The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1909-09-15
MORGAN A DIRECTOR
YOUNG FINANCIER SUCCEEDS HAIR
RIMAN WITH BANK.
Son of ,. p. Becomes Member o.
Board of National City Bank
--signfficant In Finas-
cial Circles.

New York. Sept 14-J. Pierpont Nor
gan, Jr, was elected today to the late
Z. Fl. Harriman's place on the ooari
OF directors of the National City Bank
BY Wall Street the election Is re-
garded as one of the most significant
| OF the weeks financial developments.
presumably indicating that harmoni-
Gus relations exist between the Nor
gan and the Kuhn oeb-Standard Oil
groups of financiers.
Added weight was given the event
because IL followed so closely upon the
recent reports that the Morgan inter-
ests were about to take an active In
terest in the government of the Harri-
man roads and that the younger Nor
gan was slated al the ultimate success
sor of Mr.. Hartman in the command
of the Union and Southern Pacific
systems.
The National City Bank. the largest
of the nations financial institutions,
controlled by Kuhn, Loeb and Standard
Oil interests which yesterday assumed
commanding position for the time
being at least in the executive COM
mittee of the Union Pacific. George
w. Perkins. of the firm of J. p. Nor
gan and Co, Is already a director of
the bank and the additional recogni-
ton given the firm today was taken
by many in the financial district to
mean not merely the existence of an
"entente cordiale'' but the consumma-
ton of an active working alliance be-
tween the two great groups of Amer
lean financiers.
The National City Bank referred to
by the general public as the standard
Oil Bank" has resources aggregating
more than $300. 200, 900, while the First
National, known as the Morgan Bank"
has resources approximating $150,o00,-
600.
The commanding position which the
National City Bank interests now hold
in the Hartman railroad is Indicated
| by the fact that four of the six men,
bers of the reconstructed executive
committee of, the Union Pacific are
directors In the bank-Jacob H. Schiff,
William Rockefeller. Frank A. Van.
derlip and Henry G. Frick.
Mr.. Rockefeller and Mr. Schiff> were
elected yesterday when the size of the
committee was increased and Judge
Lovett was made chairman, filling the
vacancy made by Mr.. Harriman's
death.
The changes made in the Southern
Pacific directorate at the meeting to-
day as a result of Mr.. Harriman's
death were precisely the same as those
made in the Union Pacific directorate
,
| general expectation.
Judge Lovett succeeded Mr.. Harri-
man as chairman of the executive
committee, while Jacob H. Schiff and
William Rockefeller were elected direc-
tors and made members of the en-
larged executive committee. As was
the case at the Union Pacific meeting.
no action was taken in the matter of
electing a successor to Mr.. Hartman
as President.
The Hartman stocks moved upward
on the market today, largely, how
ever, in compliance with the recent
1 optimistic reports of the future plans
of the financier's supposed successors.
There were meetings today of the
directors. of the Illinois Central Rail
way and of the Wells-Fargo Express
Company. in both of which Mr.. Harri-
man had membership. No board took
action to fill the vacancy, but Presi-
dent Harahan of the Illinois Central
Was authorized to appoint a commit
tee to draft suitable resolutions on
Mr.. Harriman's DEATH