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 Novem- 
ber 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 fol- 
lowed 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 per- 
centage at which the low point on the secondary re- 
action, 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: