Evening star., 1927-05-21
STANDARD LISTING
RULES COMPLETED
Stock Exchange Governors
Seek More Data on SeCuri-
tieS-NOteS.

SS~N "Nt SOto Oti SSOUi =
tieS-N0teS.
BY EDWARD e. 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 a 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
mulate 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 he of great benefit
in protecting investors.
Another important matter acted
upon related TO associate memberships
in the association. Ii was voted to
admit associate members from bank
Ing and Investment houses which have
seats ON the exchanges in the different
cities These members viii not have
voting powers bUt they viii bc per
mtted 10 attend all meetings. hear
tho 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 &. Wickcy, Detroit, secretary
treasurer.
Fifth District Rcdiscounts Up.
The decreasing amount Of redis-
counts, Which continued for several
weeks. was checked last week, ac-
cording TO tho Federal Reserve state
mcnt
In The fifth district redscounts
amounting to $25.T59,000 for the past
week compare with S21 .6S1 900 for the
week before. T;ediscounting opera
tions in the L. districts last week were
reported as totaling $45S. 235 900.
while a week ago the figure was
>441 1,977.ooo. The last figure was $685.
$4,000 less than two weeks ago.
The ratio of reserves TO deposits
and Federal Reserve note liabilities
in the ~ combined institutions, which
a week ago was raised from 78 to 80
per cent, fell back to 1913 this week.
I'm the fifth district the ratio in the
week just ended was 12.73. a decline
from the figure Of the week before,
when GI.6 was reported.
Lower Interest Rates Seen.
Announcement that the Second
Liberty Loan bonds will he called for
payment on November Is is an indi
cation of the sound financial condi
;ion of the country, accprGiug to the
New York Trust Co
Business is encouraged bv the fact
that the Treasury Department be
lieves that money conditions are suffi-
Ciantly easy To conduct these opera
tiOns Presumably the retirement will
he accompanied by some form of of
fering at a lower rate Cf interest. and
the fact that the Treasury has re-
served its announcement in regard TO
the terms of these new certificates
probably means that "A more favor
able security market with lower inter
est rates is expected very shortly.
GAG. 900 Quit Farming in Year.
The farm population of the United
States continued TO shrink last year.
tho decrease numbering 649 900 per
sons, the biggest OF any year since
1920, estimates the Bureau of Aericul-
tural Economics on the basis of the
1925 agricultural census.
The number of persons living on
farms January I 1927. was - ,292 600.
against 2S.54l 600 on January /, 1926.
During 1926, 2.155 600 moved from
farms to cities. towns and viii
lagos, and 1.135,000 moved to farms.
making a net movement of 100000
away from farms. Birth on farms dur
ing 1926 numbered 658. 900. and deaths
2S1 600. leaving a natural increase of
81 900. which reduced the loss due to
- D.
the net farm loss was 441 600
Peoples Drug Dividend Voted
Directors OF Peoples Drug stores.
Inc. have declared Il quarterly divi-
dend on the common stock at the rate
Of 25c per share. payable July l. 1927.
To stockholders Of record as of June
s, 1927
Edward Il. Robinette of Philadel-
nj. IN lt,,. L.,
kurtZ & Co. and Herbert Dillon of
Eastman, Dillon 4 Co., members of
the New York Stock Exchange, have
been elected directors of the Southern
Diaries, Inc, according to announce
ment yesterday.
Dillon. Read 4 co. members of the
syndicate which offered publicly 500
000,000 30-year 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
+. W. WoOlWorth Go. now totals
7,305, an increase of - per cent for
the year. 1t was announced at the an
nual meeting at WATERFOWL. \. Y.
Heard in Financial District
Controller Mcintosh has author,
ized the First National Bank of De
troit to open ! | branches in that city
under the provisions of the recently
enacted McFadden bill
+. II. Ransdel and l.. c. Crawford
local representatives of the Travellers
insurance Co, have been invited to
attend the annual convention of the
company, which begins in Quebec on
June y. They are among 262 agents