JERSEY CITY Trust Company of New Jersey said its net income for the first nine months of 1994 was $3.8 million, down 74.4% from the $14.9 million earned in the corresponding period of 1993.

The bank attributed the earnings drop to a $3 million adjustment m pension accounting. In addition, last year's earnings included an $8.5 million gain on sales of securities, the bank said. The bank repotted no securities gains in the first nine months of this year.

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