Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-03-12
j. S. EXPRESS
TO RETIRE FROM
BUSINESS SOON
Rather Than Continue Conpeti-
ton With Parcel Post, Will
Dissolve.

NEW YORK, March 12-After sixty
years of operation the United States
Express Company finds competition
with the parcel post and lower rates
imposed by the government do not
lead to continuation of profits. ana
has decided to retire from business.
After it's accounts have been made
up and a final report made the COM
pany will liquidate.
! The company's report to the Inter-
state Commerce Commission for No
vember showed revenue from tariff
! of 81 ZOO 900, a decrease from the cor
responding month of 1912 of $285OOO.
! BY the most rigid economies the
company was able to cut down oper-
ating costs to the extent of only
$1,000, and operating income for the
month showed deficit of $4,000. For
the five months of the current fiscal
year so far reported gross revenues
of the company fell behind the same
period of the preceding year to the
declined S1S5,000.
! The lower rates went into effect on
/ February l, and income was so ad-
versely affected by them that at the
close of February the small surplus
shown by the company on December
1, it was said, had been converted
into a large deficit.
>Platts Lay Prominent.
The Plat interests have been more
prominent in United States Express
affairs during it's long history than
| those of the Hartman family. Inc
late Senator Thomas Collier Platt
dominated the concern for many
| years. -
The company is an Incorporated
| Joint stock association, but for more
than fifty years meeting OF the
stockholders has not been held. from
November, 1909, to May, 1912, annual
dividends of 6 per cent. were paid
but the dividend was passed entirely
in the fall of the latter year, and was
not renewed. Previous to that pc
riod various yearly disbursements
ranging from to per cent, were
made.
The company at one time had con-
! tracts over $4,000 miles OF railroad
lines Some of these have been invali-
dated by the passage of new laws and
! the failure of roads to turn over suf-
fcient business. The company enters
| New York City over the Reading, the
Lehigh Valley, the Central of New
Jersey, the Lackawanna and the Bal
timore and Ohio. In the West 1t has
| contracts with the Frisco. the Rock
| island. the Lake Shore, the Cincin-
! natl, Hamilton and Dayton, the Pere
| Marquette and the Chicago and East
ern Illinois.
Value Assets Over $7,500,OOO.
| The value placed upon the COM
pany's assets ranges from $7,b0o,OOo &c
$40, 600, 900. or from SIS to 500 share
! for the stock.
The balance sheet for the f1scai year
ended on June 80, 1912, the iates'
obtainable, showed assets OF VA pa
500. which were offset by liabilities
outside of the capital stock amounting
to s4,524, S92 Investments We're lsteo
| al SIS. 800, 419; real estate, $2,92O, boz
cash, $8O6, 1913; due from agents, Sl,3l9,-
SCI. and the Baltimore and Ohio con-
tract at $516,667. The surplus Their
was s1,170,S5S, but this is believed tc
be nonexistent now. ID
4 During the past year the value o,
/ the company's Investments declined
In the general downward course of thu
4 security markets, and shrinkageS o
other assets are said to have occurred
The course of the shares since dissolu
ton was first talked about would seen
ia indicate that buyers are conf
dent that the stock will receive II
the neighborhood of $50 share, The
prediction was maze IN some quar-
ters yesterday that the share owners
would receive the full par value Of
their holdings.
The company's principal investment
in real estate is it's equity in the
United States Express building at
Rector street, valued at $2,000,000. The
building is owned by the United
States Realty Company and the ex.
press company Is guarantor for G
mortgage on the building amounting
m Il mn 000