Evening star., 1926-10-22
AUDITORIUM IS WELL BOOKED /.
AHEAD FOR THE WINTER SEASON
Fifteen National Geographic Lectures Part
Of Recent Engagements Secured for
Big Hall-Washington Gas Climbs

The fact that the controller usually
issues a call around the last of Sep
tember or very early in October. but
did not see fit to do so this year. has
proved puzzling to the banking fra
ternity in Washington and a lover the
country. Outside bankers have even
telegraphed to the Treasury inquiring
about the blanks.
The national banking act reveals
that q call at this time is not neces-
sary. The law says there shall be
minimum of three calls year"
There can be as many more as the
controller of the currency considers
necessary.
The banks have answered two calls
so far this year and there is always
a call near the close of the calendar
year. Therefore, from a legal stand
point, no call is required at this time.
What Controller Macintosh may think
advisable is another matter.
Discounts Drop S117,e79,00O.
The weekly statement of the com
bined Federal Reserve banks shows
a drastic decline in use of reserve
credit. Bills rediscounted at" all II
banks dropped sharply to the extent
of 117,279,00O. totaling 1886, 900.
Paper bought in the open market in
creased to only a. small extent,
amounting to $292. $4,000, compared
to S291.312 900 the week before.
In the fifth district the trend was
in an opposite direction, bill holdings
showing a comparatively large in
crease. RediscountS were 81, 1886. 900
higher than the week before, at SAT-.
$4,000, and bills bought in the mar.
ket S473,000 higher, at $13,210900.
The Richmond banks reserve ratio.
accordingly, dropped sharply to 5000
per cent from 63.6S a week previously.
Cotton Situation Puzzling.
AIoody's Weekly Financial Review
says that it is impossible just yet to
state what the enormous losses to
the cotton growers of the South will
mean to financial conditions all over
the country. 1t explains:
"The cotton catastrophe is begin
ming to look like bugbear. It does
not represent a destruction of physi
cal wealth, but rather a loss to one
class Of people. and a saving to all
others. It's net effect upon the whole
nation is impossible to estimate at
the moment"
- -. M IcSSc W. Sdk lieu $-.Of q
share on the common stock in the
nine months this year, against $1.95 a
share in the same period of 1925, net
earnings rising to SS,721,120 from ST.,
295,815. Sales were $76,S75, ,274, com
pared with $68,5S4,580 a year ago
Third quarter net earnings rose tc
$3,3SS.873 from $2,491,71O in the sec
ond quarter ..,
Other Financial Notes.
Edward o. Mcdonnell, one of the
partners in G. p. NJ Murphy & Co.
the brokerage house which recently
took over the firm of John L. Edwards
q Co. in this city. has returned to the
New York office. and p. Erskine Wood
another partner, has come to Wash
lngton. The members of the New
York firm are anxious to become per
sonally acquainted with their clients
in the Capital
New York Stock Exchange seats
have dropped $4,000 in price since
the sale of the membership of the late
John l.. Edwards of this city. Severa
memberships were transferred yester
day at the price of $140, 900.
The broker offices of Seligman & Co
are to be moved into the new building
being erected for Hartman & Co. as
soon as this structure on Fifteenth
street is ready for occupancy.