Attached to this post is a PDF of a promotional brochure that was distributed by Arkansas State Teachers College (now the University of Central Arkansas) in 1933. In 1933, the unemployment rate in the United States was at its highest of the Great Depression, between 24.7% and 24.9%. The promotional brochure was designed to bring in students during the worst economic crisis in our nation’s history. Note the cost of attending UCA, especially the rate of tuition, on the third page from the end.
All of the employees of UCA had their pay cut by 10% on two separate occasions, and they were also paid in warrants. A warrant is not a check, and cannot be cashed immediately. On average, the warrants were cashed no sooner than 30 days after they were issued, and never for the amount on the warrant. Warrants were worth about 85% of their face value.
After the pay cuts, and after being paid in warrants, the Bank of Conway failed, taking UCA’s money with it. President McAlister then went to the faculty and explained UCA’s financial situation. McAlister said that it was imperative that the faculty loan money to UCA, or the institution could close. So, the faculty, even though they were hurting financially, loaned money to UCA to keep its doors open.
I hope you enjoy this promotional brochure from 84 years ago.
Sincerely,
Jimmy