The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1926-07-21
JAMES GAINS
CONTROL % F
BIG RAILROAD
Is One of 10 Richest Men
In Nation

W6dlIu pIOuuCeu ny WOThcIb III CUP
per, silver and gold mines has enabled
one man to gain virtual control Of one
seventh Of the railroad mileage of the
United States. This comes to light
with the announcement that Arthur
Curtis James, copper magnate, has Sc
cured controlling interest in the
Western Pacific railroad This prob
ably makes him the largest railroad
stakeholder in America.
One of 10 Richest.
James is reckoned one of the coun-
try's 10 richest men, He is one Of the
3 or 4 owners Of the Phelps-Dodge
corporation with enormously profitable
metal mines in Arizona, New Mexico
and over the border in Mexico. AS
a director of Morgan's First National
Bank Of New York and trustee of the
United States Trust Co. he is part
ner in the money trust which, accord
ing to the Pujo congressional commit
tee, dominates American industry.
James is one of the multimillion-
aires that have separately incorporat-
ed their enormous power as investors.
The Curtis Securities Co., of which
he is president, might well be desig
mated James, the capitalist exploiter,
while A. G. James, the individual is
publicly thought of as a philanthrop-
list and sportsman.
Dodge Income Taxes.
BY having the bulk of his income
come to the Curtis Securities Co. for
reinvestment, James has been avoid
ing the graduated income taxes by
which congress hoped to make the
very rich pay part of their share of
the war cost. This was pointed out
by Sen. Couzens in his attack on
MELONS scheme for untaxing the rich.
A large part of James fortune, now
reckoned at about $2OO,000,00O, came
to him by Inheritance from his father.
According to the New York Times,
James is believed to be the largest
stakeholder in the Southern Pacific,
Northern Pacific and Great Northern.
The last roads control the stock Of
the Chicago, Burlington & Quincy.
James is reported to own most Of the
minority stock in this very profitable
road. His control of the Western Pa
ciflc now gives him big say in the
management of the Denver & Rio
Grande, which is jointly controlled by
the Western Pacific and Missouri Pa
cific roads.
With James assumption Of control
T. Nj. Schumacher, becomes operat-
| ing head of the Western Pacific. For
years he has been employed by the
Guggenheim and Phelps-Dodge inter
ests to represent their control in the
transportation industry. In addition
James joins the directorate, bringing
with him Hale Holden, president of
the Burlington and Colorado & South
ern; James E. German, president of
the Rock Island, and Winthrop Aid
rich, representing Rockefeller hold
ings.
Controls Colleges.
James has the usual influence of a
multi-millionaire outside of business.
Along with Dwight Morrow Of ]. p.
Morgan & Co. and George Plimpton
of CHM G. Co. he is one Of the domi-
mating trustees of Amherst College.
He is trustee of Hampton institute,
the Metropolitan Art Museum, the
New York public library and director
of Union Theological seminary. His
vast fortune, accumulated at the ex-
pense of workers in the copper in
dustry, enables him to extend his con-
troll not only to transportation but also
to the country's cultural life. He is
factor in the control of education
by big business.