The Stock Market Crash
firms issuing them, would show the best results for
the “long pull.”
Thereafter so-called ‘“normal” conditions prevailed
 in the stock market with stocks generally moving
 higher in steady trading, under the impetus of
optimistic reports from President Hoover's conference
 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 September
 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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