For Secretary of the Navy, Hoover chose Charles Francis Adams III, a scion of the Adams political family who shared Hoover's views on disarmament. Hoover persuaded Ray Lyman Wilbur, the president of Stanford University, to serve as Secretary of the Interior. Hoover held a press conference on his first day in office, promising a 'new phase of press relations'. He asked the group of journalists to elect a committee to recommend improvements to the White House press conference. President Hoover was reluctant to become involved with the workings of the Federal Reserve System, and bankers like Charles E. Mitchell continued to encourage speculative practices. In late October 1929, the Stock Market Crash of 1929 occurred, and the worldwide economy began to spiral downward into the Great Depression.The causes of the Great Depression remain a matter of debate, but Hoover viewed a lack of confidence in the financial system as the fundamental economic problem facing the nation.