16 ~~ The Stock Market Crash—And After 
cent within a fortnight. A further reduction of 
$710,000,000 in brokers’ loans was announced. The 
brokers’ loan account showed an aggregate contrac 
tion from the high level of October 2nd, of $2,632,- 
000,000 and total borrowings at the lowest point 
since June 15, 1928. 
November 14th marked the point of rebound of 
the market, with speculative leaders rallying by 2 
to 14 points and utilities sharing in the further ad- 
vances, in which merchandising shares also partici- 
pated. My index of 225 listed industrial common 
shares recorded the close on November 13th, as 
down by 42 per cent from the September 3rd peak. 
Beginnings of Recovery 
The recovery from the panic began on the 14th 
with further sweeping advances on the 15th, as the 
comprehensive program engineered by President 
Hoover for restoring confidence was being carried 
on. 
Many of the pivotal stocks had been “pegged,” 
by the expedient of placing large standing orders for 
substantial blocks at fixed prices. In the case of 
United States Steel a bid was announced as a stand- 
ing order for 200,000 shares at $150 a share. Cer- 
tain interests, supposed to be the Rockefellers, 
bought one million shares of Standard Oil of New 
Jersey at so. The Wall Street market letters imme- 
diately blossomed with bullish predictions, accom. 
panied by lists of stocks which, in the opinion of the