CARRIERS: Realistic Relation

Arthur Curtiss James owns a famous beard and more railroad securities than any man in the U. S. Last week this second possession was substantially cut when the Interstate Commerce Commission approved a reorganization plan for Western Pacific R. R. Co. writing off all its capital stock; at last reports Mr. James through various holding companies owned 40% of the stock, an investment with a par value of about $30,000,000.

Long Mr. James's pet road (he also has large holdings of Great Northern, Southern Pacific and Chicago, Burlington & Quincy), Western Pacific...