The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-03-14
Army of Employees, 1000
Here, Affected by Deci-
sion to Liquidate.
OTHER COMPANIES UNEASY
Fear That stockholders May
Force Withdrawal to Save
Remaining Assets.

Directors OF tho United States Express
Company voted yesterday to wind up
IN. company's affairs and 20 out Of bust.
ness stockholders In the other big
companies are already anxiously inquir-
~ how long II will be before their
directors follow the example OF the United
States Express Company's board.
The first direct result OF the Govern
ments parcel post competition and the
resulting reduction Of 16 per cent. In
express rates will be the throwing out
Of work of $4,000 employees Of the United
States Express Company when its liQui-
dalton is completed. There are about
1900 employees of the company In New
York city.
tn. United States Express Company
has no pension system. Its yearly pay
roll is about 100000.
we could have stood the competition
II the parcel post as originally planned"
aid President d. I. Roberts In announc-
ing the end OF the company after sixty
years % existence. But we cannot stand
II a. at present constituted.
ave would have continued in business
the founders of the parcel post had
not threatened to extend 1t to consume
= the express business. increasing the
weigh; OF parcels carried and reducing
the rates.
Chief Complaint Rate Redsctioa.
"When the parcel post started we
recognized that it filled long felt want
that the express companies could never
meet 1t would always be impossib!e
for US 10 make rural deliveries. This
the parcel post could do.
our action, however. is not based
primarily on the competition OF the parcel
post. but chiefly because OF the heavy
reduction IN rates that went into effect
on February l, on top of the parcel post
competition.
And It was not only from the new rates
ordered by the Interstate Commerce Com
! m'ason that We suffered. 1t was from the
bounding by State rate commissions. II
they had allowed the interstate rates to go
into effect II would not have been SO bad.
But they say TO us In many States. Yes
you can put the interstate rates into effect
where they are lower than ours. but by
no means where they are higher. There
/ you must take our lower rates
why. only yesterday the Railroad
Commission of Louisiana issued a per-
snptory order that We lower some OF the
Interstate rates.
Railroads suRer Too, Ne says.
Il I'VE could have lived and prospered un.
Der the original parcel post, but under
these new conditions II IL impossible.
And the railroads are Just as seriously
Affected by the reduction Of rates as the
express companies. They are hurt not
only by the reduction Of rates on express
business but by the parcel post. for which
'hey get no pay at ALL
Mr. Roberts In announcing the end OF
The big company and the reasons for It
spoke with much feeling.
The result OF the closing Of the United
states Express Company will be far
reaching, according to the belief OF Wall
street yesterday.
Already the stockholders OF the three
o'her big companies have begun to bonn
bard their officers and directors with letters
N which anxious inquiries are being made
ID 10 how far the parcel post and the new
'ow rates have already eaten into the cap
HAi assets Of the companies
Letters have been sent by stockholders
these companies. 1t was learned, ex-
pressing the definite demand that the COM
panles lIquldate before the competition OF
ae parcel post and the low rates have
| cOfsum.d nf oft
Hockholders.
Our stockholders became very appre-
hensiye three or four months ago." said
PRESIDENT Roberts yesterday, land asked
ABOUT conditions. As nearly SO per cent
" our stockholders are women II was
Natural that they became uneasy. felt
Ina, occupied a position Of trustee.
i therefore promised that when In my
opinion their interests were jeopardized
and II was found necessary to eat Into
Inc company capital In order to pay its
Operating expenses l would recommend
liquidation.
have now recommended liquidation
The very best Of faith"
Valiant strsgSle to Econonise.
President Roberts then told nj the val
sH' struggle the company had made In
Ae last year to economist and cut down
~ mat 1t could continue to live.
ar Roberts entered the company from
we Delaware and Hudson Railroad on
'snuary !. 1918.
me stock list revealed the surprising
~'' mat the holdings Of Frank H and
l. P'au. sons OF the late Senator
."''' Tor many years the dominant figure
we company. and other members Of
f'ai family were only $50 shares.
.ne Hartman estate 10 the largest
'er' with $1,000 shares Some OF the
''A'' large holders are; Brown Brss..