the problem is named in the subject - TSystem::Load doesn't scan LD_LIBRARY_PATH.
Find the confirmation below - observed on SGI IRIX 6.2 with gcc-compiled ROOT. 
It is true that ROOT documentation doesn't specify if TSystem::Load is supposed 
to scan directories in LD_LIBRARY_PATH (or LIBPATH on AIX), however it would be 
a very helpful feature.
						Regards, Pasha.
--------------------------------------------------------------------------------
/cdf/upgrade/tracking/murat/g3/test>root
No default font loaded 
  *******************************************
  *                                         *
  *        W E L C O M E  to  R O O T       *
  *                                         *
  *   Version   1.03/03 12 September 1997   *
  *            Development version          *
  *                                         *
  *  You are welcome to visit our Web site  *
  *          http://root.cern.ch            *
  *                                         *
  *******************************************
CINT/ROOT C/C++ Interpreter version 5.13.24, Aug 24 1997
Type ? for help. Commands must be C++ statements.
Enclose multiple statements between { }.
root [0] gSystem->Getenv("LD_LIBRARY_PATH")  
(char* 0x7ffeef5d)"/cdf/upgrade/root/v0_00/lib:/spool2/gnu/tcl/v8_0a2/lib:/spool2/gnu/tk/v8_0a2/lib:/spool2/gnu/python/Python-1.4/lib/python1.4/sharedmodules:/cdf/upgrade/tracking/murat/g3/test/lib/IRIX6/shared"
root [1] gSystem->Exec("ls -l /cdf/upgrade/tracking/murat/g3/test/lib/IRIX6/shared")
total 4025
-rw-r--r--    1 murat    cdfupg_d  144068 Sep 27 20:55 ACppcmodule.so
-rw-r--r--    1 murat    cdfupg_d  217444 Sep 27 20:55 cotcmodule.so
-rw-r--r--    1 murat    cdfupg_d 1157276 Sep 21 21:31 liblinalg.so
-rw-r--r--    1 murat    cdfupg_d  222884 Sep 27 20:55 tryboscmodule.so
-rw-r--r--    1 murat    cdfupg_d  317832 Sep 27 23:39 yboscmodule.so
(Int_t)0
root [2] gSystem->Load("liblinalg.so") 
(int)1
root [3] gSystem->Load("/cdf/upgrade/tracking/murat/g3/test/lib/IRIX6/shared/liblinalg.so")
(int)0
--------------------------------------------------------------------------------