Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-10-05
PRESIDENT LoREE RESIGNED.
"Highest Salaried Railroad Official
Leaves Rock Island.

A dispatch from Chicago last night says
| Leonor Fresnell Loree, who Is believed tt
| be the highest salaried railroad president
| in the world, suddenly resigned today al
| the executive head of the Chicago, Rock
Island and Pacific Railroad Company.
His retirement came at the conclusion OF
a series of stormy sessions with the own
ers of the Rock Island properties, lasting
through an entire week. at which radical
differences regarding policies developed and
failed of adjustment
Mr.. Loree's resignation came as a SEN
sational surprise to the railroad world
Nine months ago he was induced 10 leave
the presidency of the Baltimore and Ohio
1t is stated, by the payment of a cash bonus
of 100000 and a ive-year contract. in
surfing him an annual salary of $15,UtO This
contract, so liberal in its terms us to ne
almost beyond credit, provided, it is un-
derstood, that in the event of his leaving
the service of the Rock Island lis salary
should continue during the life of the con-
tract and that in the event of his death
his widow should continue to receive it.
Within less than one year after the sign
ing of this contract his retirement was
practically forced, it is declared, under
charges that he had disorganized the prop
erty instead of organizing it, and had fail
ed in accomplishment of the Moores' pur-
pose to weld their railroads into one home
genous system of tremendous tonnage pcs
sihilities
The positions which Mr.. Loree resigned
are: President of the Rock Island Com
pany of New Jersey, the holding ny
for the Rock Island system securities; d.
rector of the same company chairman of
the executive board of the Chic ago, Rock
Island and Pacific Railway Company, Oh
rector of the same company and chairman
of the board of the ST. Louis and San
Francisco Railroad Company.
10 succeed him in the last-named posi-
ton b. f. Yoakum former president OF the
Frisco system, was elected at joint meet
1ngs of the companies held subsequent to
Mr.. Loree's resignation. Robert Mather
was elected president and director of the
Rock Island Company of New Jersey; d.
rector of the Chicago, Rock Island and Pa
enc Railway Company and chairman of
the board of the same company. AS sue
cessor to Mr.. Loree, however, Mr.. Matner
Will not have the powers which the
Moores. Mr.. Reid and w. B. Leeds dele
gated to Mr.. Loree.
1t was said that Mr.. Loree's failure to
gain the approval of the Moore syndicate
was due largely to the fact that he ap-
piled eastern methods to a western sys-
tenn. where conditions are totally different.
His first move was to fill many impor-
tant operating positions on the Rock Is
land with Pennsylvania men, who are said
to have exercised a disorganization as great
as that erected under the regime of G. H.
warren. The organization of the Rock Is
land was completely changed from the de-
partmental to the divisional system obtain
ing on the Pennsylvania road, where Mr..
Loree received his training.
The resignation of Mr.. Loree it is stat
ed, viii undoubtedly be followed by re-
organization of the Rock Island with view
10 eliminating the element which he brought
into the company, thus placing it entirely
in harmony with the policies and methods
of the new executive head Mr.. Winchell
II this occurs it will be the third reorgani-
cation in the brief period since the Moores
ana their associates secured control.