The daily palladium. [volume] (Richmond, Ind.) 1904-1905, 1904-10-06
MR.. LOREE
RESIGNS
RESULT OF STORMY CONFER
ENCE IN CHICAGO.
EASTERN METHODS
In the West-Great Surprise Caused
In Railroad Circles.
Mr.. REID ELECTED DIRECTOR
Mr.. REID ELECTED DIRECTOR

Chicago, ILL.,, October 5.-LenOr
Fresnell Loree, the highest-salaried
railroad man in the world, suddenly
resigned today as the executive head
of the Chicago, Rock Island and Pa
citic railway company and chairman
of the Frisco executive committee.
of series of stormy sessions with
the owners of the Rock Island prop
critics lasting through an entire week,
and at which radical differences re-
garding policies developed and failed
of adjustment.
Mr.. Loree's resignation came as a
sensational surprise to the railroad
world. Nine months age he was in
duced to leave the presidency of the
Baltimore and Ohio railroad by the
payment of a cash bonus of $500, 900
and a five year contract insuring him
an additional salary of $4,000. This
contract, so liberal in its terms as to
be almost beyond credit, provided
that in the event of his leaving the
service of the Rock Island, his sal
airy should continue during the life
of the contract, and that in the event
of his death his widow should con-
tinue to receive it.
Within less than one year after the
signing of this contract his retire
ment was practically forced under a
charge that he had disorganized the
property instead or organizing it,
and had failed in accomplishment of
the Moores' purpose to WELD their
railroad properties into one homoge-
neous system of tremendous tonnage
possibilities. At the conferences.
which We're attended by William Fl.
and James H. Moore, ID. G. Reid.
chairman of the Rock Island board
Robert Mather, vice president and
general counsel of the road; Mr.. Lo-
rec and B. F. Winchtell, president of
the Rock Island railway company,
Mr.. Loree was plainly told that his
methods We're in disfavor, and. in the
opinion of the owners of the proper
ty, not such as were calculated to
bring about desired results.
The battle. if battle it may be call
ed, was largely between L. F. Loree,
supreme executive head of the Rock
Island systm. and b. F. Winchtell,
president of the Rock Island Railway
whose methods and policies have been
opposed from the beginning. The
policy outlined and advocated by Mr..
Winchtell won the day, and hereafter
he will be the sole executive head Of
the system, with supreme power, sub
ordinate only to the owners.
The positions which Mr.. Loree re-
signed are: President of the Rock
Island company Of New Jersey. the
holding company for Rock Island
system securities; director of the
same company. chairman of the exec
utive committee of the Chicago. Rock
Island and Pacific railway company
director of the same company and
chairman of the executive commit
tee of the st. Louis and San Fran
cisco railroad company. To succeed
him in the later position B. F. Yoa-
kun. former president of the Frisco
and chairman of the board, was ell
ected at joint meetings of the vari-
Gus companies. held subsequent to Mr.
Loree' resignation.
Robert Mather was elected presi-
dent and director of the Rock Is
land company of New Jersey, direc-
tor of the Chicago. Rock Island and
Pacific railway company and chair
man of the board of the same COM
pany. As successor TO Mr.. Lorse.
however. Mr.. Mather will not have
the powers which the Moores, Mr.
Reid and W. B. Leeds delegated to
Mr.. Loree. 1t is understood that fol-
lowing the recent annual report of
the Rock Island disclosing decrease