Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1907-09-12
Unjus! Express Rates.

HhiiNahh''pbuiuhi.
Unfortunately, the facts and figures
about the express companies have not
been given much publicity-for very
obvious reason. Dividends paid have
sometimes appeared to be excessive,
sometimes not, if the companies own
figures for capitalization were accepted.
Yet the public has complained of high
rates and stockholders have clamored
insistently for bigger dividends, rightly
asserting that the profound and sphinx
like silence of some companies, like
that Of the miser, Silas Mariner, be-
tokened hidden treasure.
Then came the evil day when express
companies doing an interstate business
were adjudged common carriers and
placed under the jurisdiction Of the in
terstate commerce commission, to which
these companies were required to make
reports of their financial condition. AS
the date for reports approached alarm
inglv near, one company declared an
Sboth dlNlitli. isdLti wac 10
sued a rather colorless report. This in
Dictated that a general strengthening up
of affairs was considered needful before
the shutters were taken down to permit
the light of publicity to come in. Even
now the light hickers only feebly
through the crevices and the exact f.
al .n1l,t,n,, nf ay,ia 10
not known.
For the years 1905 and 1906, the Wells
Fargo Co. finally yielded to the impor-
tunties of stockholders and published
statement showing the earnings for
1906 to be 80 per cent on a capitaliZa
ton Of So, 600, 600 The figures for 1907,
which were just made public, show
net earnings of 81, 3l3, 600, which makes
net earnings of $50 per cent of capital
in single year. The company is to be
congratulated for having enough bra
vado to publish a statement showing
such enormous profits. The public is no
less entitled to rejoice because it OBJ
tains discriminating evidence to warrant
vigorous carving of express rates.
1t is rather significant that so many
of the express companies are not moor
porated An old fashioned and occult
means of organization innocently called
an Association has been given modern
garb and made to serve the "beneh-
cent purposes of several companies.
Even more significant from the view
point of high express rates is the over
tapping of directorates of the different
companies under the veteran leadership
of the Hon. Thomas c. Platt. This CO.
operative arrangement insures delight.
full harmony among the various com
panies and makes it possible to provide
equally delightful and interesting di-
version for express patrons in the form
of scientific" rates.
A campaign for publicity is a begin
ming towards putting express company
affairs on more healthful basis, but
far more vigorous Intervention is nee
essary Property valuations should be
made, for there is the strongest temp
tation to capitalize earnings rather than
compute reasonable profits on capital
represented by tangible property Even
though liberal allowance is made for
good villa compulsory amorous
attachment of the public and for value
of a running business, the figures given
and other tell-tale straws which show
whence the wind lsteth indicate that
some companies will have to cut and
slash rates before customers get justice.
If railroad affairs can bear looking
into, then pre-eminently ought express
rates to be investigated and corrected
both by national and state authorities,
in so far as each has legal jurisdiction.
There is immediate and urgent need
for action