Answer the question based on the passage given below.

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.P. 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.