The Billings gazette. [volume] (Billings, Mont.) 1896-1919, 1909-09-14
Personal Counsel Is
Selected to Head
Union acifc
LOVETT wins OUT
Control of Pacific Roads i'm Hands of
"Kuhn, LOeb-Standard Oil" Crowd.
Morgan Loses Out in Attempt to
Secure Control Hartman Lieuten.
ants Still in Control.

R1EW YORK, Sept. 13.-The continu-
lN alton of the Hartman policy in
the management Of the Union
Pacific, the Southern Pacific and the
chain of allied railroads, was made
certain today, temporarily at least,
when Robert S. Lovett, E. Fl. Harri-
mans personal counsel and close
friend, was elected to succeed Mr..
Hartman at the head of the Union
Pacific executive committee.
To strengthen further the domi
nance of the Hartman idea," Jacob
were elected directors in place of Mr..
Hartman and the late Henry H. Rog-
ers 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
probably l.. F. Loree, president of the
Delaware & Hudson, will be elected
by the stockholders October IL. Prox-
les for this meeting already are in the
hands of Judge Lovett and Alexander
Miller, secretary of the Union Pacific
and seem to guarantee that the cleo
tion will be dictated by the Hartman
interests.
Judge Lovett's office is the most i'm
portant in the management and finan-
cial supervision of the Union Pacific.
His close association with Mr.. Harri-
man makes him, in the opinion of
Hartman lieutenants, peculiarly fit
ted to assume the responsibilities of
the position. He and Mr.. Loree are
closely familiar with Mr.. Harrimans
plans and dreams for the undeveloped
territory over which he hoped to
push the ascendancy of his railroad
systems.
The Southern Pacific directors will
meet tomorrow. 1t is taken for grant
ed that their action is fully forecast
ed by today's meeting that Judge
Lovett will be seated, selected as
chairman of the executive board, 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 manifested the greatest
interest in rumors that member of
J. p. Morgan & Co. would be elected
to the Union Pacific board. No such
change developed and as it stands to-
day, the executive committee remains,
in the parlance of the street, a
'Kuhn, Loeb Standard Oil board" For
besides Judge Lovett, Jacob HI. Schiff
and William Rockefeller the members
are H. G. Frick of Pittsburg, Marvin
Hughitt, president of the Chicago &
Northwestern, and Frank A. Wander
lip of the National City bank.
The failure of the Morgan interests
to gain a place on the reconstructed
board was a surprise to Wall street,
where the last weeks rumors had
been given general credence. 1t was
pointed out tonight, however, that
possibly the Morgan interests, fear
ing disastrous results from any radi-
cal changes at this time, may have
purposely postponed the selection of
a representative until the regular an
nual election in October. OF the two
new members, the election of Jacob
H. Schiff attracted the widest COM
ment, for the reason that the firm OF
Kuhn, Loeb & Co. formally withdrew
few years ago from active partici-
patton in the management for all rail-
roads for which they acted as bank
ers. 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. and of their powerful
foreign connections had become SO
important in Union Pacific that it was
believed unwise for the firm longer to
remain from participation in the gov
ernment of the road.
Judge Lovett, who now becomes fol-
the moment one of the most promi'
nent men in the railroad world, came
TCOUfTUUod IN Pare e