Evening journal., 1914-03-14
US. EXPRESS
TO L.QUIDATE
Company Driven from Bust
ness by Parcel Pest
snd Cut Rate
SYNDICATE TO
DIVIDE TAE ASSETS

pahy voted unanimously yesterday to
iiculdate its affairs and dissolve il
in the shortest possible time. The
resolution under which this action is
recommended follows:
Resolved That pursuant to the
power and authority conferred upon
the board OF directors Of the United
States Express Company by It's arti-
cles Of association. the board unani-
mously declares that II Is for the
best interests Of the company that
The company be dissolved as soon as
may be, without awaiting the cxpira-
ton Of It's, term Of existence. and that
its business and affairs be settled m
and finally adjusted as prompt'v as
may be done The president rs di-
reciod 70 inform the shareholders OF
the company OF said action OF the
board
committee on liquidation. which
embraces tho representatives. OF the
leading interests in the company. in
Guiding Charles a. Peabody. president
Of the Mutual Life Insurance Conn
pany and the chief financial adviser
Of the Hartman estate: William
Read. ex-senator W. Murray Crane
Of Massachusetts. and Haley Fiske
vice president Of the Metrorolitan
Life Insurance Company. was ap-
pointed to undertake the work Of
dissolution
The precise means 10 be adopted
for realizing on the company's assets
were not disclosed. but Il is thought
likely that syndicate will be formed
to take them over. 50 that they may
be disposed of TO the best advantage
To Get Over 500 n Share.
There have been various estimates
Of the company's assets. but persons
familiar with their value declare that
the return 10 the shareholders will
be between $50 and 800 share
There is considerable real estate OF
value. as we'll as costly equipment and
outstanding contracts with railroads.
which, il is expected will be Transferred
70 other express companies at fair
profit.
The step taken by the directors today
was iorcshadowed few weeks ago
when the stock which had sold down to
rs last December, suddenly rose on very
large dealings from Gj TO 81. it's price OF
last Wednesday. and Wall street was
soon Of the opinion. despite official de-
mails. that disintegration was under
way.
The succcss of the parcel post and the
recent order of the Interstate Commerce
Commission, resulting in l6 per cent.
reduction IN express charges are held
M L.. 4.
retirement from business after 90 years
Of continuous operation over some OF
the leading railroads of the country.
Earnings OF the company for the fv,
months OF the fiscal year so far reported
showed steady declines. with deficit
Of $4,000 for November Holiday bust
ness was fairly large, but earnings con.
tinucd to dwindle until some of the
more influential interests became out.
spoken Ter liquidation
To Go to Wells-FarRo
The late Thomas c. platt and his
family were for years The dominant in.
tercsts in United States Express. IN
fact. their control was so complete that
they succeeded in wardng or numerous
demands and protests on the part OF
minority interests, and for many years
practically nothing was Snown by ths
public OF the affairs OF ,he company
no meeting OF the stockholders lrvine
been held in over 30 wears
There are outstanding 100000 share,
OF United. States Express stock and
these arc in comparatively few hands
The Hartman estate is believed 10 hold
over one.fifth of the whole. which th,
late +. II. Hartman acquired from the
American and Adams Express Comhan
los some time before lis death. lt m
outlay OF about S22J1n00 The inter.
csts Of the Platt family. two oi Whom
continued TO be quite active Ia the man.
agemcnt OF the company, are sad TO b,
relatively small.
The express company at one time
had contracts covering $4,000 miles
with some OF the leading railway
lines OF the country. In part these
contracts have expired. but the re.
naming ones are said to be of poten.
tial value. and it is assumed that the,
will be transferred 10 one of the com.
pany's former competitors. probably
the Wells, Fargo & Co. in which the
Hartman interests have large bold
] ings. 4.
( Not Bid For sympathy.
ID. l. Roberts. president OF the Uni
ted states Express Company. in !
statement tonight said the actor
Of the directors was not a threat
or a bid for government sympathy
hut simply that the company coulS
not continue in Justice to the stock
holders. more than half Of whom arr
women
"Thc company was not confroute'
by any theory, but by a real condi
tiou." Mr. Roberts said "If the gov
ernment had been satisfied with par
col. post as It was first inaugurated
and IL we we're not confronted by an
other condition by the action of n
Interstate Commerce Commission ii
putting into effect on February
this year. Of severe cuts I'm expires
rates. We could have gone along al
right The action Of the Interstat
Commerce Commission was a sever
blow to the company. and when W
we're confronted with furthe
threat on the part OF the govern
mcnt of further reductions In parcel
post rates. and further increase
weights of parcels they would carr
II got to the point where for us q
continue In tho express business wa
impossible"
TO DISCUSS WHIPPING POST.
The curators Of the Methodist Preach
lprs' Assoriation Announce that Afonda|