Evening star., 1927-05-21
STANDARD LISTING
RULES COMPLETED

SLUCA CAOiidiIUC OOVCI HUI ,
Seek More Data on SeCuri-
tieS--N0tes.
BY EDWARD c. STONE.
Standard forms for applications for
listing stocks on the exchanges out
side of New York were agreed upon
at a meeting of the board of gov
ernors Of the Associated Stock EX-
changes, which completed tWo-day
session in Pittsburgh yesterday, ac-
cording to Eugene T.. Thompson, mem.
ber from the Washington Exchange.
The new rules will come up for adop-
ton by the various exchanges at the
annual meeting, to be held in October
or November in Cincinnati
Exchanges now in the association
are Baltimore, Cincinnati Cleveland,
Columbus, Detroit. Hartford. New Or
leans, Philadelphia, Pittsburgh, st.
Louis and Washington. Efforts have
been under way for some time to for
muIate uniform listing rules, and the
governors placed this matter ahead
of everything else at this weeks ses-
sion The details were discussed from
every angle. When adopted, the eX-
changes will be supplied with the
fullest information regarding all issues
that apply for listing The standard
listing rules will be Of great benefit
in protecting investors.
Another important matter acted
upon related to associate memberships
in the association. It was voted to
admit associate members from bank
ing and investment houses which have
seats on the exchanges in the different
cities. These members will not have
voting powers, but they will be per-
mittcd to attend all meetings, hear
the discussions and get first hand
information on all matters that come
up. They will also be urged to give
their views on the financial problems
being aired Such memberships are
expected to increase the attendance
at the conventions. as we'll as broaden
the interchange of ideas.
Every member of the board was
present. The officers of the Associated
Stock Exchanges are: Ralph w.
Simonds, Detroit. president: w. NJ.
Lauderman, st. Louis. vice president,
Clark G. Wickey, Detroit. secretary
treasurer.
Fifth District RediscOunts Up.
The decreasing amount of redis-
counts, which continued for several
weeks. was checked last week. ac~
cording TO the Federal Reserve state
ment.
In the fifth district rediscounts
to $25.759.000 for the past
week compare with S21 ,681 900 for the
week before Rediscounting opera
tions in the l. districts last week were
reported as totalinG $458. .235, 900,
while a week ago the figure was
S441,977.000. The last figure was $685.
665,000 less than two weeks ago.
The ratio of reserves to deposits
and Federal Reserve note liabilities
in the II combined institutions. which
a week ago was raised from rs to 80
per cent, fell back to 1913 this week.
In the fifth district the ratio in the
week just ended was 72.73. a decline
from the figure of the week before,
when T4.6 was reported.
Lower Interest Rates Seen.
Announcement that the Second
Liberty Loan bonds will be called for
payment on November Is is an indi-
cation of the sound financial condi-
ton of the country. according to the
New York Trust Co.
Business is encourag ged by the fact
that the Treasury Department be-
lieVes that money conditions are suffi-
GENTLY easy to conduct these opera
tions Presumably the retirement will
be accompanied by some form of of
ferin@ at lower rate Of interest. and
the fact that the Treasury has re-
r,.J -,
the terms of these new certificates
probably means that a more favor
able security market with lower inter
est rates is expected very shortly.
$4,000 Quit Farming i'm Year.
The farm population of the United
States continued to shrink last year,
the decrease numbering $40 900 per-
sons, the biggest of any year since
1920. estimates the Bureau of Agricul-
tural Economics on the basis of the
1925 agricultural census.
The number of persons living on
farms January l, 1927 was 1882 900,
against 28.541 900 on January /, 1926.
During 1926, 2,155, 900 moved from
farms to cities. towns and viii
lagos, and 1876, 600 moved to farms,
making a net movement of 100000
ing 1926 numbered 658,000. and deaths
2S7 900, leaving natural increase of
1000, which reduced the loss due to
cityward movement to 649 900. In 1925
the net farm loss was AL, 900.
Peoples Drug Dividend Voted.
Directors Of Peoples Drug Stores,
Inc. have declared quarterly divi-
dend on the common stock at the rate
of 20c per share, payable July /, 1927,
to stockholders of record as of June
s, 1927.
Edward B. RObinette of Philadel.
phia, member of the firm of Stroud,
Kurtz & Co, and Herbert Dillon of
Eastman, Dillon & Co., members of
the New York Stock Exchange, have
been elected directors of the Southern
Diaries, Inc, according to announce
ment yesterday.
Dillon, Read & Co, members of the
syndicate which offered publicly $60,-
600, 900 30year 5 per cent first mort
gage bonds of the Goodyear Tire &
Rubber Co., announce that all of these
bonds have been sold and subscrip-
ton books closed.
The number of stockholders of the
F. w. WoolWorth Co. now totals
1905, an increase of % per cent for
the year, IL WAS announced at the an
nual meeting at Watertown, n. Y.
Heard i'm Financial District.
Controller Mcintosh has author
iZed the First National Bank Of De-
troit to open IL branches in that city
under the provisions of the recently
enacted McFadden bill
f. T.. Ransdell and T.. c. Crawford,
local representatives of the Travellers
Insurance Co., have been invited to