New-York tribune., 1909-09-10
HARRlM ANS SUCCESSOR
NAY PICK L. r. LOREE.
NO Change IN Policy Likely Fort
Une Estimated at 500. 900 900.


Prior to Mr.. Harriman's death the all-.bsorbins
question in Wall Street was: What will the effect
% upon the future OF the Hartman properties and
who Will succeed him the executive head of the
Union Pacific and Southern Pac,6c cor,ns,iezp
Mr. Hartman In a recent interview was authority
Tor the statement that the management or ,be com,
pos Win "nicn ne was connected had been syS-
iai-eo 20 an extent that precuded the possibiI-
ny ol trouoie IN the event of the absence of the
mead OF the roads or of other ofscs,s and
'nat the men who might be called the logical sue
cessors TO their superors were So well trained that
my oouiu step IN at a minutes notice and handle
the anairs OF the companies ON exactIv ths sar,.
iiiles as those laid down by their predecessors
In the best informed quarters of the ena,c;a,
community II Is believed that the Hartman policv
VIII De continued in all it's essential details and tbs4
the men who will be chosen to take up the burdens
aeu SO many years by Mr. Hartman will prove
equal TO the task. which in no way can he coDsi5
cred light. despite the fact that the path has hse
cleared OF the many obstructons which Mr. Har
f'n'ah found when he stepped from the ranks and
assumed the power of command
In some quarters il is believed tha+ e.
president of the Union Pacific Railroad will ha
Leonor r. Loree, the present head of the Delaware
@ hudson company. Ex-Judge Lovett vice-presi-
don't of the Union Pacific, and Edwin HavIsv 1rbo
recently mas become no small factor in the Auer-
can railroad situation. also are mentioned as nos
slole successors to Mr.. Hartman But an the noo
ment opinion In many railroad and banking Offices
appears TO favor Mr.. Loree. who practically was
put IN charse OF the Delaware & Hudson by Mr.
hartman and who since that time has been PLACED
on the boards OF several railroads az the direct
representative OF the Hartman interests
Mr. Lores is man Of great executive ability
before going to the Delaware & Hudson he had
been president OF the Rock Island and the RaItt-
more q Chic. while at present. in addition 10 his
office with the Delaware & Hudson he also is
chairman Of the executive committee of the Kan
sas City Southern
Another suggestion regarding the possible sue
cessor TO Mr.. Hartman is found in the remarks
or well known fnancier. who said only a few
days before Mr.. Harriman's death that in tbe
event of the passing OF the control OF tbe Nav
York Central to Union Pacific hands " c. Brown
president Of the so-caIed Vanderbilt prouertv
would become Mr.. Harriman's right hand man
MI Hartman in the last two years often called
IN conference Mr.. Brown; also F. d. Underwood
president of the Erie.
The Union Pacific would not turn away from the
Hartman policy with any OF the men mentioned
at It's head and 1t Is moro than likely that at the
next meeting OF the directors of the company in
October. or az special meeting before then, one
OF the men named will be elected president
Mt Harriman's daring, fearless policy made
Union Pacific and Southern Pacific what they are
to-day two Of the greatest railroad properties in
the country. He was not pioneer railroad builder
as were Crocker, Stanford and Huntington He
took the labor of the hands of other men and
reared upon their hard built foundation structure
OF his own planning-the Hartman system II Is
this vast system which he extended and improved
and for which at the time of his death he had in
mind greater things that the man who succeeds
him will havs 10 handle In a manner that will
convince investors that Mr.. Harriman's policy of
insuring the security OF dividends will be car
ried out
The directors Of the Union Pacific are Robert
The only likely successor Mr.. Hartman on
this hoard is Robert 5. Lovett. vice-presdent
Julius Kruttschnitt. who is the director OF
maintenance and operations of the Union Pacific
Company, Is not director, and, while he is one
OF the best operating men in the country, it is not
thought probable that he will be considered by the
directors possible successor 10 Mr. Hartman.
The president of the Union Pacific must be a
financial of great ability well as cperat-
ing man. and these qualities appear to be pos
sessed by Mr.. Loree 10 a greater extent than by
any other known possible candidate for president
of the company.
z. II Hartman committed the Union Pacific
Railroad 10 the policy of concentrated growth. and
he increased the surplus earning capacity of each
mile of the road, and that OF the Southern Pacific
as well. II he had lived he would have dons the
same thing for the Illinois Central. the Erie. the
Baltimore & Ohio and the New York Central
The growth OF tn. Union Pacific itss!f carried
out conservatively. slowly, surely. with the least
possible element OF risk. The growth OF its hold
ing company capacity. however. was accomplished
by the most daring spectacular and dangerous acts
in the history of high finance. His methods were
question or day. his results were ior ai4 uhle
His policy has created a new highway from the
Lakes TO the Pacific His ambition was TO make
his highway extend from the Atlantic to the Pacific
absolutely under his control. something he doubt
less would have accomplished il he had lived
VIII his policy in this respect be carried outf IL
IL believed that II will The most powerful group
OF bankers In the financial community were behind
Mr. Hartman. Their investments on the strength
Of Mr.. Hartman as a powerful asset are enormous,
and IL IS not conceivable that they will step out at
this iuncture and allow the great Hartman system
to be divided and segregated and the colossal work
of the master mind go to pieces. The Mexican
project os Mr.. Hartman, which already Is under
full steam hardly will be turned over 20 inter-
ests outside the so-called Hartman sphere. The
connection between the Hil and Hartman lines
In the Northwest hardly will come TO end by the
passing OF Hartman enterprises there TO Mr. Hill
and his associates
In well informed quarters and that means In the
highest banking circles I'm Wall Street where Har-
rimau projects have been financed, il is not under
stood that anything will develop in the future
or ever that will induce any radical change In the
Hartman properties and plans a consequence
of the death of Mr.. Hartman. The amount OF
money invested these projects practically In
sures their completion along the lines suggested by
Mr. Hartman His constructive genius will be
missed, but with a Hawiey Lores some
other able man whom the directors may choose
the work will go on upon the foundation strong
ly built by Mr. Hartman.
Mr. Hartman power in nearly ons-third
of the total railway mileage IN this country. His
power represented his own personal interest and