Evening star., 1920-07-12
GOOD DEMANDF0R
RAILWAY SHARES
Preferred Stock Wanted, Lib
eraI Sales at 41 1-2-0ther
Locals Slow.

Washington Railway and Electric
preferred stock was clearly the leader
in the trading and interest on the
local stock exchange today, an ag-
Sregate of zoo shares changing hands
in lots of twenty-five shares each, and
all at IL y share.
That such a relatively large block
of stock was so readily absorbed is an
evidence of the best strength the
shares have shown for some time. The
. offerings were large enough to have
caused quite a slump. but the manner
IN which it was taken showed more
faith in the future than for months
past.
Capital Traction shares moved but
sparingly, opening at S4St and then
recovering to a strong 50.
The rest of the list continues very
slow and unsatisfactory in the volume
of trading and not encouraging in the
bid and asked prices. other than on
some of the bank stocks that are well
held.
Washington Gas sold at 45L. The
only bond sale was of Capital Trac-
tion 5s and that at 81.
For Trading in Futures.
The S1.000.000 capital stock of the
Board of Trade Clearing Corporation
incorporated in Delaware, has been
literally subscribed by Board of
Trade members at S2.5O0 per share
1900 of which can be used as margins
only ono vote, and none can buy un-
issued or treasury shares. Stock :
holders private property is not sub
Ject TO payment of corporate debts.
The only evidence of ownership will
be the stock book.
Governors in charge are to be select
cd from time to time. and can borrow
money and issue notes. There will be
4 president vice president. secretary
treasurer. assistant secretary and
clearing house manager. Governors
VIII invest capital and cash surplus
ABOVE working capital in approved
FEDERAL, state. municipal or Board of
Trade bonds
. The plan absorbs the best of other
exchange clearing houses. particular
~ the New York Cotton Exchange,
which is regarded as the most up-to-
date. Clearing house sheets must be
hied daily, before 5 o'clock. giving de-
taiiS of trades, accompanied by checks
Wnen debts occur. Clearing house
VIII collect margins on net long and
snort accounts on all open trades on
the following basis: Wheat, rye and
barley. cents a bushel; corn, . cents;
oats, 1 cent; pork. lard and ribs,
amount to be fixed later. Special pro-
VISION is made for spreads. which
have been weak feature OF previous
plans. Where a trader has one month
bought and another sold he is to mar
gin !: cent on each delivery for wheat,
corn, oats, rye ana barley.
The surface lines receipts since the
= eight-cent fare was granted have aver
aged about 40 per cent more than when
operating under the six-cent fare.
This is regarded as a good showing
considering detection of traffic to ele-
waited lines and steam roads.
The fare on the elevated lines is s
cents OF two tickets for 10 cents. and
they have appealed to the public utili-
ties commission for straight ten-cent
fare, intimating that a twelve-cent
fare may be necessary later If the
fare on the elevated is raised to. 10
cents, surface lines expect their re-
ceipts to average 10 per cent better
than they are now. The problem of
the elevated lines is complicated by
neglected maintenance and better
ments, due to financial embarrass-
ment.
1t is believed that the commission
wiil'grant the increase to the elevated
lines, rs in the past when adjusting
local traction fares, it has generally
been the rule to allow the elevated
lines TO charge cents more than sur
face lines.