18 The Stock Market Crash—And Afier
Members of the banking group had organized,
October 24th, to help stabilize conditions in the
market; these ceased their conferences after November
 13th, the spokesman for the group reporting that
the situation had been so far restored as to require
no further comment. During all this period money
rates in the stock market sank to levels below those
preceding the break, with every prospect that the
lower rediscount rate made by the Federal Reserve
Bank of New York would be followed by reductions
in European centers.
Hardly a month after the panic market “touched
bottom,” the market closed on December 1 1th, at a
level for industrial stocks and utilities 21 per cent
higher than on November 13th. But this was followed
 by a secondarv reaction, from which there
were distinct signs of recovery during the week ended
December 27th.
Except in the case of the coppers, this secondary
reaction failed to carry any group as low as the
bottom of the crash.
The following table, derived from my stock price
indexes, shows in the first column of figures the percentage
 at which the low point on the secondary reaction,
 during the week ended December 27th, stood
above the low point of the crash on November 13th.
The second column of figures is the percentage of
gain made later in the week of December 27th from
the bottom of the secondary reaction: