DEPRESSI.. 'I'HE LREAT. 'I instead of coal to heat. 4 its courthouse.

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1 ''HE LREAT \ DEPRESS.. n every economy there are good times and there are bad times. A good time is sometimes called a boom. A bad time is sometimes called a depression. The 1920s seemed like a boom time. But, times were not booming for everyone. New inventions helped increase the amount farmers could produce. However, farmers produced so much, that the prices of some crops dropped. This meant that, although farmers produced more, they often made less money. So, many farmers did not share in the boom of the 1920s. During the 1920s, some people made a lot of money but most did not. Those who., wanted to buy things began buying on credit. That is, they ( gave some money at the time they made the purchase. Then, every month, they made a payment until the item was paid for. 4 one co&ty burned corn ' instead of coal to heat. j' x 4 its courthouse..,.

2 i People also began spending a more. People were forced to sell lot of money to buy stocks. A stock their stocks for much less than the i is a share in the ownershp of a original prices. The people, company. People watched as stock businesses, and banks with money prices doubled during the 1920s. invested in the stock market lost a ' C They wanted a share of that fortune that October.

3 American workers had no job. Many who were still employed had to take pay cuts or work fewer hours. Banks, too, were in deep trouble. Many people who had borrowed money from the banks now couldn't pay back that money. n the next few years, thousands of banks were forced to close their doors. People who had accounts in those banks lost all their savings. Usually, depressions last for a year or two. The depression that tin cans and cardboard or car bodies or anything else they could find. Many called these shack cities "Hoovervilles," because they felt that President Herbert Hoover was partly to blame for their condition. People who didn't have jobs found there were no jobs to be had. Some became shoe shers. Others sold apples on city streets. Still they starved. America was full of scenes such as the one a woman witnessed in a Chcago alley: "One vivid, u mesome moment of those dark days we shall never forget," she said. "We saw a crowd of some fifty men fighting over a barrel of garbage outside the back door of a restaurant. American citizens fighting for scraps of food like animals!" \ \... people built shelters from flattened 'i' Men line upfbrfree soup during the Great Depression.. S

4 , The President Responds or reach their full worth, in Herbert Hoover was president The veterans hoped to talk certificates mature in : individuals couldn't do, the local as long as Herbert Hoover was the president, that time of "last resort" didn't come during his presidency. As a result, the Congress voted not to advance the bonus money. So, most of the veterans went back to their home states. About 2,000, though,.stayed in Washngton. Many of these men had no homes they could return to. They set up places to live in a shantytown they built near the Capitol Building. U.S. troops force the Bonus Army to disperse and leave its shantytown near the Capitol Building in Washington, D.C. overwhelmed states, cities, i i i A Shameful Story One of the darkest days of the Great Depression happened in Washngton, D.C., near the Capitol Building, where Congress meets. into Washington. They were part., of perhaps 2 million men who had lost almost everything since ; the depression began. As veterans of the war, they were holders of bonus certificates. These certificates were to mature,

5 President Hoover worried that the 2,000 veterans in the nearby shantytown might become violent. Plus, their presence was embarrassing to h. So, he told the U.S. Army to make the veterans leave the area. On July 28, 1932, Chief of Staff Douglas MacArthur ordered the Army to scatter the veterans. Troops armed with tear gas, tanks, guns, and bayonets forced out the desperate, hopeless men, women, and children of the "Bonus Army." Then, the Army burned the shacks of their shantytown. Later, General MacArthur defended h s actions. He said that the veterans were a bunch of "riotous elements." Regardless of what he said, many Americans were furious with his and President Hoover's treatment of people who had faithfully served their country during World War. The Washington News spoke for many when it said, "What a ~itiful

6 ....,.. ' _--., \--- Every day, newspapers list the prices of different stocks. The stock report a1,+ whether the price went up or down since the day before. Plus, the stock report tells ;. : t the highest and lowest prices for which the stock has sold in the past year. Study this stock report for Company A. Then, circle the answer to each question. 2. Did Company A's stock go up or down in value since one day ago? a. Today's price is nearer the highest price for the year. b. Today's price is nearer the lowest price for the year. c. Today's price is the same as the price of the stock a year ago.

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