Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1914-10-21

witnesses insisted that reduction cl
dividend would impair credit of IN,
lines.
sale OF Railroad stocks.
Commissioner Meyer said he had
heard OF no proposal to start a buy
a-share- Of railroad-stocy7 movement
lie asked Mr. Straus If statements oi
Witnesses of the railroads as to the
prospect of railway securities were N
his opinion calculated to make such a
possible.
Have you been accustomed, askfd
Commissioner Meyer ito have the
head Of great concern come 10 onf
office and offer you 10000 900 of an
issue of securities, al the same time
stating he would not invest "A tneni
In your opinion bow would
that effect the credit Of his conf
pany?"
Undoubtedly II would tend to shake
the witness replied
Revertlng 10 the question of dlvi-
lends. Mr. Meyer asked II the witness
lid not believe clientage OF stock
holders could be built up who would
ook upon property improvements as
/ part OF their Legitimate dividends
Mr. Straus thought not.
Investor Buys for Income
Then the average stockholder, IN
our opinion" said the commissioner,
buys income, not property
He has little personal pride In the
was the reply 1T Is TOO
emote from him. He Is Interested
n what he gets out of his investment
During the ross-examlnation Of Mr..
Willard, Commissioner McCord CONE
nented on the amount that proposed
per cent increase would realize,
which he estimated al $50,G00,00 and
sked If this would accomplish the
Of all the oppressive condl-
Ions of which the carriers COM
laincd.
THE idea is that this $50, 900"
he commissioner said, will put the
nlroads on their feet and improve |
usiness in the country. The country
GEMS to be arguing In favor of this |
lcrease. | see il in the press and in
ctitions which reach the commits |
on and in reports from other parts |
the country"
II have not spoken for the conn
" said Mr.. willard.
Expert Testimony.
The only other witness Of the day I
as Charles A. Conant, Of New York,
a. I'm "a
irriers to describe conditions hi the +
Ioney market arising from the Eu-
,pean war He predicted thar the
liroads would find new capital hard
get because of the many loan fl0ta-
ons by belligerent countries. In
'eased earning capacity WAS lmpera-
We for the railroads, he said, SO their
curlties might be made go attractive
at they would find n market u
Mr. Conant was subjected to vigorous
and counsel for the
asked If an advance in In
rest rates would not bear equally AZ 4
Ird on shippers seeking new capital (
on the railroads. The witness said
merlcan securities other than rail, !
ad, already paid higher rates Of IN I
rest, but admitted that the shippers Is
)nld face the same conditions
clifford Thorne, representing ship
RS organizations demanded If the !
tness knew Of any public utility >
mpany that had made any request !
r permission to advance It's rates 4
cause Of the general financial stu I
ion. IL
Foreign Phase OF II. II
II could not say as to that an
erred Mr. Conant I
When Mr. Straus took the stand his ID
unset asserted that the banker had II
Ited ie be heard and appeared en- b
ely Independent Of the carriers, II Il
Is indicated that several other bank
! would follow Mr. Straus. who de- Il
Ired the purpose Of his testimonyst