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Toefl Reading Text 1 A Massive Banking Crisis Occurred In The United States In 1


A massive banking crisis occurred in the United States in 1933. In the two preceding years, a large number of banks had failed, and fear of lost savings had prompted many depositors to remove their funds from banks. Problem became so serious in the state of Michigan that Governor William A. Comstock was forced to declare a moratorium on all banking activities in the state on February 14, 1933. The panic in Michigan quickly spread to other states, and on March 6, President Franklin D. Roosevelt declared a banking moratorium throughout the United States that left the entire country without banking services.

Congress immediately met in a special session to solve the banking crisis, and on March 9 it passed the Emergency Banking Act of 1933 to assist financially healthy banks to reopen. By March 15, banks controlling 90 percent of the country’s financial reserves were again open for business.

1.            The passage states that all the following occurred prior to 1933 EXCEPT that

a.            Many banks went under

b.            Many bank patrons were afraid of losing their deposits

c.             A lot of money was withdrawn from accounts

d.            Governor Comstock canceled all banking activities in Michigan

2.            Look at the word failed in paragraph 1.

This word could best be replaced by which expression?

a.            Not passed a test

b.            Forgotten something important

c.             Gone out of business

d.            Paid little interest

3.            The word “moratorium” in line 4 is closest in meaning to which of the following?

a.            Death

b.            Temporary cessation

c.             Murder

d.            Slow decline

4.            Which of the following best describes the organization of the passage?

a.            A theme followed by an example

b.            A problem and a solution

c.             Opposing viewpoints of an issue

d.            A problem and its causes

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