Bisbee daily review., 1908-10-30
HIGH AND LOW FINANCE AS SEEN
 IN EXPRESS COMPANY MANAGEMENT

written authorization of stockholders requesting this to be done.
 The United States company has no competitor to contend with, as there is thorough and perfect agreement
 among all companies about rates to
 be charged So it would seem to be a very simple and easy matter for the management to make the desired
 distribution of profits to stockholders
 which they ask for. The management,
 however, obstinately refuses.
 l Why? This Is the story and long
 one. It can be summarized by saying |
 that 20 per cent of the stock of the United States company is owned by 1
 the American and Adams companies, | and probably per cent more is held | lby their friends. The original arti- |
 cles of association provide that, un- less the management elect to call an
 lannual meeting, the calling of such
 a meeting can only be forced by the
 written demand of the holders of two
 thirds of the stock That this is all
 most as physical impossibility is well known. on account of the fact that the 400 shareholders are scattered all
 over the country, and that some stock
 is in the hands of estates, tied up in
 trust etc. It has been possible, how
 lever, for about 60 per cent of the
 stock to cooperate. and the holders
 of this 60 per cent are now persist
 ently endeavoring to force the hand of the management. They do not | have much hope of being able to se- cure the signatures of the full 66 2-3 . lper cent of the stock necessary for , this purpose, but they are continually . working for the accomplishment ol , this end In the meantime, however, l | at the next session of the state legis- lature in Albany, a bill will be pre- 7 scented and it's passage. urged reqair- } ing the holding of an annual meeting F of all joint stock associations every g Iyear As none of the express com . panies ever hold meeting there will 5 be a very general disposition in the k part of express company stockholders ' to urge the passage of this law.
 l It will be recalled that a couple of r years ago, when the fight was made by the American Express stockholders d for a meeting, the management per r sisted in their refusal to hold such S meeting, but they satisfied their V stockholders by increasing the divi- # dend rate from per cent to 12 per r lcent per annum, and paying them an o lextra dividend of 100 per cent. In r his connection, it is interesting to h note that the same brilliantly aggres' e- sive attorney, Eugene G. Kremer, wac if made the successful fight fir the g. American stockholders is now counsel y for the shareholders cimnittee of the
 United States company.
 It The Platt family always seem to n have been signally consistent in all l. their operatiins and ambitions. The al old easy boss ran the state of New f. York for a good many years, and il Ie is not generally believed that he grew
 poor during his regime, and his sins D0 nave always been very close to papa 70 Aside from his manipulations in New 70 York. state, in the senate at Washing 70 ton he aas been an influential factor
 Everyone knows that a parcel pos J0 would be of inestimable value to thi - country. But even that sturdy icon DO oclast, Roosevelt, in his multitudinou ct duties if smashing into most every ir thing se ought to keep away from, ha n not had time to take this up. Tn te parcel post would not please the ez fo press companies and the HonOrabl CT Senator Platt from New York has a a> ways carefully attended to it that n et parcel post legislation ever got be iv- yond the agitation stage in congress
 That the express trust appreciates tn sy value of his service is only natura iie and that they can well afford to shO IF, their appreciation in generous maj er- her is automatic. With the Adam Ire company paying 200 per cent extr ,r, dividend, the American, a 100 per eel 70. extra dividend, and the Wells-Farg lly earning 50 per cent a year, wh it, should they not treat Tom Platt ibe lIu ally? Rather than take money out ,ur their own treasury it would seem tht ,uy they thought it would be easier to u' use the United States company, and fet iu. him out of that treasury. There inv no question but what they regar
 ol their holding of 20 per cent of u nly United States company stock as
 very satisfactory investment, becau 1t's frequently they take a desirable co CO., tract away from the United Stat uId company and put it in their own be lar In the earlier history of the compar sid it is presumed that Senator Platt h. .hIs considerable holding of stock in t ,arl lcompany. Since, however, the e sin lpress trust secured control, there are been no necessity of his retaining a the more than the amount needed to qu CA lify him as director, namely l ess shares, and his, it is understood, ren- all the stock that stands in his na1
 re It is presumed that the senator nat I if ally took a favorable opportunity ,ted dispose of his holding, and it is qu hat possible that he began to distribr ana his stock a few years ago when sion Iprice was around 160. As the pri tes has since gone down to 80, he wol
 ,n- have no trouble in getting back thar holdings if he wanted to, but app Sex- entIy he knows of other things wh had are better to invest in than the ste .I1eo of his own company. Still he che nnId fully holds his job at $50 per d ,uch but if the majority of all outstand and stock had anything to say about ooJ. matter his $50 daily 3tipend wo ,.nv stop instanter.