The Birmingham age-herald., 1912-04-26
STREET RAILWAY MEN AT BANQUET LAUD UNDERWOOD Party of Prominent Officials in Birmingham All Day
 Yesterday
ELABORATE BANQUET
 GIVEN LAST NIGHT
Exum, Sibley, President McCarter, MT. Conwell and Others Make Speeches-Party Was Shown
 Over District Yesterday

Al a ioldble b4iquet teilueteu lne NlSll- ing officials of the American Street Rail way association at the Country club last night the mention of oscar w. Under woods name by President Thomas N. McCarter in a flattering way. eleted the most enthusiastic applause from the men of Birmingham who were asked to well come the street railway officials present. The speech of President McCarter deal ing principally with questions relating to public utility matters, was the feature of the evening. He handled his subject in the most masterful manner and predi- cated it by paying Congressman 0. w. Underwood, the idol of Alabama citizens, fine tribute.
 He started out by saying that in travel ing in a private car 1a,00o miles one was won't to feel as apresident of republic be- cause of the additional fact that great hospitality was bestowed by the citizens of various cities, but the genial president of the street railway association added that he would not think of feeling as a president in the home city of one who was so favorably mentioned and so seriously considered in connection with the presi- dency of the United States as was oscar Underwood. Wild applause greeted the
 
 utility corporation head.
 Underwood Safe
 He added: If it should be that MT. Underwood was elected President of The United States I would, as all business men, feel that the destiny of the Amer ican people was safe while he was at the helm. If one should be nominated who is generally spoken of, not mentioning any names, would feel that MT. Underwood was the safest man, although have been a life long republican.
 T have been asked many times in tho south what I think of Woodrow Wilson. l know a lot about him that I do not ln- tend to tell you gentlemen tonight
 The brisk references to Congressman Underwood by President McCarter caused a storm of applause to sweep through the room where the banquet of President Ford in honor of the visitors was held. The bare mention of Congressman Underwood provoked the stormiest scene and if the display at the affair last night can be taken as fair indication of the enthusi- asm that will be noticeable in Baltimore, the Alabama Underwood boosters will storm the convention. This when even Oscar Turner was unavoidably absent.
 The banquet at the Country club last night was. the finale of a round of enter tainment given the street railway men in DltiiiiIlSHdfl yesterday Dy tfesluent FOfu of the Birmingham Railway Light and Power company and his officers. The ofrl- eials at the banquet last night seemed to greatly appreciate the fact that so many prominent men had turned out to meet them.
 Ford Presides
 The dinner was presided over by Pres ident Fora who introduced the speakers Culpepper Exum. president of the city commission, was the first speaker He welcomed the visitors to Birmingham in a cordial and very interesting speech, which, while short, was very Interesting. MT. Exusn told the visitors that he was sure the welcome of MT. Ford was wholly adequate.
 In addition to Mir. Exum the speak. CTS included John W. Sibley presi- dent of the Chamber of Commerce. MT. Conwell. President McCarter and Mir Peiree.
 The banqueters indicated in liberal applause that they agreed with the various speakers in sentiments anent street railway problems and other top les touched upon by the speakers. The entire affair seemed to be void of any feature but what was in absolute har- mony with the visit of the street rail- way officials.
 The address of President McCarter follows:
 Status of Struggle
 Without entering the field of political discussion, may say, at the outset, that in the present period of agitation concern ing not only the railroads, both steam and electric, but practically all large business enterprises, one of the most im- portant questions confronting the people of this country is whether the electric HALLWAY Industry shall be crushed between the demagogue on one hand and the doe tfinaire on the other, or shall be given an opportunity both to live and to ex pand in accordance with the needs If the public Shall the country be allowed to develop. or shall we strain at a gnat and lose the great development to which our country by the grace of God, is en- titled?
 'lt is not to be denied that In many binds a feeling or prejudice toward elec- tric railway companies exists. No doubt this is in large part due to the fact that in the early stages of the industry poli- cies were adopted which would not in this enlightened day be tolerated for a mo- nient.. But whatever may have been the case in the past, l am prepared to say that in the nearly 10 years during which l have been connected with this busi- ness, the men engaged in operating elec- trie railways throughout the country, &C., eorcing to my observation--and i have
 
 seryation--have been. with very few ex- ceptions, Honorable men, conducting a clean business in clean way.
 Not on the Whole Profitable
 Contrary to an impression existing in some quarters. the electric railway indus try has not been, on the wl,ole, profit able one. While in the first few years of the business some large fortunes were made-and perhaps improperly made these have been exceptions. As fair example of the real earnings of electric railway companies, I may cite conditions in Massachusetts. In that state there has been a commission with power to su- pefyise the Issuance of securities during the entire "A years of the life of the industry. Consequently, there have been no. stock watering scandals, and a dol lar of capitalization in any of the com panies operating there unquestionably rep regents dollar honestly invested Yet only approximately one-half of the elec- tric railway companies in Massachusetts pay dividends. and among the dividend paying companies the rate paid is but per cent There are people, I know, who say that per cent is the maximum rate which ought to be permitted in the case of securities of this kind but have no hesitation in saying that if. after experi- encing all the trials and tribulations and peculiar hazards of this business. and go- ing through the lean years of slight divi- dends. or none at all, the best I can hope for. in quarter of century, Is per cent. prefer to put my money in saw ings bank and let it earn per cent.
 .sIt is frequently alleged that these companies are overca apitalized. and in .~-x, i~ t,ronoee6 mn the poq