Bank Earnings

The year 1924 was a prosperous one for New York bankers. All, in all, the most striking performance in respect to earnings was shown by the First National. Mr. Baker's bank earned $12,241,023--the highest earnings of any New York financial institution--as against $9,794,932 for the National City Bank, $7,342,022 for the Bankers' Trust, $5,514,038 for the Central Union Trust, $5,136,647 for the National Bank of Commerce, $4,954,684 for the Chase National, $4,019,071 for the Equitable Trust and $3,711,366 for the Guaranty Trust. Yet all of the above named institutions have a capitalization larger than the modest $10,000,000 of the First National while none can equal its $66,060,058 of surplus and undivided profits. Consequently, the First National's dividend payments aggregating $5,500,000 were exceeded only by the National City's at $6,400,000; yet the former earned 122.4% on its capital, as against only 24.4 for the latter.

Moreover, the First National earnings are exclusive of those of the First Security Co., the investment banking subsidiary of the institution.