The daily morning journal and courier., 1907-01-23
DEPEW IN OLD HUY FOR
 SPEAKS IN NEW YORK
REFERS TO THE REPORT.THA1 HIS RECOVERY WAS
 IMPOSSIBLE.

Touches Upon the Development of Rail-
 road Industry-Gross Receipts Last
 Year and the Share Labor and Stock
 holders GOt--DOes Not Look for Fi-
 nancial or Industrial Paralysis as Re-
 suit of Radical and SOcialistic TheO-
 ries-Believes Railroads Should be Under Rigid Supervision of States.
 New York, Jan. 22.-United States Senator Chauncey M. Depew presided at the annual dinner of the Transport ation club at the Waldorf Astoria to- night. The senator appeared to be in excellent health. He was accorded a hearty welcome by those present. Re- ferring in his speech to his late indis- position, MT. Depew said:
 After the report had been spread about. that my recovery was impossible, gentlemen whom I never knew to care for me before became uncommonly so licitous in regard to my health. l feel like saying to some of them, as Charles H. did when they stood waiting for his demise, I beg your pardon gentlemen, for the unconscionable time I am talk ing in dying.
 Continuing, Senator Depew touched upon the development of the railroad industry in this country since he en- tered its service forty years ago, and added
 "The railroads received last year $2, 112 ,77O,OOO in gross receipts, but out of that paid $1,5O0,OO0,O00 in operating expenses. The whole of this, distribut- ed to it's employees and the supply peo pie, found its way into every depart ment of American industry and labor. While $S4O,0OO,00O was paid out to the employees directly and $600,000O00 to la bor indirectly for materials and sup plies, only $193, ,OO0,OO0 was paid to the | stockholders.
 "The country is growing more rap idly than railway mileage or equipment construction. The demands are great CT upon the car shops and locomotive works than can be supplied. The de- mand for labor is greater than can be secured for construction and extension. For the first time in our history there is labor famine from the Atlantic to | the Pacific American enterprise, con- structive genius and capital have al~ ways been equal to the needs of the country, and will be again.
 "I am not one of those who fear that socialism or advanced radicalism, or untried theories put into unwise prac- tice are to be carried into effect to such an extent so as to produce flnan- cial or industrial paralysis.
 q believe that these great corpora tions should be under the rigid super vision of the states, and of the gener- al government. While 1t is plain that the governments acquisition of fif- teen billions of railway property, and | the sort of management that would ersue in it's administration would lead to dangerous results beyond the i'm agination to picture, it is also demon strated by the experience of the older states, like Massachusetts and New York, which have railway companies, that supervision and control promote public safety, the interests of the pro- ducing and transporting public, and the investments of those who as cap italists or savings bank depositors de- rive their income from railroads in, bonds and stocks.
 "The American people want more railways built, and they believe that those who take the risk should have fair return upon their money, The millions, who by direct investment or indirect ones by deposits in savings banks, and other institutions, and that vast army of labor, comprising one fifth of our electorate, dependent on railway property, are the substantial basis for the safety of the present and growth of the future.'