Riding the upsurge in the stock market, Alex. Brown Inc. reported record revenues and net income in the first quarter.

The Baltimore-based investment banking firm had a net income of $10.6 million, or 66 cents a share, more than a four-fold increase over the 1990 first-quarter earnings of $2.5 million, or 16 cents a share.

Revenues were up 37 percent, going from $68.5 million a year ago to $93.6 million in the first quarter.

"Capitalizing on the opportunities presented by excellent market conditions which existed in February and March, each of the firm's principal businesses made a strong contribution to our record revenues and profits," said Chairman Benjamin H. Griswold 4th in a prepared statement.

The company's commission revenues surged by 36 percent as retail and institutional activity increased.

Alex. Brown also saw revenue for its investment banking operation jump 41 percent, according to the company's press release.

Revenues doubled from the buying and selling of stocks and bonds in which Alex. Brown makes a market, compared with the 1990 first quarter.

Advisory and other revenues increased by 20 percent.

Griswold also said cost-cutting efforts contributed to the results.