Illusions and manipulation had their part in creating the pre-October stock-market ascension. Behind them, however, was knowledge that earnings were increasing, hope that they might do so forever. Last week 1929 reports began to appear, indicated that in many cases the first part of this credo was correct.
With interest rates high, borrowing volume large, it was expected that bank profits would show increases. Among the first banks to report were:
Corn Exchange Bank & Trust Co.. $3,812,000 as against $3,529,154 in 1928.
Irving Trust Co., $12,057,000...