The Brattleboro daily reformer. (Brattleboro, Vt.) 1913-1955, 1914-03-14
Driven Out of Business by
Competition of the
Parcel Post
LIQUIDATION VOTED
BY THE DIRECTORS
the Commerce Boards Reduction of
Rates and Competition of Postal De
partment-Once Controlled by Plat

NEW YORK. March II Directors
Of the United states Express company
voted unanimously yesterday to liqui
date its affairs and dissolve it in the
shortest possible time The resolution
under which this action was recon-
meuded follows:
- Re 0lvcd: That pursuant TO the
power and authority conferred upon
the board oil directors of the United
States Express company by its articles
Of association. the board unanimously
declares that It is for the best inter
ests 81 the company that the company
| be dissolved rs soon as may be with
ont waiting the expiration Of its terms
| ii existence and that its business ana
affairs BE settled up and finally adjust
ed a. promptly rs may be done, The
president is directed to inform the
! shareholders o. the company of said
action Of the board.
/ \ committee .oH liquidation. which
embraces the representatives Of the
leading interests in the company, in
gliding Charles T. Peabody. president
OF the Mutual Life Insurance company.
and chief financial adviser of the Har-
! riman estate; William A. Reed, former
senator ". MURRAY Crane of MasSa-
chuNetts and Haley t'iske Wee pre,i-
dent Of the Metropolitan Life lnsur-
anee company, WIS appointed TO un-
dcrtake the work OF diSSolution
'Ehc precise means To be adopted for
realizing on the company $ assets
were not disclosed but ii is Thought
that Il syndicate viii be formed t.
take them over So that they may hC
disguised OF to the best advantage
Action Foreshadowed
There have been various estimate,
of the company assets. but person.
, familiar With their value declare that
p. the return TO the shareholders will h,
between 500 and 500 q share. Their,
is considerable real estate of value q,
well a. costly equipment and outstaud
: iH4 contracts with railroads which. i
2 is expected. VIII be transferred To 9th
q a. express companies AZ fair profit
The step taken by the directors YES
tcrdav was fureShadowed a few week
ago when the stock, which had sol,
down to - last December suddenl,
rose on very large dealings from 50 Il
- is price II last Wednesday. an,
Wall street was soon of the opinion
't'NiiAtt 'il' iii iiiilN 'lNi ittNiittt
ton was under way.
The success OF the parcel post an
\ the recent. order II the Interstate Con-
merce Commission resulting in a rs pc
/, cent reduction in express charges, AT
= held directly responsible for the con
i pany !, retirement from business afte
go years OF continuous operation owe
! some of the leading railroads of til
country.
7 Earnings Of tile company for the Il,
- months Of the fiscal year 50 far rcpor
" ed showed steady declines with
i, deficit of 5000 for November Ho
:. iday business was fairly large bI
earnings continued to dwindle unit
some Of the more influential interes
= became outsroken for liquidation.
II The late Thomas C. Platt and h
II family were for years the dominal
II interests in. United States Express.
|! fact. their control was 80 compile
II that they succeeded in wardiug Oft n
H merous demands and protests on ii
II part of minority interests and +
II many years practically nothing W.
II known by the public of affairs of Il
H company. no meetings OF the stoc
II holders having bee nheld in more tn;
H 80 years