New-York tribune., 1912-02-10
}LAT7S QUIT S.EXPRESS
romuany Management Passes to
Hartman Estate.
urw DIRECTORS ELECTED
osarles C. Tegethoff, Now Sec
retary, Denies Report of a
Merger with Wells Fargo.

management Of the United States
,.,,sgs company, for many years m the
- of the Platt family, has passed 10
uarriman estate, four representatives
fiob constituting a majority OF the
have been elected directors. Tho
nan are Charles e. Tegethof, long the
s1e,tia, secretary Of the late +. II.
Ml--iD,sn Joseph W Hartman. president
,ho Hartman National Bank, a. G..
".,,s,sr. vice-presidcnt Of tho Illinois
r.n,rsl Railroad Company, and William Z.
,,.rsu. who is nephew Of Mrs. Harri-
nan $500
- of ex-senator Thomas &. Plat. for
- than quarter Of a century presi-
sD,, Of the company. has not until now
-, dred. and the three other places
...d.A for tho Hartman nominees have
In obtained through the resignation Of
2 goardman. q. II. Crosby. Vice-presi-
as,t and general manager. and George ~.
p,,r;tt The only directors remaining Of
,h. PJatt regime are Frank II. and Edward
r Plat. sons Of the late president. and
rrsn,is Lynde Stetson The positions Of
,rssident. vice president and treasurer are
,oop 70 be filled Edward r. Plat is now
treasurer Of the company.
Reports Of merger between the United
s,,ss Express Company and Wells. Fargo
20. were I'm circulation yesterday, based
an ,he fact Of the control Of the two prop
,-,ies by the sans interests. but they were
denied by Mr TeSethoft who Rad just been
,,eeted secretary Of tho United States COM
JsDy;
IN Aaril 1901. the late Levi c. Weir
pesident rot the Adams Express Company,
lanes c. Fargo. president Of the American
Express COMPANY and Francis Lynde Stet-
son. Who fs counsel fer The Morgan bank
ng house. became directors Of the United
States Express Corlpany Mr.. Weir said
At The time that there was no "community
q interest significance I'm the election of
himself and Nr Fargo In April, 1909. IL
became known that Frank n. Flat had
tcught the United States Express Compan,
neck holdings OF the Adams and Amer, alt
,Spress companies and that both Alr Fargo
snd Mr. Weir had retired as directors. II
vas understood that the sale TO him he'd
hsen made il view of the POSSIBILITY OF the
extension Of the Sherman anti-trus' law
spslcation 70 the express companies,
among which there had for years Seen an
iAtsrrslation Of stock ownership.
The first report was that NJ. Plat had
been actins as agent for Thomas T. Ryan,
hw &, soon became known that his prin-
eipal was Mr. Hartman. whose control
Of Wells, Fargo & Co. had been undis-
rvted since the election cf August. 1906,
when William Nelson Cromwell, who pre-
rdsd at the meeting. told the assembled
Shareholders that they had only Mr.. Harri-
man TO thank for their company's pros
peilty, adding.
He cannot he replaced. for he moves in
n higher world, into which we nay not
inter
The stock bought BY Mr.. Flat for NJ.
Hartman as the former testified little
latsr in one Of the various suits brought
by dissatisfied stockholders who were try
ins 70 oust the Platt management.
amounted 10 22.o2S shares out OF the total
G1t0 rerresenteing the entire holdings
owned by the Adams and American com
pennies Since the death OF Mr.. Hartman,
4 is understood, additional stock has been
secured by the estate. the holdings now
sspegating clear majority
Ir is said that considerable part OF the
ADDITIONAL stock has been acquired from
Shareholders who for several years were
associated in efforts 70 secure a larger dtvi-
dend rate and then 70 obtain a new man
sgenent and an accounting, the combined
holdings of these stockholders being, &C
eor6ing to report, about 20 per cent Of the
total stock The dividend was raised from
2 to 3 per cent semi-annually in October,
1857. but for the following three periods the
I per cent rate was declared, return being
made in October, 1909. to the per cent an