The Washington herald., 1912-07-15
EXPRESS COMPANIES
UNDERGO REFORMS
REPORT SHOWS
COMMUNITY OF INTERESTS
Continued from Page One.

to receive It under the terms OF contracts
which had been in effect for several
years. Attention Is also called to the In
creased percentage paid the Chicago and
North Western Railway under the terms
Of a contract which become effective In
April. 1911. II thus appears that directors
OF express companies may and do make
contracts with themselves as directors
OF railway companies and that in the
great majority of cases when contract
expires II is renewed either with the
same or another express company at an
increased percentage"
The twelve largest holders of stock In
the American are given as follows:
New York Central Railroad. 5000;
Charles Pratt & Co, 400. American EX-
press Company. 1889; executors b. p.
Cheney estate. 1850; p. J. woodhart &
Co. 1855; Southern Express Company.
1.1s5: Homans & Co. l.0i6: Standard
Trust Co, trustee for the benefit OF the
Adams Express Company. loo: Graham
F. Blandy. l.OOo: Charles P. Noyes. 1.oO0;
David Lehman. SIS; William X. Porter.
700.
The commissions report adds:
Where Companies Interlock.
1T is found that the Adams Express
Company IS among the largest share
holder of It's principal competitor: that
the Southern Express Company, which is
closely affiliated with the Adams. also
owns a large number OF shares in the
American Express Company: that the
New York Central and Hudson River
Railroad owns one-sixth of the entire
number Of shares OF the express COM
pany; that four of the directors are also
directors in railway lines: that two OF
the directors are closely connected with
the New York Central Lines: that two
OF the trustees OF the Cheney estate
the fourh larges owner II he express
conipsny's shares. are directors in rail-
way lines; that one of the directors
u. Horace HardingD is a member of the
firm OF c. u. Barney & Company. whose
name appears among the shareholders
OF the Adams Express Company: that
the Adams and American Express oCm-
psnIes are represented in all hearings
before the Interstate Comerce Commits
sion and similar regulative bodies by the
same attorney. who looks after the inter
ests Of both companies. and that the
Morgan and Standard oil interests are
strongly represented in the directorate
the latter in the person of Mr.. c. NJ.
Pratt II Is . well-known fact that the
Adams and American companies for
merly had common direcors The three
directors. who are not above mentioned.
are eployes OF the express company"
The Wells Fargo Company.
The Wells-Fargo Company on June 30.
1911. had $4,000 par value OF railroad
and other comon carrier bonds and stock
of a par value of S559,0oo.
The report adds:
The returns to the commissions order
dated October Is. 1911. show that shares
10 a par value Of S.5S0,Ooo wee held by
the American Express Company in the
Wells-Fargo Company on June 80. 1911,
and that shares amounting to s2S2 30. par
value, were held by officers and directors
OF common carriers. To the latter may
be added the holdings Of Mrs. Mary w.
Hartman, s6.4655O0, who is the largest
holder of the companys shares. and who
is also the largest holder of shares in
the United States Express Company. II
will be observed that Mrs. Hartman
owns 2 per cent OF the capital stock.
the American Express Company 10 per
cent. and that the remaining "a per cent
is divided among 1.99l other shareholders.
] per cent being held by officers or di-
rectors of common carriers"
The report points out the Same inter-
lacing Of directors between the Wells
Fargo Company and the railroads as in
the other companies.