New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-11-09
BUSINESS HEADS MEET;
PROSPERITY PREDICTED
Railroad, Financial and Other
Leaders Exchange Views at
Philadelphia Dinner.
HAVE FAITH IN WILSON
Industrial and Commercial Con-
ditions Unusually Strong,
They Agree-McCrea the
Guest of Honor.

Philadelphia. Nov S.-Presidents OF
railroad companies operating more
than $4,000 miles OF line and having
securities outstanding Of fully 5000
100000. met with financiers controlling
not less than s5OO,OOO,O0O of resources
and other business leaders in Philadel-
phia on Thursday evening, 1t was
learned to-day. After discussing the
condition of the country they reached
the most optimistic conclusions con-
corning the future.
The fnanciers assembled at dinner
given at the Bellevue tratford by l..
Z. Johnson. president Of the Norfolk
& Western Railway. The real purpose
Of the dinner is understood TO have
been to bring together these kings OF
transport .tion and finance for free
exchange Of views on the general busi-
ness situation Of the country as 1t APP
pears in the light of the recent cleo
ton.
Mocre. Guest Of Honor.
The dinner was given here rather
than In New York in order that the
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 present
thu ANtqtinR
situation and the prospects Of the
future.
Those who spoke were: Jacob II.
Schifr, Of the banking house OF Kuhn,
Loeb 4 Co, New York: Edward I.
Stotesbury. Of the banking house Oh
Drexel g. Co. and a partner OF J. Pler-
pont Morgan; f. ID. Underwood, presi-
dent OF the Erie Railroad; George r.
Baer. president OF the Reading and the
Jersey Central railroads; W. W. IN
Icy president Of the Southern Railway;
Charles S. Mellen, president of the Ne"
York, New Haven & Hartford Railroad
Among others at the dinner were cap
tain John =. Green, a retired Nice-presl-
dent OF the Pennsylvsnia Railroad ana
Samuel Rea, W. W. Atterbury anu
Henry Tatnall, now Vice-presideh's Vi
the railroad: Paul NJ. Warburg, OF
Kubr Loeb & Co: A. j. Hemphill,
president Of the Guaranty Trust Com
many OF New York, now the largest IN
the country. with S24SO00,OcO Of re-
sources: George w. Stevens, president
and Frank Trumbull. chairman. Of the
Chesapeake 4 Ohio; Daniel willard,
president OF the Baltimore OHIO;
Ralph Peters, president OF the Long
Island Railroad; George II. Frazier, OF
Brown Brothers q Co. bankers, ana
W G. MacDowell, vice-president OF the
Norfolk & Western.
Confident OF the Future.
The consensus OF opinion, as sh-
nr.ssed. was that the Industrial ana
commercial operations Of the country
now rest upon unusually strong funda-
mental conditions. More than this anu
NJ greater Importance, the composite
opinion OF these men Of huge anairS
was that the situation warrants
hopeful and confident view of the nut
ure.
The opinion was generally held that
Woodrow Wilson will pursue con-
seryative course and that the Demo-
cratic Congress, when IL meets, Will be
prevailed upon 20 attack the problems
before It in a way not to disturb busi-
ness violently or unnecessarily. Tho
ous,t,on OF railroad credit and sxpan-
sion was referred to. and the POSSIBLE
ity of getting the Interstate Commerce
Commission to permit the transporta-
ton companies to raise rates was also
suggested by some Of the railroad Of
ficers.