New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-08-21
ALL WELL, SAYS PLATT.
pFPLV TO STOCKHOLDERS.
Refases, HO1rerer, to Call United
States Express Co. Meeting.

,.-.er h, wrote il reply TO the request of the
.sarc,slders committee that he call meeting Of
- shareholders for the purpose Of electing d.
-r,ors and demanding that the directors bring
-, against themselves aid against the Adams
80 American Express companies TO recover money
-,cb the shareholders committee said, had been
,.. through the negligence Of the management
+ his reply 20 the committee Mr. Platt refuses
a. c.r q meeting Of the shareholders upon the
-o,-nd that such a meeting car only be had upon
.se written request OF The owners and holders of
tuo-thirds OF tie shares. lie denies knowledge OF
,-v negligence the part Of any director OF the
,ognany and declares there has been no raalad-
-,iuistration il the United States Express Com
ranr, nor has 4 been poorly managed. After cit
ins Article OF The articles Of association, Mr
xsau says in his letter
n your communication you are quite careful TO
e.scI0se the iacI that you do MOI represent the
fhaf meeting De called for the purpose % elect
Ing directors and you are equally careful 20 in
tsve authorized you TO request q call for such d
- and expressly declined TO submit TO the OF
foers OF this company written request such as
( required by the articles OF association, but you
q those whom you represent Your declared will
S no doubt satisfactory 20 you. but i; does rot
neet our views % our rights duties in the
premises, which are that the board OF directors
s entitled 10 be assured thai such call made upon
I. is mace on oenaiI OF bona hQe shareholders OF
Ire COMPANY as Wei as shareholders whose aggre-
sa,e holdings reach the requisite amount.
,srsr Ihe board absolutely and unquaIifieGiv de-
tes knowledge OF any negligence the part Of
;as so The company from its u trans S aSaS In
!ss estate not necessary for the purposes Of the
.r fect thai would 5IstIty the hoard III comtIv
n. with your requests. Your failure TO make
sch specifications Is more noteworthy in view
:; Re company have been open TO examination By
Won and that you have examined the same freely
md as much as you desired. with the aid and sup
vort OF competent counsel
request tat il should institute vote 10 institute
sIs,s Il respect losses Of he company not
k k@n : nor known 10 ii and which. noTwith-
Standing your full opportunity 10 inform your
unable unwilling to point out So long as. hav-
Ing had free access 10 all the books and pagers
ri the company. you decline TO make any seciIca-
nnns :, . -d 60 long as TS decline TO satisfv the
ba5-i As TO the amount and genuineress OF the
share holdings OF the persons whom you assume
"a REPRESENT we are unable 20 see that your com
rnunication Is entitled TO further answer
The shareholders committee also requested that
,be eorupanv purchase from James c. Fargo, pres
,5eut OF the American Express Company, and
Levi C Weir, president OF the Adams Express
Company, both Of whom are directors OF the United
States Express Company, all their holdings in the
s-.sr company which the committee alleges were
-u-rrasea directly from the company. II makes
:hs same request in regard TO the shares held by
"a Southern Express Company, Basil w Rowe.
TREASURER O, the Adams Express Company, ana
Franz SreISOn,
,e-Ous railroad and other companies. including the
United States Express Company. These holdings
are estimated by the committee at about 10000
shares.
A representative OF the committee said yesterday
that Nj Platt was making every effort 70 prevent
meeting OF the shareholders and that the only
conclusion 10 be drawn from his attitude was that
he had something 20 conceal IN the management
a the company. The representative pointed out
that no meeting OF the shareholders had been held
fer .orry-ive years. and said that Mr. Platt would
evidently be satisfied IL none was held for forty
five years 70 come. He said. however, that' II
spite Of ire Efforts Of Mr.. Plat and the directors
70 re-petuate themselves in office. the committee
hoped 70 be successful In calling meeting OF the
shareholders notwithstanding the fact that II oid
rot represent the holders Of two-thirds OF 1he
shares as required by the articles OF ASSOCIATION.
Ieyi c. Weir and James g Fargo refused 10
comment OF the matter. but Francis Lynde Stet-
Son said that the American and Adams Express
Companies had obtained their holdings in the
United States Express Company in the open mar
iet, and net by purchase from the latter COM
p2ny, as charged by the shareholders committee
A shareholder who has taken an active interest
Il the work Of the committee was indignant yes
.eraav al the refusal of Mr. Plat and the direc-
10 cal a meeting Of the Shareholder he
said that apparently the only relief for the share
holders lay in appeal TO the courts. he pointed
OF that because Of the amount OF STOCK helo py
Shareholders could never get the necessary lWo-
thirds required By the articles Of association 10
caT meeting for the election OF directors, and
tGsi The management knew tits when IL permit
ted the COMPANIES mentioned 10 obtain the STOCK;
Il fact, lie said be believed = had sold IL 10 them
Il order peTpetuste itself il Office. and ILat ne
believed further. that any court would take this
View q it. and would order the stock returned.
Several other shareholders talked in similar
s;rsia. and some Of them declared that 1t was
evident that Mr. Plat and his associates were
running the company for their own proht ana Will
GU regard 10 the interests OF the Shareholders
and as evidence OF this they pointed out that the
company had reliaquished valuable territory 10
rs rivals without any compensation and that the
report for the first six months OF the year shows
increased expenses OF $S5a,ooe compared with ule
Hrst SIX months Of 1906 while the increase OF Bfoss
receipts was only S550.ot9
Il 4 Circular letter 70 the shareholders, part OF
which was mace public on Monday. Mr. PIatt' III
referring 10 circular issued 10 the shareholders
On June 2 os t.sls year by A l. Banister ana
samuel s. HIATT. the committee representing he
Shareholders, said:
The circular Issued ~ Mr. Banister ana MT
Hatt dated Jrne % 1907 contains alleged infor1na-
Ion concerning the assets and earnings OF the
company They allege tie assets 10 be sze'sSl'v1
af-s amount Is the result OF an exaggeration OF
a2tua Items tie duplication OF items and the ad-
o.tion Of On entirely fictitious item of 100000
constituting TIE alleged value OF good VIII
IN view Of what he terms these mistakes in the
Circulars. zr. Platt asks the shareholders TO sign
e=n which was iaclosed, withdrawing the authorl-
2aisns which, he says they may have been leo
10 sign empowering E6essrs. HIATT and Banister 10
fetceze.t taeza as a committee in an endeaVor 10
hsTe the dvide-cs increased from 10 per cent
and to can meeting OF the shareholders to receive
TIE -eBort CT the directors on such action
is LOST eu.LfoN MINE or A CAVE?
l'e.y--, aug. 2e-In the Of The Lost Buliion