The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1914-03-20
TO QUIT BUSINESS
REDUCED RATES ORDERED FOR
FEB. 1 CAUSED ACTION OF U.
S. EXPRESS COMPANY.
PARCEL POST NOT BLAMED
AS .Reult of Directors Action $1,000
Employees Will Soon Be Without
Position-Many Women Are Own
ers of Stock in Big Concern.

New York. March 1.-THE United
States Express company at a meeting
decided TO liquidate and go out of bust
ness.
Following is the resolution passed:
Resolved, That, pursuant to the
power and authority conferred upon
the board of directors of the United
States Express company by its articles
OF association, the board unanimously
declares that it is for the best inter
ests of the company that the company
be dissolved as soon as may be. with
out awaiting the expiration of its term
of existence. and that it's business and
affairs be settled up and finally ad-
justed as promptly as may be done.
The president is directed to inform the
shareholders of said action OF the
board"
Although the heads OF the Wells
Fargo company, Adams Express COM
pany and the American Express COM
pany have declared that they are not
considering liquidation of their con-
Germs, it is generally felt that their
stockholders will bring the matter to
their attention as happened in the case
of the United States Express.
Reduced Rates Caused Action.
D. |. Roberts, president Of the
United States Express, declared that
the decision to liquidate has resulted
largely from the reduction in express
rates that took place February l last.
But for this, he declared, the company
would have continued in business.
Mr.. Roberts said that no steps had
yet been taken to proceed with the dis
solution, which would be handled by
himself and the board of directors.
As a result of the directors action
about fifteen thousand employees OF the
company will be without positions in
the not distant future. The company
has an annual pay roll Of more than
six million dollars.
Mr. Roberts gave the following
names of large stockholders and the
amounts of shares held by each: Har-
riman estate. 1000: Brown Bros, s.
900; William A. Head & CO. (about)
1,500: Metropolitan Life Insurance. l.
600: Ira c.. Potts. LOIS; William Mass,
300; Catherine Thayer, 500: Warner
NJ. Brown, 500; Norman L. Bates,
$50: Helen 3. DeWorth. 500; Platt
family $50
Many Women Own Stock.
There are 1856 shareholders, OF
whom 740 are women, and IA estates.
Mr.. Roberts said that due notice
would be served upon the public when
the liquidation had reached stage
where the company decided not to take
business.
A stockholders committee, consist
ing of Charles A. Peabody, president of
the Mutual Life Insurance company;
Moreau Delano of Brown Bros; Will
lam A. Read. the banker; w. A. Har-
riman and Haley Fiske, first vice-presi-
dent of the Metropolitan Life Insur-
ance company. recommended to the
directors that the company be dis
solved.
Mr.. Roberts became president of the
United States Express company in
January, 1918, following the acquisi-
ton OF control of the Hartman inter
ests and Plat interests. He assumed
control just as the parcel post system
was inaugurated. He Immediately
adopted a motto of courtesy and eff
cheney" and set about to Offset the loss
in business to the parcel post by re-
ducing expenses. In 1912 the company
was operated at a deficit and the four
per cent dividend passed the latter
part of that year. There was also a
deficit reported last year.