Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1914-03-14
DIRECTORS VOTE UNANIMOUSLY
TO WIND UP COMPANY
AFFAIRS.
OF PARCEL SYSTEM
AND LOWER RATES KILL PROFIT
Stockholders, Many Of Whom are
Women, to Receive Close to Par for
Stoek-Step Taken Foreshadowsd for
Some Time-Earninss Of Company
Show Steady Deficit Lately.

New York, March 14.-Dire OF
the United States Express company
voted unanimously to liquidate its
affairs and dissolve it in the shortest
possible time
A committee on liquidation which
embraces the representatives Of the
leading interests in the company in
Guiding Charles A Peabody, president
of the Mutual Life Insurance Company
and the chief financial advisor of the
Ex- Senator W. Murray Crane Of Mass
achusetts, and Haley F'iske, vice-presi-
dent of the Metropolitan Life 1nsur
ance company was appointed to I'M
dertake the work Of dissolution.
The precise means to be adopted for
realizing on the compauy's assets were
not disclosed but ii is thought likely
syndicate will be formed to take
them over SO that they may be dis
posed Of to the best advantage.
Various Estimates.
There have been various estimates
OF the company's assets but persons
familiar with their value declare the
return to the shareholders will be
between $50 and 800 a share. There
is considerable real estate of value. as
well as costly equipment and out
standing contracts with railroads.
which ii is expected. will be transferred
TO other express panies at fair
profit.
The step taken by the directors was
foreshadowed a few weeks ago when
the stock. which had sold down to 50
last December suddenly rose on very
large dealings from SIS to 81, its price
Of last Wednesday and Wall street was
soon of the opinion. despite official
denials, that disintegration was under
way.
Blame Parcel Post.
TIE success of the parcel post and
the recent order Of the inter- state
commerce commission. resulting in
sixteen per cent reduction in express
charges, are held directly responsible
for the company's retirement from
business after sixty years Of continu-
Gus operation over some OF the lead
ing railroads of the country.
Earnings Of the company for the
FIVE months of the fiscal year SO far
reported. showed steady declines with
a deficit of s32 900 for November.
There are outstanding 100000 shares
Of United States Express. stock and
these are in comparatively few hands.
The Hartman estate is believed to
hold over one fifth of the whole.
Quit or Go Bankrupt.
D. /. Roberts, President OF the
United States Express Company, in
a statement tonight said the action
Of the directors was mot threat or
bid for government sympathy" but
simply that the company could not
continue injustice to the stockholders,
more than half of whom are women.
The company was not confronted
by any theory but by real condi-
ton" Mr.. Roberts said: III the
government had been satisfied with
parcel post, as it was first inaug-
urated and IL we were not confronted
by another condition the action OF
the interstate commerce commission
in putting into effect on Feb. II, this
year. OF severe cuts in express rates.
we could have gone along all right
The action of the commission was
severe blow to the company and while
we were confronted with further
threat on the part Of the government
Of further reductions In parcel post
rates and further increase Of weights
Of parcels they would carry, 1t got to
the point where for US to continue IN
the express business was impossible"