@SkepticalOfMost, haha.
Well, the rest of the world was poorer back then, so in comparison, it probably was.
I think the turning point was under Strotz.
Strotz was a U of C alum and wanted to turn NU from a regionally-respected country club U (a lot like what the other university I visited currently is now) in to a global research powerhouse on par with the U of C and true Ivy-equivalent in every way (which NU is now by alumni achievements: http://talk.collegeconfidential.com/college-search-selection/1893105-ivy-equivalents-ranking-based-on-alumni-outcomes-take-2-1.html ).