Weekly independent. [volume] (Elko, Nev.) 1887-1914, 1914-03-27
A FISHY FLAVOR

government mas driven the Unltec
States Express company out Of
business?
The Hartman estate is also the
dominating financial power in the
Wells Fargo Express Company.
The United States Express Cum
pany is going into liquidation on
the pretext that the new rates fixed
by the interstate Commerce COM
mission, following the competition
Of the parcel post, makes it impos-
sible for the company to carry on
its business.
The Wells Fargo Express COM
pany, however. is still doing bust
less at the old stand, regardless of
reduced rates, or parcel post COM
petition or the exacti. ms of state
authority.
1t happens that the Wells Fargo
company has been a much more
profitable concern than the United
States Express rompsny. Its capital
stock is S24, 000, 900 wate-~d up
from $4,000, 900. Since 1895 it has
paid as high as 10 per cent div
idends exclusive of q 200 per cent
stock dividend.
The United States Express COM
parry has capital OF only $iu,0U0,-
O00. Its dividends have rarely ex-
ceeded 6 per cent and have been
AS low as ! per cent even in per-
iods Of general prosperity.
The stock Of the Wells Fargo
company ran from Ssh to l23 in
1913 while the stock of the United
! States Express company huc!uated
: between SO and G6.
=, The Wells Fargo company con.
! trolls nearly three times as much
railroad mileage as the United
States Express company, and it is
plain enough that if the United
States Express company were ,liu-
Undated there would be more bust
I. ness for the prosperous Well Fargo
] company.
| Besides, n express company is
: enough for one estate 20 control.
Why compete?
} In calling attention tn these
, facts The World has no desire to
slash the pathetic picture that has
! hecn painted of an historic corpor-
alton in the process Of being ihrot-
; tied by a remorseless government.
Bnt, unfortunately, the reasons Civ
en- by the officers of the United
States Express company for the
J proposed liquidation do not square
! with truth and Common sense.
If the rates prescribed by the
Interstate Commerce commission
are confiscatory the federal courts
will suspend them. The courts
have suspended unreasonable rates
in hundreds Of cases. But instead
of appealing to the COURTS, the
United States Express company
prefers to go out of business. Such
action is legitimate enough. The
company mas not been highly pros
porous since its partnership with
the United States government, in
the person Of Thomas c. Platt, was
dissolved. 1t has property and con.
tracts that probably exceed the
value Of its stock and the stock
holder will gain rather than loose
by the liquidation. But when this
liquidation is twisted into an at
tack upon government regulation
of rates the American people should
not allow themselves to be fooled.
} The World would protest as en-
phatically as ANYBODY against a
government rolicJ that drove the
$ express companies out of business.
a. g~overnmnnt parcel post monopoly
is as Objectionable as q private
monopoly. The express companies
have a right to live and their COM
petition is needed for the good OF
parcel post service. But the rea-
snn given for United States Ex-
: press company's liquidation have a
decidedly fshy navor.-New York
World.
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tnfornnatton