Mr. Baker's Bank

Wall Street has long been unanimously of the opinion that George F. Baker knew something about running banks. The declaration by the directors of the First National Bank of New York, of which Mr. Baker is chairman, of a 20% extra dividend along with the regular quarterly dividend of 10%, has tended to confirm this impression. The dividends this year total 60% and amount to $6,000,000.

The action of the directors was due to the desire to place the First National upon a pre-War basis. The stock had recently reached the huge price of $1,425 a share, and even during the post-War depression had not declined below $850. Before the War the stock had paid 10% quarterly and 20% extra, or 60% per annum; since 1916 the extra dividend has been 10%, making 50% altogether.

The last statement of the bank, issued Sept. 14, disclosed total resources of $342,404,660, surplus of $50,000,000 and profits of $5,943,779. Since this

September report, about $2,000,000 has been added to capital, surplus and undivided profits, bringing the total up to more than $68,000,000.