The Stock Market Crash 
firms issuing them, would show the best results for 
the “long pull.” 
Thereafter so-called ‘“normal” conditions pre- 
vailed in the stock market with stocks generally mov- 
ing higher in steady trading, under the impetus of 
optimistic reports from President Hoover's confer- 
ence with railroad officials, business leaders, farm 
leaders and the Governors of the states. These 
assured the country that every department of the 
nation’s business would proceed under normal or 
augmented programs. 
Open market values of listed stocks on the New 
York Stock Exchange had fallen by $15,320,979,515 
during October. The Stock Exchange statement for 
December 1st shows the number of listed shares at 
1,117,126,726, worth at market prices $63,589,338,- 
823. The loss in the market value of listed shares 
during November was therefore $8,163,312,085— 
about half of the previous loss during October. 
From the peak of listed share values on Septem- 
ber 1st down to December 1st, the loss had been 
$26,078,938,031, from $89,668,276,854 at the top. 
The Commerciel and Financial Chronicle gives a 
minimum estimate of $40,000,000,000 shrinkage of 
total market values, which includes, of course, curb 
and over-the-counter unlisted securities. 
The ratio of member borrowings to listed share 
values on December 1st was 6.32 per cent—the 
lowest figure thus far on record. The previous low 
was 8.06 per cent on September 1, 1927. 
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