succeeded in halting the slide. The Dow Jones Industrial Average recovered, closing down only 6.38 points (2.09%) for the day. On October 28, " Black Monday ", more investors facing margin calls decided to get out of the market, and the slide continued with a record loss in the Dow for the day of 38.33 points, or 12.82%. On October 29, 1929, " Black Tuesday " hit Wall Street as investors traded some 16 million shares on

2050-528: The Pecora Commission was established by the U.S. Senate to study the causes of the crash. The following year, the U.S. Congress passed the Glass–Steagall Act mandating a separation between commercial banks , which take deposits and extend loans , and investment banks , which underwrite , issue, and distribute stocks , bonds , and other securities . Afterwards, stock markets around

2132-491: The Working Men's Club and Institute Union (CIU) for this purpose in 1862. Many middle-class social reformers founded these clubs during the temperance movement as a place to relax without alcohol, but in time this changed. They became a combination of public houses (pubs), music-halls and clubs , becoming places to be entertained, to drink socially and to play bar games. Working men's clubs are still prevalent across

2214-477: The ticker tape in brokerage offices around the nation was hours late, and so investors had no idea what most stocks were trading for. Several leading Wall Street bankers met to find a solution to the panic and chaos on the trading floor. The meeting included Thomas W. Lamont , acting head of Morgan Bank ; Albert Wiggin , head of the Chase National Bank ; and Charles E. Mitchell, president of

2296-490: The uptick rule , which allowed short selling only when the last tick in a stock's price was positive, was implemented after the 1929 market crash to prevent short sellers from driving the price of a stock down in a bear raid . The stock market crash of October 1929 led directly to the Great Depression in Europe. When stocks plummeted on the New York Stock Exchange , the world noticed immediately. Although financial leaders in

2378-427: The Dow closing at 198.60. The market then recovered for several months, starting on November 14, with the Dow gaining 18.59 points to close at 217.28, and reaching a secondary closing peak ( bear market rally ) of 294.07 on April 17, 1930. The Dow then embarked on another, much longer, steady slide from April 1930 to July 8, 1932, when it closed at 41.22, its lowest level of the 20th century, concluding an 89.2% loss for

2460-516: The Great Depression. True or not, the consequences were dire for almost everybody. Most academic experts agree on one aspect of the crash: It wiped out billions of dollars of wealth in one day, and this immediately depressed consumer buying. The failure set off a worldwide run on US gold deposits (i.e., the dollar) and forced the Federal Reserve to raise interest rates into the slump. Some 4,000 banks and other lenders ultimately failed. Also,

2542-619: The Inn at the WAC, a 109-room boutique hotel. The club also offers a full-service day spa and a wellness center with nutrition, physical therapy, and naturopathic services. The building is also home to three restaurants, a private ballroom, social areas, and numerous meeting spaces. The idea of the Century 21 Exposition was first conceived by club members within the building in January 1955. In 2009,

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2624-476: The London Stock Exchange. In the days leading up to the crash, the market was severely unstable. Periods of selling and high volumes were interspersed with brief periods of rising prices and recovery. Selling intensified in mid-October. On October 24, " Black Thursday ", the market lost 11% of its value at the opening bell on very heavy trading. The huge volume meant that the report of prices on

2706-619: The New York Stock Exchange in a single day. Around $ 14 billion of stock value was lost, wiping out thousands of investors. The panic selling reached its peak with some stocks having no buyers at any price. The Dow lost an additional 30.57 points, or 11.73%, for a total drop of 68.90 points, or 23.05% in two days. On October 29, William C. Durant joined with members of the Rockefeller family and other financial giants to buy large quantities of stocks to demonstrate to

2788-537: The Sound Construction Company was crushed to death when a section of the concrete structure collapsed on top of him. The steel frame was mostly completed by July and the brick sheathing followed soon after. By late December 1930 the building would be complete at a total cost of $ 2.5 million. The Washington Athletic Club officially opened on December 16, 1930 followed by a week long celebration of dining, dancing and facility touring. Upon completion,

2870-676: The U.S., and much of the profit had been invested in speculation , including in stocks. Many members of the public, disappointed by the low interest rates offered on their bank deposits, committed their relatively small sums to stockbrokers . By 1929, the U.S. economy was showing signs of trouble; the agricultural sector was depressed due to overproduction and falling prices, forcing many farmers into debt, and consumer goods manufacturers also had unsellable output due to low wages and therefore low buying power . Factory owners cut production and fired staff, reducing demand even further. Despite these trends, investors continued to buy shares in areas of

2952-523: The UK, protests often focused on the so-called means test , which the government had instituted in 1931 to limit the amount of unemployment payments made to individuals and families. For working people, the means test seemed an intrusive and insensitive way to deal with the chronic and relentless deprivation caused by the economic crisis. The strikes were met forcefully, with police breaking up protests, arresting demonstrators, and charging them with crimes related to

3034-734: The United Kingdom, although not as popular. In the Dutch East Indies , sociëteits were established in various cities. Modern clubs include Urban Diversion in San Francisco, which opened in 2003 as a general adventure and activities social club, and the Groucho Club in Soho , London, which opened in 1985 as "the antidote to the traditional club." The "traditional club" referred to is the elitist gentlemen's club ,

3116-658: The United Kingdom, as in the United States, vastly underestimated the extent of the crisis that ensued, it soon became clear that the world's economies were more interconnected than ever. The effects of the disruption to the global system of financing, trade, and production and the subsequent meltdown of the American economy were soon felt throughout Europe. In 1930 and 1931, in particular, unemployed workers went on strike, demonstrated in public, and otherwise took direct action to call public attention to their plight. Within

3198-427: The United States. Historians still debate whether the 1929 crash sparked the Great Depression or if it merely coincided with bursting a loose credit-inspired economic bubble. Only 16% of American households were invested in the stock market within the United States during the period leading up to this depression, suggesting that the crash carried somewhat less weight in causing it. However, the psychological effects of

3280-530: The Washington Athletic Club became a City of Seattle Landmark, and in 2018 its 6th Street building was listed on the National Register of Historic Places . In mid 1927, Seattle newcomer and realtor Noel B. Clarke put together a committee of Seattle attorneys, capitalists and bankers to raise money to form a new athletic club to serve the city's skyrocketing population. They began soliciting $ 100 founders' memberships to hire an architect and construct

3362-418: The activities available to the club members in the city or area in which the club is located. Some have a traditional clubhouse, bar or restaurant where members gather, while others do not. Events can include a broad range of activities, from sporting events and social parties to ballet , arts or book clubs . Unlike traditional clubs, they are not limited to one kind of event or special interest, but include

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3444-483: The building from its owner, The Washington Athletic Club Holding Co., who had been renting the building to them since 1936 at a rate of $ 12,500 a month, for $ 1.35 million. Even though the payments would follow the same rate as the rent, the wealthy club members would own the building within 5 and a half years. By the 1950s, the club was beginning to outgrow its old building, now overflowing with use by over 5,000 members. In August 1953, The Washington Athletic club purchased

3526-645: The building. The Wallace Bridge Company , who also constructed the structures of the Harborview Medical Center in Seattle and the St. Johns Bridge in Portland, Oregon , manufactured and assembled the building's steel frame. Over 1,200 tons of steel was used in construction with the beams over the main ballroom weighing 18 tons each. The steel frame was then encased in concrete. Tragedy struck on April 26, 1930 when Albert J. Triggs, superintendent for

3608-594: The club's original design, now becoming dated, and hired architect Sherwood D. Ford to design something different at a new site chosen at the southwest corner of 6th Avenue and Union Street, owned by W.D. Comer, then president of the club and a holder of major financial interest. Ford's first proposal was for an elaborate 12-story building in the Mission Revival Style , unique to the region and similar in style to Seattle's Fox Theatre that Ford would later design. A large enclosed swimming pool would be located on

3690-494: The club, dubbed 'the skyscraper of sports' by local media, made a major addition to Seattle's skyline and was even erroneously said to be taller than Seattle's other art deco skyscraper, the Northern Life Tower . While the latter contained seven more floors, the W.A.C.'s floors were claimed to be taller. Of special note at the time was that out of superstition , the building had no 13th floor, or at least according to

3772-543: The crash reverberated across the nation as businesses became aware of the difficulties in securing capital market investments for new projects and expansions. Business uncertainty naturally affects job security for employees, and as the American worker (the consumer) faced uncertainty with regard to income, naturally the propensity to consume declined. The decline in stock prices caused bankruptcies and severe macroeconomic difficulties, including contraction of credit, business closures, firing of workers, bank failures, decline of

3854-409: The crash, economist Irving Fisher famously proclaimed "Stock prices have reached what looks like a permanently high plateau". The optimism and the financial gains of the great bull market were shaken after a well-publicized September 8 prediction from financial expert Roger Babson that "a crash is coming, and it may be terrific". The initial September decline was thus called the "Babson Break" in

3936-657: The economic warning signs and the market breaks in March and May 1929, stocks resumed their advance in June, and the gains continued almost unabated until early September 1929 (the Dow Jones average gained more than 20% between June and September). The market had been on a nine-year run that saw the Dow Jones Industrial Average increase in value tenfold, peaking at 381.17 on September 3, 1929. Shortly before

4018-505: The economy where output was declining and unemployment was increasing, so the purchase price of stocks greatly exceeded their real value. By September 1929, more experienced shareholders realized that prices could not continue to rise and began to get rid of their holdings, which caused share values to stall and then fall, encouraging more to sell. As investors panicked, the selling became frenzied. After Black Thursday, leading bankers joined forces to purchase stock at prices above market value,

4100-464: The elevators buttons which skipped from 12 to 14. A full-page article in the Seattle Times from December 16, described the layout of the new building in detail: Entering from Sixth Avenue members will see a commodious lobby richly furnished and impressively decorated. The men's lounge is beyond. Antiques and brilliant tapestries add a restful tone to the room. At the north end of the lounge

4182-516: The end of September, the market had dropped 10% from the peak (the "Babson Break"). Selling intensified in early and mid-October, with sharp down days punctuated by a few up days. Panic selling of massive proportion started the week of October 21 and intensified and culminated on October 24, October 28, and especially October 29 ("Black Tuesday"). The president of the Chase National Bank, Albert H. Wiggin , said at

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4264-431: The face value of the stocks that they were buying. Over $ 8.5 billion was out on loan, more than the entire amount of currency circulating in the United States at the time. The rising share prices encouraged more people to invest on the hope that share prices would rise further. Speculation thus fueled further rises and created an economic bubble . Because of margin buying , investors stood to lose large sums of money if

4346-512: The feminine membership. Graceful crystal chandeliers are the outstanding features of the woman's dining room off of which open five private dining rooms. Women members reach their club quarters by their own elevator. The fourth floor contained the men's grill restaurant while the above that were the men's area including most of the athletic aspects of the club: The gymnasium has every muscle and bodybuilding device obtainable. Locker rooms, showers, artificial sun rooms and mechanical equipment are of

4428-501: The finest. The entire seventh and eighth floors were occupied by the swimming pool while the ninth floor, the top floor of the building's base section, contained sleeping rooms for guests of club members. The twelve story tower contained 125 hotel-like rooms "for the use of club members" while a conference room occupied the very top floor. The Athletic club soon became the social epicenter of Washington's athletic community and hosted many luncheons and social gatherings. The club also became

4510-411: The first six months of 1929, of 36.6% over 1928, itself a record half-year. Iron and steel led the way with doubled gains. Such figures set up a crescendo of stock-exchange speculation that led hundreds of thousands of Americans to invest heavily in the stock market. Many people were borrowing money to buy more stocks. By August 1929, brokers were routinely lending small investors more than two-thirds of

4592-521: The general public, as can the events. Most clubs have a limited membership based upon specific criteria and restrict the events to members to increase their feeling of security, creating an increased sense of camaraderie and belonging. There are many examples of private social clubs, including the University Club of Chicago , The Mansion on O Street in D.C., the Penn Club of New York City and

4674-481: The index in less than three years. Beginning on March 15, 1933, and continuing through the rest of the 1930s, the Dow began to slowly regain the ground it had lost. The largest percentage increases of the Dow Jones occurred during the early and mid-1930s. In late 1937, there was a sharp dip in the stock market, but prices held well above the 1932 lows. The Dow Jones did not return to its peak close of September 3, 1929, for 25 years, until November 23, 1954. In 1932,

4756-496: The largest financial crisis of the 20th century. The panic of October 1929 has come to serve as a symbol of the economic contraction that gripped the world during the next decade. The falls in share prices on October 24 and 29, 1929 were practically instantaneous in all financial markets, except Japan. The Wall Street Crash had a major impact on the U.S. and world economy, and it has been the source of intense academic historical, economic, and political debate from its aftermath until

4838-651: The market turned down or even if it failed to advance quickly enough. The average price to earnings ratio of S&P Composite stocks was 32.6 in September 1929, clearly above historical norms. According to the economist John Kenneth Galbraith , the exuberance also resulted in a large number of people placing their savings and money in leverage investment products like Goldman Sachs 's "Blue Ridge trust" and "Shenandoah Trust", which crashed in 1929 as well, resulting in losses to banks of $ 475 billion in 2010 dollars ($ 663.68 billion in 2023). Good harvests had built up

4920-556: The money supply caused by Federal Reserve decisions had a severely contractionary effect on output. Despite the inherent risk of speculation , it was widely believed that the stock market would continue to rise forever. On March 25, 1929, after the Federal Reserve warned of excessive speculation, a small crash occurred as investors started to sell stocks at a rapid pace, exposing the market's shaky foundation. Two days later, banker Charles E. Mitchell announced that his company,

5002-406: The money supply, and other economically depressing events. The resultant rise of mass unemployment is seen as a result of the crash, although the crash is by no means the sole event that contributed to the depression. The Wall Street Crash is usually seen as having the greatest impact on the events that followed and therefore is widely regarded as signaling the downward economic slide that initiated

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5084-719: The position was saved by a severe drought in the Dakotas and the Canadian West, as well as unfavorable seed times in Argentina and eastern Australia. The oversupply was now wanted to fill the gaps in the 1929 world wheat production. From 97¢ per bushel in May, the price of wheat rose to $ 1.49 in July. When it was seen that figure would make American farmers get more for their crop that year than in 1928, stocks went up again. In August,

5166-537: The present day. Some people believed that abuses by utility holding companies contributed to the Wall Street Crash of 1929 and the Great Depression that followed. Many people blamed the crash on commercial banks that were too eager to put deposits at risk on the stock market. In 1930, 1,352 banks held more than $ 853 million in deposits; in 1931, one year later, 2,294 banks failed with nearly $ 1.7 billion in deposits. Many businesses failed (28,285 failures and

5248-599: The press. That was the start of the Great Crash, but until the severe phase of the crash in October, many investors regarded the September "Babson Break" as a "healthy correction" and buying opportunity. On September 20, 1929, top British investor Clarence Hatry and many of his associates were jailed for fraud and forgery, leading to the suspension of his companies. This may have weakened the confidence of Americans in their own companies, although it had minimal impact on

5330-453: The price had fallen to $ 1.31 per bushel. Other important economic barometers were also slowing or even falling by mid-1929, including car sales, house sales, and steel production. The falling commodity and industrial production may have dented even American self-confidence, and the stock market peaked on September 3 at 381.17 just after Labor Day, and it started to falter after Roger Babson issued his prescient "market crash" forecast. By

5412-460: The property to the south on which to build a three-story annex, designed by architect Harrison Overturf, which broke ground on June 24, 1954. The original building also received a major interior remodeling by interior decorator Lou Garner Swift in 1955. The new addition opened in time for the club's Silver Jubilee in 1955. An additional eight stories were added to the annex in 1970 along with further interior remodeling. The original 6th street entrance

5494-407: The public their confidence in the market, but their efforts failed to stop the large decline in prices. The massive volume of stocks traded that day made the ticker continue to run until about 7:45 p.m. After a one-day recovery on October 30, when the Dow regained 28.40 points, or 12.34%, to close at 258.47, the market continued to fall, arriving at an interim bottom on November 13, 1929, with

5576-565: The restrictions of the licensing acts, but it applied to all kinds of clubs in England and Wales. The act required the registration of every club that occupied any premises habitually used for the purposes of a club and in which intoxicating liquor was supplied to members or their guests. The secretary of every club was required to give a return to the clerk to the justices of the petty sessional division with this information: Social and recreational clubs may be considered tax-exempt 501(c)(7) organizations under certain circumstances. Typically,

5658-632: The roof and, according to a rendering published in the August 23, 1928 issue of the Seattle Times , would have closely resembled the grand hall of Seattle's Union Station . With the club finally reaching its membership quota, their impounded funds were made available for use and an October 1928 date was proposed for construction to begin. In late September 1928, plans had changed again and club officials brought in Kenneth McCleod, manager of

5740-401: The time: We are reaping the natural fruit of the orgy of speculation in which millions of people have indulged. It was inevitable, because of the tremendous increase in the number of stockholders in recent years, that the number of sellers would be greater than ever when the boom ended and selling took the place of buying. Together, the 1929 stock market crash and the Great Depression formed

5822-474: The violation of public order. There is a debate among economists and historians as to what role the crash played in subsequent economic, social, and political events. The Economist argued in a 1998 article that the Depression did not start with the stock market crash, nor was it clear at the time of the crash that a depression was starting. They asked, "Can a very serious Stock Exchange collapse produce

5904-443: The wave soon reached the west coast. Within a short time of opening, some 500 members withdrew from the club because of the shock to their finances. It was reported that in the first three months, the club was losing $ 10,000 a month. In 1931, W.D. Comer became caught up in the backlash from the financial crash and was sent to jail. The club was threatened with receivership and under the decision of judge Howard M. Finlay, reorganization

5986-472: The wheat price fell when France and Italy were bragging about a magnificent harvest, and the situation in Australia improved. That sent a shiver through Wall Street and stock prices quickly dropped, but word of cheap stocks brought a fresh rush of "stags" (amateur speculators) and investors. Congress voted for a $ 100 million relief package for the farmers on the hope of stabilizing wheat prices, but by October,

6068-518: The world instituted measures to suspend trading in the event of rapid declines, claiming that the measures would prevent such panic sales. However, the one-day crash of Black Monday , October 19, 1987, when the Dow Jones Industrial Average fell 22.6%, as well as Black Monday of March 16, 2020 (−12.9%), were worse in percentage terms than any single day of the 1929 crash (although the combined 25% decline of October 28–29, 1929,

6150-469: Was begun. The WAC building was purchased by Seattle businessmen Victor Elfendahl, Gilbert Skinner and William Edris. They refinanced the club and exchanged third mortgage bonds for preferred stock . Seeing tight times ahead, they tried to make their club more friendly to more people. Several measures taken by the new owners included offering more moderately priced items in the restaurant, creating more family oriented functions, and adding more card rooms and

6232-483: Was held on Monday, December 16, 1929 at noon when a steam shovel driven by Reginald H. Parsons, chairman of the board of governors for the club, overturned the first load of dirt. City officials as well as club members and presidents of neighboring clubs were in attendance. The event was followed by a luncheon for board members at the Olympic Hotel . Construction commenced immediately with the steel structure of

6314-463: Was larger than that of October 19, 1987, and remains the worst two-day decline as of October 7, 2024 ). The crash followed a speculative boom that had taken hold in the late 1920s. During the latter half of the 1920s, steel production, building construction, retail turnover, automobiles registered, and even railway receipts advanced from record to record. The combined net profits of 536 manufacturing and trading companies showed an increase, in

6396-435: Was moved into the new building and the old lobby was closed; the original 3-story entrance arch was removed entirely to avoid confusion. By 2000, the WAC had over 21,000 members and claims to have the largest membership of any health club in the country. As of today, the building houses the successful "Inn at the WAC" on the upper floors as well as gym space. The club is still the site of numerous social gatherings, lectures and

6478-413: Was of an imposing 21-story art deco skyscraper with a central tower. It would be constructed of reinforced concrete and steel while the exterior consisted of brick and decorative terracotta tile and would be completely fireproof. Ford announced in a board meeting that the clubhouse "will be the very last word in structures of this kind and will rank among the best found anywhere." Additional financing

6560-530: Was secured and Comer announced that construction would finally begin for sure by the end of 1929. The site at Sixth and Union, previously leased by the club from A.M. Goldstein and Dorn & Derneden, was officially purchased on October 30 and razing of the buildings on the site began 30 days later. While the Stock Market Crashed in October 1929, Seattle wouldn't immediately feel the effects and construction went ahead. The groundbreaking ceremony

6642-414: Was swimmer Jack Medica , who set a new world record of 4:44:5 in the 400 m freestyle. In May 1940, Eddie Bauer moved his fast-growing sporting goods business into the ground floor retail spaces of the building, his fourth move in little more than five years. The store later moved again to third and Virginia Streets. By the end of World War II , a historic decision was made by the club membership to buy

6724-576: Was to begin in June 1928. By March 1928, only 1,200 of the needed 2,000 members had signed up for the new club, causing a delay in the plans. More troubles arose in May 1928 when Clarke, the club's biggest single promoter, quit the board because of difficulties dealing with the Seattle Real Estate Board. After the passing of the original construction deadline, a new board of 26 of Seattle's most prominent businessmen came together to continue Clarke's work. The new committee chose to scrap

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