New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-03-03
J. w. Hartman, Director.
Says, However, Company
Will Continue.
STOCK ADVANCES SIX
POINTS ON RUMOR
Controlling Interest Held by IN
Hartman Estate-Company
Hard Hit by Parcel Post.

Recent advances I'm the stock OF \.
United States Express Company gave ris
to a widely circulated report I'm the finsn.
cial district yesterday that the larges,
stockholders had agreed upon a plan 10
place the company in liquidation. The
reason assigned was the fact that such in.
roads had been made I'm the express bus.
ness by the parcel post, and particularly
because the railroads are compelled 10
carry parcels through the mails at a price
with which the express companies are
unable TO compete.
The minority interests OF the United
States Express Company have at various
times fought for a liquidation OF the as
sets. but have always been overruled BY
the majority stock. the largest individual
block of which is held ty the +. Il. Har-
rman estate these holdings being esti-
mated at 9ocOo shares.
Joseph W. Hartman, who, with William
II. Averell and Charles c. Tegethoff, req
resents the Hartman holdings on the
board OF directors. made categorical de-
nial Of the liquidation plan When told
be substantially correct. he said:
There is absolutely nothing In II. and
you cannot make this statement too
strong The United States Express COM
pany is not going to quldate; II IS going
TO continue I'm business and will give the
government run for its money"
Mr.. Hartman, who is president OF the
II o,,A
of the Stock Exchange firm Of Hartman
& Co, also declared that there were no
grounds for another report that negoua-
tons were under way for the merger OF
the United States Express Company and
Wells, Fargo & Co.
d. l. Roberts. president Of the United
States Express Company. refused either to
affirm or deny any OF the rumors in circu-
lation yesterday. lie asserted however,
that the outlook Of the express companies
since the reduced rates went into effect,
on February I. was far from promising,
and that already tie net earnings had
suffered severe contraction.
The United States Express Company Is
one of the few surviving instances Of an
vi incorporated, voluntary, JOINT sloNh az
ISOLATION, and the entire control Of its af-
fairs rests i'm the board of directors. There
has not been a stockholders meeting since
1862. and if liquidation should ever be
decided upon II is believed it could be ac-
complished without action by the share
holders.
Since its organization. IN 1854 the COM
rany has accumulated cash holdings and
gilt-edged securities valued I'm excess Of
S. 1000, i'm addition TO its large equity IN
the skyscraper at No Rector street,
known as the United States Express
Building Should liquidation take place In
the near future il is figured that the
stockholders would get par or better for
their holdings. The stock closed yester-
day at Il, an advance Of points over the
last sale and gain Of Il points over the
low figure Of last week.
The company's operating expenses have
exceeded operating earnings since the Ms
cal year ended June 20. 1911. I'm the 1917
and 1913 fiscal years income from invest
ments alone made it possible TO report a
surplus No dividends have been paid ca
the 100000 capital stock since Noyem'
Der, 1872