Los Angeles herald., 1909-09-14
LATE MAGNATE'S COUNSEL IS
MADE SUCCESSOR
Continuance of Ideas Advocated by
Dead FinancIer Evidenced
by Action Taken in
New York
fBy Associated Press. !

@NSSOSAe~eNA
NEW YORK, Sept. 1S.-The contin-
uance Of the Hartman policies in the
management of the Union Pacific,
Southern Pacific and the chain of al
| lied railroads was made certain today
temporarily at least, when Robert S
Lovett, e. H. Harriman's persona
counsel and close FRIEND. was elected tC
succeed Mr.. Hartman as the head ol
the Union Pacific executive COM
mittee.
To strengthen further the dominance
of Hartman IDEAS" Jacob Fl. Schi1
and William Rockefeller were elected
directors in place of Mr.. Hartman and
the late H. H. Rogers, and were chosen
to places on the executive committee.
The Union Pacific remains without
a president, as Mr.. Hartman occupied
this position also. 1t is understood,
however, that an operating man-proh-
ably l.. F. Loree, president of the Della
ware & Hudson-Will be elected by the
stockholders october IL.
Both Hold Proxies
Proxies for this meeting already are
in the hands of Judge Lovett and
Alexander Millar, secretary of the
Union Pacific, and seem to guarantee
that election will be dictated by the
Hartman interests.
Judge Lovett's office is the most
prominent in the management and
financial supervision Of the Union Pa
cific. His close association with Mr..
Hartman makes him, in the opinion of
the Hartman lieutenants, peculiarly
fitted to assume the responsibilities of
the position.
He and Mr.. Loree are closely familiar
with Mr.. Harriman's plans and dreams
for the undeveloped territory over
which he hoped to push the ascendency
of his railroad systems.
The Southern Pacific directors will
meet tomorrow. 1t is taken for
granted that their action is fully fore
casted by today's meeting, that Judge
Lovett will be seated as chairman of
the executive committee also, in Mr..
Harriman's place, with Jacob Fl.
Schiff or some other partner in the
firm of Kuhn, Loeb & Co. at his right
hand as director and member of the
executive committee.
Wall Street Interested
Wall street manifested more than
usual interest in the election, in view
of the rumors that a member of j. p.
Morgan & Co. would be elected to the
Union Pacific board. No such change
developed and as it stands today the
executive committee remains, in the
parlance of the street" Kuhn,
Loeb-Standard Oip' board.
For, besides Judge Lovett, Jacob H
Schiff and William Rockefeller, the
members are H. c. Frick of Pittsburg
Marvin Hughitt. president of the Chi
cago & Northwestern, and Frank A
Vanderlip of the National City bank.
The failure of the Morgan interests to
gain a place on the reconstruction
board was a surprise to Wall street.
where last weeks rumors had been
given general credence.
1t was pointed out tonight, however
that possibly the Morgan interests
fearing disastrous results from any
radical changes at this time, may have
purposely postponed the selection of q
representative until the regular annual
election in October.
Schiff Surprises
OF the two new members. the election
of Jacob H. Schiff attracted the widest
comment, for the reason that the firm
of Kuhn, Loeb & Co. formally withdrew
a few years ago from active participa-
ton in the management of all the rail-
roads for which they acted as bankers
No statement could be obtained from
Mr.. Schiff as to the apparent change
but it was authoritatively stated that
the interests of Kuhn, Loeb & Co. ano
of their powerful foreign connections
had become so important in Union Pa
cific that ii was believed unwise for the
firm longer to remain aloof from partic.
ipation in the government of the road
Judge Lovett, who now becomes fol
the moment one of the most prominent
railroad men in the public eye, came
to New York in 1906. Born in Texas
Continued on Page Two