Middlebury register. (Middlebury, Vt.) 1886-1937, 1914-05-01
FRIDAY, MAY I, 1914.
WHAT THE AMERICAN EXPRESS
CO. REPRESENTS.
From Burlington Free Press.

DULIe pdllenCe Will tlt fAhSliSdil oilu
National Express companies in the at
tempt of the latter to dodge the pay
ment of taxes and daily defy Vermont
laws by suddenly attempting to do bust
ness in this State without the certificates
and license we exact from outside com
panies of this character or meeting other
legal requirements.
Our people have less patience with
these two powerful companies than they
might otherwise have in view of the
specous and absurd reasons advanced
by these taxdodgers and aw-breakers.
Vermont's law that "A corporation, as
ISOLATION, joint stock company or per-
son transporting express matter from
point in this State to another point
herein, shall annually" pay tax, they
say, does not include them.
The people of Vermont will have least
patience of all when, in seeking to de-
termine what sort of concern these
great express companies are, we find
they really are one under different
names and that the great movement to
overthrow Vermont's laws for the reg
ulation and taxation of our public SER
vice companies and foreign corporations
doing business in Vermont really rep
resents railroad interests working
through interlocking combinations.
One of the first discoveries right here,
part of which we reserve for later dis
cusson, is that for years the New York
Central railroad, which at last accounts
owned half interest or so in the Rut-
land railroad, now engaged in testing
the power of the Vermont Public Ser
vice Commission to order passenger
station improvements, is one of the
chief owners of the American Express
company, and that out of 500, 600 shares
of the National Express company the
American Express company in 1912
owned no less than 484, 600 shares, or
practically all.
In other words the New York Central
railroad and the other railroads control
ing the American Express company
have been charging the people extra
through that medium for the prompt
delivery of freight in marked contrast
to the slow freight service which forces
people to patronize the express when in
hurry, and this express business was
made monopoly through the practical
entire ownership of the National Ex-
pres company by the American Elk.
press company and cooperation with
other concerns.
Havingl found out that the great
financial interests behind the American
and National Express companies, now
defying the people of Vermont, break
ing our laws and lodging our taxes, are
practically the same as those who in
the form of railroad companies and
other public service concerns are seek
ind in other ways to overthrow Yer
mont's regulation of our public service,
let US look for moment at the claim OF
these law-breaking express companies
that they are neither corporations, as
sociations, joint stock companies OF
persons, neither fish, flesh nor fowl,
as the old saying is.
According to Moody's Railroad Sc.
curities Manual this poor tax-dodging,
law-breaking American Express com.
pany as late as 1912 had capitalization
of no less than $18, 900. 1t had nc
bonded indebtedness, and it carried a
profit and loss surplus of the astounding
dimensions of 500, 900, 900, or surplus
of 81, 600, 900 more than its capitalize
ton. 1t had invested no less than $21,
600, 900 in the securities of other carry.
ing concerns.
While it now claims to have no shares
in some mysterious way it long has
had shares listed on the New York
Stock Exchange, and the section of the
manual devoted to the New York Cen.
trail railroad showed that this railroad
corporation, which is prohibited by Law
from mere partnership relations, held
no less than SO, 600, 600 of the shares OF
the American Express company shares
or whatever they may be pleased tC
call them in States where they want tC
dodge taxes or laws or both, to say
nothing of the National Express shares
owned by the American.
Now either the New York Central is
violating the law in New York or it is
helping violate the law in Vermont
through it's American Express company
in which it is partner or shareholder,
and it can hang on whichever horn OF
the dilemma it chooses. In any event