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 advances,
 in which merchandising shares also participated.
 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 standing
 order for 200,000 shares at $150 a share. Certain
 interests, supposed to be the Rockefellers,
bought one million shares of Standard Oil of New
Jersey at so. The Wall Street market letters immediately
 blossomed with bullish predictions, accom.
panied by lists of stocks which, in the opinion of the