The Montgomery advertiser., 1909-09-14
LOVETT GETS
VACANT CHAIR
Succeeds Hartman on
Executive Board.
CHANGES IN UNION PACIFIC
Membership Of Committee Is In
creased.
william Rockefeller and Jacob III.
schin Elected Directors in Place OF
Hartman and III. III. Rogers, y
President Not Named.
CHANGES IN UNION PACIFIC

New York, Sept 13.-The continuance
Of the Hartman policies in the manage
ment of the Union Pacific. Southern
Pacific and the chain OF allied rail-
roads was made certain today, tenn
porarily at least. when Robert s
Lovett Z. II. Harriman's personal coun-
sci and close friend. was elected GO
succeed Mr.. Hartman at the head OF
the Executive committee of the Union
Pacific Railroad.
To strengthen further the dominance
Of the Hartman idea" Jacob H. Schiff
and william Rockefeller, both heavily
interested In the Hartman enterprises
were elected directors In place of Mr..
Hartman and the late II. ii. Rogers.
and also were chosen to places on the
executive committee.
The Union Pacific still remains with
out a president, as Mr.. Hartman &C.
cupied this position also. 1t is UNDER
stood, however. that an operating man.
probably L F. Loree. president Of the
Delaware and Hudson--will be elected
for the place at the annual meeting Of
stockholders to be held on October IL:
Proxies for this meeting already In the
hands of Mr.. Lovett and Alexander
Miflar, secretary of the Union Pacific,
seem to guarantee that the election
will be dictated by Ahe Hartman in
terests.
The Office which Judge Lovett as
aumed today Is the most important in
the management and financial supsrvi-
sion of the Union Pacific. Judge Low
ett's close association with Mr.. Harri-
man, particularly during the last weeks
of the Letters life, made him in the
opinion of the Hartman lieutenants,
peculiarly fitted to assume the respon-
sibilities OF the position.
l. f. Loree the slated candidate for
the presidency. shares the honor OF a
close familiarity with Mr.. Harriman's
dreams for the undeveloped territory
over which he hoped to push the as
cendancy of his railroad systems.
Directors Meet To-day.
The directors Of the Southern Pacific
will meet tomorrow. 1t 10 taken for
granted that their action Is fully fore
easted by today's meeting and that
Judge Lovett will be seated as chair
man of the executive committee also.
In Mr.. Harriman's place. with Jacob H
Schin, or some other partner in the
Arm OF Kuhn, Loeb and Company AZ
his right hand as director and member
OF the executive committee.
Wall street manifested more than
usual interest in today's election In
view OF the rumors which went the
round last week to the effect that a
member of ]. p. Morgan ana co. would
be elected to the Union Pacific board
No such change developed and as 1t
stands today the executive committee
remains. in the parlance Of the street.
a "Kuhn-Leob STANDARD Oil" board.
For, besides Judge Lovett, Jacob H.
Schiff and william Rockefeller. the
members are H. c. Frick. of Pittsburg,
Marvin Hughitt. president of the
Chicago and Northwestern and Frank
A. Vanderlip. of the National City
Bank, New York.
The failure of the Morgan interests
TO gain q place on the reconstructed
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 poisoned the selection of a
representative until the regular annual
election in October.
OF the two new members named to-
day the election of Jacob H. Schiff at
traeted the widest comment In financial
circles for the reason that the firm of
Kuhan, Loeb Co, formally withdrew a
few years ago from active participa-
ton in the management of all the rati-
roads for which they acted as bankers
with the declaration that 1t was their
policy as a banking house to assume
this attitude
No statement could be obtained from
Mr.. Schiff as to the apparent change
but 1t was authoritatively stated that
the interests of Kuhn Loeb and Co.,
and that of their powerful following
connections had becme so important IN
UDion Pacific that it was believed I'M
wise for the firm to longer remain
aloof from participation in the govern
ment OF the road.
LOvett q SOutherner
Judge Lovett, who, in view of his
new officers, becomes for the moment
one OF the most prominent railroad
men in the public eye. came to New
forty-nine years ago, he entered the
railroad business while a boy as a
$40 a month freight clerk for the
Houston, East and West Texas Rail-
road. at Houston. While serving as a
freight clerk he studied law at New
Orleans and eventually became a
country counsel for the railroad, jour-
neying from village to village and de-
voting his talents principally to set
Elements of cattle claims cases. Later,
the receivers OF the railroad made him
a district counsel and his success in
Frightening out the affairs Of the
bankrupt company won him promotion
to the position Of general counsel.
His next step was membership in a
firm which represented the Southern
Pacific. He became SO valuable to this
system. under Mr.. Hartman, that he
was made general counsel with offices
at Houston. Three years ago Mr.. Harrl-
man brought him to this city.
CLARK PRAISES HARTMAN.