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BANK AND QUOTATION SECTION COMMERCIAL & FINANCIAL CHRONICLE. OF THE Mitered gieeording to dot of Oengreee in the year 1008 by WILL/Am B. DANA 011iee of lAbrarlan of °engross, Washington,DO ^ NEW YORK, MAY 2 1908. VOL. 86. NO 2236. REVIEW OF APRIL. While during April there was very little if. any improvement in trade affairs—the country's industries Page. ALBANY, N. Y. MINNEAPOLIS, MINN. Page. remaining in a state of extreme depression—and while a First Nat. Bk.of Minneapolis_ __
  BANK AND QUOTATION SECTION OF THE COMMERCIAL  FINANCIAL CHRONICLE Mitered gieeording to dot f Oengreee in the year 1008 by WILL/Am B. DANA COMPANY. n 011iee of lAbrarlan of °engross, Washington O ^ VOL. 6. NEW YORK MAY 2 1908. NO 236. TO STATEMENTS OF ALBANY N. Y. National Commercial Bank_ ATLANTA GA Atlanta National Bank INDEX BANKS AND TRUST COMPANIES Page. a AUGUSTA GA. Georgia Railroad Bank ã BALTIMORE. MD. Farm. & erch. Nat. Bank..Merchants' National Bank Safe Deposit & rust Co BIRMINGHAM ALA ã First National Bank BOSTON MASS. National Shawmut Bank ã BUFFALO N. Y. Marine National Bank CHARLESTON . C. People s National Bank CHICAGO LL. Commercial Nat. Bk. f Chicago 12 Continental National Bank _ 12 American Trust & ay. Bank _ _ Inside back cover. First Nat. Bank f Chicago 11Fort Dearborn Nat. Bank 14 Live Stock Exchange Nat Bank 10 National Bank f the Republic 13 Northern Trust Co. Bank Inside back cover. 9 11 7 5 10 3 58 CINCINNATI OHIO. Fifth National Bank . 13 CLEVELAND HIO. First National Bank _ _ - 17 Union National Bank - 33 DALLAS TEXAS. American Exchange Nat. Bank_ 11 DENVER, OL First National Bank 16 DETROIT MICH. People's State Bank 12 FORT WORTH, EXAS. Fort Worth National Bank 11 GRAND RAPIDS MICH. Old National Bank 12 HARTFORD, ONN. Aetna National Bank HOUSTON TEXAS. South Texas National Bank__ _ 11 INDIANAPOLIS ND. Merchants' National Bank 12 JERSEY CITY N. . First National Bank KNOXVILLE TENN. City National Bank LOS ANGELES AL. First National Bank 17 MEMPHIS TENN. Bank f Commerce & rust Co__ 9 MILWAUKEE, IS. First National Bank 14 WILLIAM B. DANA MINNEAPOLIS MINN. Page. First Nat. Bk. f Minneapolis_ _ 16 Northwestern National Bank_ _ 16 Security Nat. Bank f Minn_ _ 16 MOBILE. ALA. People's Bank NASHVILLE TENN. American National Bank Fourth National Bank NEWARK, . . National Newark Banking Co _ Union National Bank NEW YORK N. Y. Chemical National Bank Citizens Central Nat. Bank _ _ _ Coal & ron National Bank Farmers' Loan & rust Co Fourth National Bank Gallatin National Bank Hanover National Bank Merchants' National Bank Seaboard National Bank 10   10 9 44 2 3 2   20 3 22   2 NORFOLK, A. Norfolk National Bank OMAHA, EB First National Bank 14 PATERSON N. . First National Bank PHILADELPHIA A. Central National Bank Corn Exchange Nat. Bank Farmers' & ech. Nat. Bank_ Fourth Street National Bank _ Franklin National Bank Girard National Bank Girard Trust Company Market Street National Bank.. _ Merchants' National Bank:. _ Philadelphia National Bank_ _ Tradesmens National Bank- Union National Bank PITTSBURGH A. Bank f Pittsburgh, N. . .._ _ Mellon National Bank People's National Bank PROVIDENCE R. . Merchants' National Bank RICHMOND A. Bank f Richmond ST. JOSEPH MO. First National Bank Tootle -Lemon ational Bank. _ ST. LOUIS MO. Mechanics' -American Nat. Bank Mississippi Valley Trust Co Third National Bank ST. PAUL MINN. Merchants' National Bank SALT LAKE ITY UTAH. McCornick & o Walker Brothers SAN FRANCISCO AL. The irst National Bank SEATTLE WASH. Dexter Horton & o National Bank f Commerce__ TACOMA WASH. Fidelity Trust Co COMPANY, ublishers. 6 7 6 10 4 5 7 7866 9 15 8 5 8 1313 1415 14 16 17 17151517 15 REVIEW OF APRIL. While during April there was very ittle if. any im- provement in trade affairs—the country s industries remaining in a tate of extreme depression—and while railroad gross earnings in the returns from week to Week egistered the argest ratio of decline yet eported since the upheaval of last October and November, there was urther distinct improvement in the tone infinancial circles and further appreciation in values on the Stock Exchange. As n the month preceding, too (in March, we mean), here were a number of fa-vorable happenings and events that urnished substan- tial ground for a better feeling. The matter which served, perhaps, more than anything else to revive confidence was the favorable outcome of the negotia- tions for the financing of pressing obligations of the Erie Railroad. This came arly in the month, and as up to the last moment t seemed almost certain thatthe negotiations must ail, the act that an adjustment was inally reached came as an agreeable surprise and accordingly served to impart great strength to prices on the Stock Exchange and to produce a correspond- ingly buoyant tone in financial circles. The rie Railroad had 5,500,000 of one-year notes maturing April 8. For the purpose of taking up thesenotes, the company's board of directors had created an issue of 15,000,000 new. 3 -year 6% otes, of which  5,500,000 were to be exchanged for the old notes and  5,000,000 to be old at par or cash, the remainder to be reserved for future uses. The whole arrangement was expressly conditioned on the exchange of all of the 5,500,000 old notes for the new notes. The ld noteholders, however, showed a decided disinclination to make the exchange. Mr. E. H. arriman, who is one of the directors of the road, then stepped into the breach and offered to purchase 5,500,000 of the new notes for the purpose of enabling the company to pay off the old notes. The offer was accepted and at the same time the syndicate headed by J. P. Morgan S c Co. took the 5,000,000 of notes agreed upon or cash in accordance with the riginal plan. The report issued by the Department of Agriculture at Washington showing the condition of winter wheat also proved highly encouraging, and played its part in improving the tone in the financial markets. This report afforded evidence that the all -sown grain had passed through the trying winter season without hav- ing suffered any very decided setbacks. The Depart- ment made the average condition of wheat for the whole country 91.3, as against 89.9 April 1 last year, and higher also than in 1906, and considerably above PINE ar ..CORNER PEARL ST NEW YORK
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