The news of Roosevelt's death was quickly hedged by the news of Hoover's election, and the voice of a state candidate was so weak that only Roosevelt's wife, Elinor, thought it wasn't that simple — she was also sitting in a car, but she narrowly escaped from the ghost door and is now recuperating in the hospital, which she thinks is not that simple. In particular, she heard that the perpetrator was an Italian driver, which caused a strong sense of crisis, but it was useless for her to say this, so she planned to investigate it after she recovered from her injuries.

On the first day of Hoover's presidency, there was another surge in stock markets, with some of the leaders climbing between $5 and $15, with about 5 million shares traded on the day.

At the beginning of the year, stock market forecasters thought that a daily trading volume of 5 million shares was an astronomical figure, but now 5 million shares a day has become almost commonplace. On November 23, because of the release of the news of the payment of 200 million deposits by the United Group, the stock market was even more boiling, and the trading volume reached 7 million shares throughout the day, to the point of extreme surprise.

The American people are very confident in the high rate of return on the stock market, and they are bold enough to take out loans and put all the money they borrow into the stock market, although the interest rate on such demand loans is as high as 8 to 9 percent, but people don't care. At this time, instead of making the banks angry, the United Group repaid the loan with an interest rate of 4.75%, but allowed them to put more resources into the frenzied stock market credit, but in this wave it seems a little strange that the United Bank not only did not make short-term loans, but instead tightened its credit, only subscribing to the long-term construction bonds issued by the United Group and denominated in US dollars, with an interest rate of only 5%, and the amount was $600 million.

The banking community did not understand this situation, but the Union Bank explained that it was preparing funds for the follow-up contract of more than 4 billion yuan of the United Group, and everyone also understood that a bank under the group could still work for the group? The Rockefeller system and the Morgan system are all like this, and the Ziano system is naturally no exception......

In this wave of rising tide, Contini naturally continued to step up the pace of selling, this time the most sold stocks are American radio, this ticket has risen to more than $300, compared to the initial cost price of Contini 2-3 US dollars, a full increase of more than 100 times!

In the third and fourth weeks of November, Contini reduced his holdings of more than $800 million in shares, some of which went into cash out of the United States and some into the gold reserves of Union Bank — which will eventually flow out of the United States.

Of course, the outflow of funds out of the United States is not a simple exchange of funds, such a large-scale flow of funds will certainly arouse the suspicion of Americans, this time using Francisco's method: the establishment of United Pharmaceutical, United Shipping, United Airlines and other American branches, and then through the transfer of orders to Italy - from this channel took away 200 million US dollars, and then transferred the S2 motorcycle order money...... Through a series of packaged into trade, $800 million went to 400 million, 200 million went into gold, another 100 million was directly exchanged, and finally 100 million was returned to Chase Manhattan's loans.

Entering December, the surging stock market began to be evil, and the stock price began to fall continuously, and many stocks fell more than in June, at this time the United Group issued a statement again, announcing that it continued to be optimistic about the stock market, and then the Union Bank used real money to buy 150 million worth of shares from the stock market, together with the shares of the last public operation of Contini, the overall market value of the stock held was nearly 230 million US dollars, and reiterated that before the Dow Jones broke through 350 points, the newly added shares will not be reduced.

This statement quickly boosted market confidence, and the falling stocks immediately began to rally with a vengeance, and by December 17, all stocks had recovered their losses, and a few stocks hit new highs, and the stock index was within reach of 350 points. Contini and others rejoiced in Rome, and many of the 150 million shares they bought actually came from some of the stocks that had just been sold some time ago, and this swing operation added nearly $100 million to the books of the United Group.

But Fed officials are increasingly fidgeting. They realized that inflated speculation was causing more and more of the country's surplus money to flow into the stock market, and that credit inflation was on the rise. On the 22nd, the Fed raised the discount rate again. However, this approach has not cooled down the investment fever, the discount rate has reached more than 5%, and the investment fever has risen instead of retreating, leaving the Fed in a dilemma, because if the discount rate continues to rise, the stock market may be greatly impacted, and although this measure can crack down on speculation, it will also drag down those companies that are operating normally, and even lead to the stagnation of the entire country's economy.

In addition, the government has to borrow money to raise funds, and if the discount rate rises, the government will have to pay higher interest rates for it. In the eyes of the Fed, the stock market frenzy at this time may only cool down if the United States suffers a major catastrophe. This action made Hoover unhappy, he has not yet taken office, and he has not begun to fulfill the promise of "another 4 years of prosperity", and the Fed is tossing around, so he shouted to the Fed openly and secretly, telling them to control the rhythm and not mess around.

Taking advantage of the rebound in the stock market, Contini continued to order stock reductions after the New Year, and by January 18, he had obtained more than $1.7 billion in funds through stock reductions, but there were nearly $1.8 billion on the books (including the new purchase part of Union Bank), because during this period of time repeatedly used the method of high selling and low buying to harvest leeks, and the income was rising wildly, basically Contini's account threw about $100 million, and then Union Bank publicly subscribed 20 million to hedge and boost confidence, In this way, the method of fighting and retreating has achieved a large spillover of funds without letting the index fluctuate sharply.

With the United Group repaying $300 million in loans in January and paying interest on previous bonds, the market was barely able to sustain itself, and Contini continued to order to reduce his stock holdings, finally reducing his position to just $1.5 billion by the end of January. At this time, he had taken more than $2 billion through the reduction of his stock market holdings, and in addition to the 1.2 billion yuan borrowed from the bank, he had an additional $800 million.

The $800 million, combined with the proceeds from Contini's issuance of convertible bonds, allowed the Coalition Group to hold more cash in foreign currency (including gold hard currency) than the $2 billion mark – far more than any other bank in Italy, or even in Europe, with a net worth of $2 billion.

This is when Contini

The Fed has never been willing to be led by the nose by the stock market like this, and they have gathered many economists across the country to come up with a way to take a salary: prohibit Fed member banks from lending money from the Federal Reserve to stockbrokers. On February 2, 1929, the Federal Reserve issued the ban, and two weeks later added a notice stating that "the Federal Reserve funds of the banks shall be prevented as far as possible from flowing into the hands of speculators in the form of securities." "At the same time, the Fed is gradually reducing the number of securities that are freely available for sale in the open market, hoping that it will not raise the discount rate again.

The cut-off method played a big role, and the stock market mourned overnight, and the Federal Reserve took advantage of the victory to raise the demand loan rate again. Instructions were sent from the front to ask what to do, and Contini thought about it, and thought that the bubble was not yet completely bursting, so he instructed to absorb it appropriately, but not to make a big splash.

Entering February, in addition to the long-awaited dollar flowing into Italy, Contini waited for a long time M1 medium combined tank also successfully produced, because United Power came up with a power of 161 horsepower United Power 1928 diesel engine, so that the tank's performance parameters have changed, Christie boldly thickened the armor, the frontal armor 22-25mm to 25-28mm, the turret armor is 30mm + 18mm shield, the overall length from 5.11 meters lengthened to 5.34 meters, width increased from 2.19 meters to 2.25 meters, height remained the same, total weight increased from 10.5 tons to 11.7 tons, due to the increase of more than 1 ton of weight, although the engine power has increased, but the speed has decreased slightly, but the decline is not large, the maximum off-road speed has decreased from 40 km / h to 36 km / h, and the maximum road speed has decreased from 60 km / h to 55 km / h, At the same time, the cruising range has been reduced from 250 km to 200 km, unless an external fuel tank can run 120 km.

The main gun used the Ansaldo 37mm/38x gun, and Continy's ability to replace it with a 50 or 57mm/36x gun could not be realized for the time being, but thanks to the participation of German engineers, a turret design with two 20mm guns was also designed without auxiliary machine guns, and the elevation angle could reach 65 degrees.

Contini laughed: Isn't this the prototype of a self-propelled anti-aircraft gun?

The tank quickly passed the War Department test, and Fiat also came up with their new tank, the B model, based on the Fiat 3000A tank, also equipped with the Ansaldo 37mm gun, but the total tonnage was only 6 tons, and the armor was only half that of the M1 combine. Although Fiat's new model has also been verified, it is far behind the Combined Tank in terms of mobility and defensive performance, and even Fiat's engineers do not dare to compare it with the Combined Tank, only saying that the two are different products, and it is unfair to compare them together: the M1 is medium, and the 3000B is light.

But why do medium tanks run faster than supposedly light tanks? Fiat's representatives couldn't say anything about that.

The final solution was unexpected: the War Department bought 25 Fiat 3000Bs - with military spending, 125 M1s - at the Union's expense, but all the old tanks were to be handed over to the Union for sale. The War Department was overjoyed and naturally agreed, who doesn't want bigger, thicker, better and stronger tanks?

In Contini's words: It's time for the Army to buy a little fresh goods, 125 M1s are only $3 million in price, and just used a combine harvester to cut leeks in the United States to cut $2 billion, no money in vain, and as soon as he turned around, he placed an order for 75 for the oil guard.

300,000 troops are 125 vehicles, and 12,000 oil guards will have 75 vehicles, which is a harmonious ratio!