The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-11-09
GREAT F|NANC|ERS
GROW OPTIMISTIC
A1BAhQUET BOARD
Representatives of Billions
Meet in Philadelphia
/. After the Election
PRESIDENT JOHNSON
OF N. AND w. HOST
Money Kings informally and
Freely Discuss Situation
and Can See Only
the Bright Side

PHILADELPHIA, Nov. s.-Presi-
dents OF railroad companies operating
more than $4,000 miles Of line, and
having securities outstanding in the
hands of the public TO an aggregate
amount of fully four billion dollars.
financiers controlling directly not less
! than s5o0.000.000 resources, together
with other men OF big affairs. assem-
bied in Philadelphia on Thursday
evening. IL was learned today. and
after discussing the conditions Of the
country, reached the most optimistic
conclusions concerning the future.
The nnanciers met at dinner given
at the Bellevue Stratford by l.. E.
johnson, president Of the Norfolk and
Western railway. Great Importance
attaches to this gathering of men
charged with the anagement OF huge
properties, with the responsible con-
duct OF great interests. While not
avowed. the real purpose of the din
ner Is understood to have been to
bring together these kings Of trans
,narta;ion. and finance for a free ex-
change OF views on the general Sfss4-
ness situation Of the country as IT
has developed, and as 1t now appears In
the light OF the recent election as a
factor to be considered.
To Avoid Attention.
The dinner was given here rather
than IN New York. in order THAT TIE
affair might pass Off with less public
attention. James McCrea. president OF
the pennsylvania railroad system, was
the guest Of honor. No set addresses
were made. but several OF those pres
emit expressed their views upon the
existing situation and the prospects for
the future, when repaired to do 30 by
their host.
Those who 20 spoke were Jacob IA.
Schiff, OF tho banking house OF Kuhn.
Loeb q Company, of New York: Ed
ward +. Stotesbury. at the banking
house of DrexeI IL Company, and a
partner of J. p. Morgan; r. d. Under
wood, president OF the Erie railroad.
George F. Baer. president of the Read
ing and Jersey Central. w. w FIN
ley, president OF the Southern railway.
and Charles S, MeiieN. president Of the
New York, New Haven and Hartford
railroad.
Among others at the dinner were:
sohn T.. GreenI n retired vice.
president of the Pennsylvania rail-
road. and Samuel Rea, w w. At
terbury and Henry Talnali. now vice.
presidents Of the railroad; Paul N
Warburg, of Kuhn. Loeb x Co.. A.
j. Hemphill, president of the Guar
anty Trust company. of New YORK,
now the largest in the country with
sc4s, 100000 Of resources: George W.
stevens. president. and Frank Trum-
bull, chairman OF the Chesapeake and
Ohio; Daniel willard, president OF the
Baltimore and Ohio. Ralph Peters.
president OF the Long Island railroad:
q. Fl. Frazier, OF Brown Brothers &
"a bankers. and w. G.. MaeDcweH,
vice 3nresident of the Norfolk ana
Western.
All Are Optimistic.
The dinner in the results 1t had.
was accounted great success. II
brought out the opinions of those
nresent informally and so with entire
freedom. The concensus of opinion
as expressed. was to the erect th-i
Industrial and commercial operations
Of the country now rest upon I'M
usually strong fundamental condi-
tions, More than this, and Of greater
-kpsnertance. the composite opinion OF
these men OF huge AFFAIRS was tna1
the situation warrants a hopeful and
confident view of the future.
The opinion WIS generally held that
wondrow Wilson will hold to con-
seryatfYs.= course aaa-that the Demos
cratic congress. when 1t meets, VIII
he nreyailed upon TO attack the
nroblems before II in way not 70
disturh business violently or unneces-
sar,ly. The, question Of railroad credit
ana expansicn was referred to and the
ros-ib,lity OF getting the Interstate
rommerce commission to permit the
RECOMMENDATION companies to raise
rates was also suggested by some OF
the railroad officers to others