Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1911-01-28


Magazine in a very remarkable article
entitled The Great Express Monop-
OILY" Mr.. Atwood shows that the
express companies, six Of whom con-
troll ga per cent. OF the countrN,s busl-
ness. have ceased their tremendous
privileges without Legislative interfer-
ence, and, although they are common
carriers by every principle of law,
common. Judge made. and statute, they
have carried on their gigantic opera
tons unhindered, charging what tarlti
seemed good to them. rolling up I'M
heard-of profits and assuming the du-
ties which IL neglectful government
should long ago have assigned to an
organized parcels post. To show how
closely the express business affects
the public. Mr., Atwood describes as
follows few of the functions tn"
companies perform:
An express company will file legal
documents. redeem pawned articles,
collect notes, drafts and accounts. 1t
will execute deeds, conveyances and
contracts. enter and clear at custom
houses any desired articles of import
and export, transport goods in bond 70
any desired port of entry, exchange
foreign money. pay gas bills, and. in
tlo tn IapitiIU1tp
business transaction as the customers
agent. Among the articles which an
express company makes a specially of
transporting are gold, silver. bank
notes. currency. deeds, contracts,
precious stones, jewelry, watches,
clocks. gold and silver ware, plated
ware, costly pictures. statuary. must
cal Instruments, laces, furs. silk, china.
stained glass, birds and perishahle
goods.
Perhaps you have thought of all
this before, but do you also know that
the six largest express companies are
among our greatest bankers? With
them in one year the public has de-
posted $352.590,s14 and their transac-
tons in money orders. The Ameri-
can EXPRESS alone has handled alone
nearly Il. 900, 900 money orders in one
year. That the public has confidence
in the safety Of the express companies
as banks admits of no doubt, and it
has been credbly reported that in the
panic OF 1907 money was withdrawn
from banks, which the people did not
trust, and invested in express money
orders"
Gradually it is dawning upon the
American people that the business OF
the great express companies is pilins
up vast fortunes for the companies
and stockholders at the expense OF the
public pocketbook. Just as gradually
the methods of these monopolies are
being brought to light and the people
are becoming FESTIVE in the light of
The oldest and strong
est of these big companies is the
Adams, which has been in existence
more than half century. In the
opinion of Mr.. Atwood, the stock
holders of this company have not put
nto the business one cent of capital
since 1866, at which time its capital
tock had grown from almost nothing
o $4,000 900 According to the census
If 1890 the company had an actual in
restment of property employed in the
business of SLIPS 95. yet it had been
years, or so per cent. on the actual
value of its property in use. Eight
years later, it distributed $12.n0o,0 900 |
in it's own bonds to stockholders. The |
then reduced it's dividend !
rate to four per cent. but as that was
also paid on the bonds the stockhOld
ers lost nothing, and six years later
the stock dividend was raised TO ten
per cent.
Other express companies have en-
joyed the smiles of fortune to the
same extent. The Wells Fargo start
ed with a capital of $4,000, 900. This
was raised to 100000 in 1898, on
which, in recent years. ten per cent.
has been paid but it is easily remem-
bered that early last year it declared
a 800 per cent. dividend 200 of 1t in
new stock and 100 in cash. 1t is now
paying the old dividend upon the
tripled capital stock.
Mr.. Atwood says: who, you will
naturally wonder, is paying for the
worthy educational object of which
nave told YOU? 1t may never have
occurred to you that you are, and
am, and So are the editors of this
magazine, and the people who print it.
The smaller We are in the business
scale, the more we have been paving
We cannot use freight for every birth
day and Christmas gift, and our post
Office, unlike those of other countries.
viii not take more than four pounds.