Railroads, Coal, And Lumber

UPON the death of its founder, Phelps, Dodge & Co. entered upon a new chapter in its long and varied history. Thereafter, for nearly a decade, William E. Dodge largely determined and executed the policies of the company. The old firm, dissolved automatically by Phelps's death, was succeeded by a new partnership consisting of Anson G. Phelps, Jr., William E. Dodge, Daniel James, James Stokes, William E. Dodge, Jr., and D. Willis James, one of the three sons of Daniel James. Each of the first three partners owned a twenty-five-per-cent interest in the company, Stokes had a fifteen-per-cent interest, and the two younger partners each held five per cent. The new company bought Anson Phelps's holdings in the old firm from Olivia Phelps, his widow and executrix, for approximately seven hundred thousand dollars; but the new partnership, designed by agreement to last the usual five-year period, was brought to an end shortly before that time by the death of the younger Anson Phelps from small- pox. Perhaps because of poor health, the son had never been as deeply concerned with business as his father, but found