Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1902-02-13
HARRIMAN'S
LATEST MERGER
Plans for Consolidation Of Big Ey-
press Companies
j, E. DO0LY ON THE SUBJECT
says Stock IL In Hands OF the Dear
Public aud would be Hard
10 Get Control,

According to an Associated Press dis
patch the San Francisco Cali tiis
morning intlmates that the four big
express companies Of the country
the Adams, American, United States
and Wclls-Fargo may be merged into
one corporation, It says that word
comes by private message from the
east that y. H. Hartman president
OF the Southern Pacific company WIN
be elected to the presidency OF the
Wells-Fargo Express company at the
next annual meeting Of the stockhold-
ers. The paper adds that Hartman
may De selected as president Of the
proposed combination
When seen this morning John ~,
DO0ly, cashier of Wells-FarBos bank,
was inclined to the idea that such a
combination would be extremely aim
cult under existing circumstances 0i'
though, he said, there had been ru-
mors 70 the above effect for nearly o
year past,
"As to the Wells-Fargo express he
said THE Southern Pacific, OF which
Mr.. Hartman Is president, controls
aud owns yi,35000O Of the capital stock
OF 100000 of the Wells-Fargo COM
pany, or about n per cent The ball
ance OF the stock Is held In small
punches by the dear public, The stock
Of this corporation for the last six
months has paid dividends at the rate
OF per cent per annum, and there Is
very little Of the stock In the mar
ket. While II " ostenslbly quoted &C
$3.50 to $500 per share about the biggest
deal have heard OF In connection with
the express company was one block OF
stock which was bought recently con-
slsting of 800 shares at 1926 a shareV
Continuing he said: 1T is understood
that the stock OF all the express COM
panies mentioned in the dispatch Is
scattered In much the same way with
the exception OF the United States
company which II controlled by Sena-
tor Plat OF New York and the Pacific
Express company In which George j,
Gould holds the balance OF power, The
stocks OF the express companies are
generally held as Investments and are
scattered throughout the United States
possibly 90 a greater extent than
any other stocks on the market
today. About the only way possible 70
effect consolidation Of the COM
panles would be TO purchase con-
rolling interest IN the stocks Of the
various companies, and this in my opin-
ion will take considerable time"
General Agent French OF the Wells
Fargo Express company. said that q
consolidation Of the different express
companies OF the United states was
something he had been expecting for
year. There Is no reason, he Thought
Why six or seven express companies
should all have different offices IN the
same city, as frequently obtains back
east and with the community OF In
forests policy that Is now being pushed
with the railroads, the proper thing
would be for the express companies 10
follow suit Mr., French was more in
olined than ever 70 zee 81 consolidation
effected now because Of Mr. Harrlmon's
election TO the vacancy caused by the
death OF Mr.. Valentine OF the Wells
Fargo Express company. and Mr. Har-
riman's views IN favor Of consolidation
were we'll known, However, Mr. French
said he had received no Information as
70 probabilities In this direction IN
event of the consolidation being effect
ed, Mr. French said the banking DEPART
inent Of the Wels-Fargo company
would become q separate and lndepcnd-
ent concern by itself,
Just what will be the outlook when
The express companies are consolidated
IS not at this time forthcoming, Local
railroad men are OF the opinion that II
win mean that the Pacific Express COM
pany will cease TO operate on the Oregon
Short Line and the Union Pacific and
the business will be handled entirely by
the new company The outcome Of the
deal will mean uniform express charges
ns was the case with the telegraph
companies when absorbed by the West
ern Union.