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Extensive practice consists of watching a daytime drama on television, listening to a local radio program, or au¬diting a class. Creative teachers everywhere have developed strategies for checking student | READING COMPREHENSION PROBLEM 8 229 Exercise Directions First read the following passage. Then refer back to the passage. Can you find the correct reference Check your answer using the key on page 487. In September of 1929 traders experienced a lack of confidence in the stock market s ability to continue its phenomenal rise. Prices fell. For many inexperienced investors the drop produced a panic. They had all their money tied up in the market and they were pressed to sell before the prices fell even lower. Sell orders were coming in so fast that the ticker tape at the New York Stock Exchange could not accommodate all the transactions. To try to reestablish confidence in the market a powerful group of New York bankers agreed to pool their funds and purchase stock above current market values. Although the buy orders were minimal they were counting on their reputations to restore confidence on the part of the smaller investors thereby affecting the number of sell orders. On Thursday October 24 Richard Whitney the Vice President of the New York Stock Exchange and a broker for the J.R Morgan Company made the effort on their behalf. Initially it appeared to have been successful then on the following Tuesday the crash began again and accelerated. By 1932 stocks were worth only twenty percent of their value at the 1929 high. The results of the crash had extended into every aspect of the economy causing a long and painful depression referred to in American history as the Great Depression. 1. Where in the passage does the author refer to the reason for the stock market crash 2. Where in the passage does the author suggest that there was a temporary recovery in the stock market 230 REVIEW OF READING Reading Faster Read the following passage using the skills you have learned. Preview read for main ideas and use contexts for vocabulary. To read faster read phrases instead of words. Try to see an entire line of text when you focus your eyes on the passage. Scan for details and .
