New-York tribune., 1909-09-11

q
and especially since the panic Of 1907 the rela-
lions between the Hartman and Morgan Hill
parties have been growing more and more har-
Tnonious. the latest proof having been the agree
-ment under which the Hartman roads are 20 be
allowed 20 use the Northern Pacfc's tracks
northward from Portland. ore. In the last two
years. TOO. Il is pointed out, many important
financial offerings have been made Jointly by
J. p Morgan g. Co, the First National Bank.
their ally. and the National City Bank with
which Mr.. Hartman was conspicuously identi-
ned.
UNISON IN L. P. AFFAIRS.
The following statement was issued yesterday:
II Is announced that Kuhn. Loeb & Co. Ma
tional City Bank interests and other leading
interests acting in unison in Union Pacihc
affairs and request stockholders TO properly exc
cute the proxy blanks they have already received
and forward them 10 the offices OF the company.
The Union Pacific books viii close on Monday
for the annual meeting October II. so that
stocks bought in the regular way later than
noon to-day viii not be available for transfer
for use at the meeting. fact which lent cor
roboration in some minds to the report that in
terests not at present represented in the man
agement might be among the large purchasers
OF the day.
A special meeting OF the Union Pacific direc-
tors has been called for Monday. at which such
administrative changes will be made as may be
deemed necessary as a result Of the death OF
the president. An acting president may be
designated. The Southern Pacific board, il is
understood. viii also meet at an early day for
similar action.
Union Pacific directors Yesterday preserved
absolute retioence concerning the question OF
NJ IN
any case the subject was not one which could
with propriety he discussed by them in advance
Of Mr. Harriman's funeral Rumor, however.
was busy with the subject. and concerned itself
chiefly with the names of two men, ex-Judge
Lovett, the general counsel of the Hartman
system and during the last few years one OF
Mr. Harriman's closest advisers, and L. F.
Loree. president Of the Delaware & Hudson
Company. upon whose abilities as railroad ex-
ecutive Mr. Hartman placed a high estimate.
Others regarded as possibilities are Julius
Kruttschnitt, director Of maintenance and
operation and J. c. Stubbs, director of traffic
OF the Union Pacific system.
MAY DIVIDE SUCCESSORS DUTIES.
Mr.. Hartman was pre-emnent as both hnan-
cier and operating head, a combination rarely
found; and a good many observers in Wall
Street are inclined 10 believe that in filling his
place the functions viii be separated, the presi-
dency being filled by the election of a highly
qualified operating man as president and the
financial direction being intrusted 10 a flnancier
IS chairman OF the board, and perhaps the pres
idency Of the Union Pacific and that Of the
Southern Pacific being vested in different men.
The Union Pacific system has long had con-
sulting board. composed Of Messrs Stubbs and
Kruttschnitt. William F. Herrin the counsel on
the Pacific Coast, and William Hood, chief n
gineer of the Southern Pacific. These men, il
Is believed. Will be continued in charge of their
respective departments. unless one or more OF
them should be promoted TO a presidency.
Rumors that the long discussed plan for the
segregation Of the Union Pacifc's investment
holdings would be brought out speedily were
denied yesterday in well informed quarters
These investments cover a.dozen companies, the
chief holdings being &20.128.IoO in Illinois Cen
tral. R3233s200 in common and s.. 206 400 in pre-
ferred stock Of the Baltimore & Ohio. sI42s5 700
in New York Central $4,000 600 in Atchison
preferred and slOS43IOO in Chicago & Alton
preferred stock. as well as seo.0000OO common
and S342OO.00O preferred stock Of the Southern
Pacific Company.
Mr.. Hartman was supposed to have planned
10 secure in time for the Union Pacific the con-
troll Of the New York Central. with which and
the Illinois Central ne would have had an. ocean
TO ocean line; but time viii tell whether or not
his successors will carry out that ambitious plan
It had also been understood that he had contem-
plated increasing the Union Pacifcs interest in
Illinois Central, possibly taking over the road.
which. with the Central of Georgia, would give
the Union Pacific system another direct outlet 10
the Atlantic seaboard but as 10 that plan also
II is too early TO predict whether or not the in
terests which are TO succeed 10 his rule VIII
carry out his policy.
Mr. Hsrrinnsn's interest in the Erie was prin
cipaily personal one, and II is said that at his
death his holdings Of it's stock were smaller
than they were a year or so ago. when a re-
ceivership was averted by his action.
ALL TRAINS To STOP FOR MINUTE