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But when it came to earnings Mr. Baker was worried. Expenses could not be trimmed any more without hurting the bank's business. The annual payroll had been cut another $200,000 to $4,600,000, and the staff of 2,141 employes was at rock bottom. Seven branches had been closed, leaving 66. Including large profit from Government bond trading, probably a non-recurring item, earnings for 1934 would be about $4,900,000, down slightly from the year before. So, with no end to the Government's easy money policy in sight, Banker Baker recommended a cut in the dividend from $2 to $1.50.