New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-03-14
U. S. EXPRESS CO.
WILL DISSOLVE
Directors Vote Unanimous
ly to Carry Out Liqui-
datiOn Plan.
$4,000 EMPLOYEES ARE
THROWN OUT OF WORK
Action, Due Primarily to Lower
Rates, Ordered by COM
merce Commission.

MERGE Commission.
Directors Of the United States Express
Company Yesterday voted unanimously 10
dissolve that corporation. which has been
IN existence since 1854 fulfilling previous
statements that they would take such
action. primarily because of the reduced
rates ordered in effect by the Interstate
Commerce Commission on February /.
While admitting that the parcel post
has been serious competitor President
u T. Roberts declared the loss III bust
ness resulting was not SUFFICIENT 10 force
the company to Hqudate. This is the
resolution adopted by the directors at yes
tordays meeting:
Resolved. That pursuant 10 the power
and authority conferred upon the board
NJ directors OF the United States Express
company BY its articles OF association.
the board unanimously declares that 1t Is
FOR tho best interests OF the company
that the company be dissolved as soon
~ NAV be. without awaiting the expira-
ton OF It's term OF existence. and that its
business and affairs be settled UP and
finally adjusted as promptly as may be
done The president is directed TO inform
the stockholders of the company of said
action Of the board
Unless some arrangement can be made
with some other express company TO take
over us business. the passing of the
United States Express Company will
throw fifteen thousand out OF employ
ment. two thousand Of whom are located
in this city. These employees received in
salaries and wages approximately 5000
90 year.
The stockholders. under the plan Of
nquidstion. the terms Of which remain 10
he decided. will probably get more than
the present market value of the stock, as
tho company's liquid assets are valued IN
excess Of 100000 IL is believed that the
shareholders will get close 70 par Tor
their holdings The stock closed yester-
day ~ ~. a loss OF points compared with
Thursdays closing. but a gain Of about
- points over the low figure of the last
week Of February. when rumors of pend
Ing Liquidation began TO be heard.
There arc : $50 stockholders Of record.
of which 40 are women and "A estates.
The largest individual block, 900 shares,
is held by the estate of the late e. n.
Hartman. The Platt holdings of $50
shares are much smaller than was gener-
ally believed other holders Of large
amounts are:
Norman L. Bates. go shares; L. n. Ben
r.
crs. 1000: Metropolitan Life Insurance
Company. 1eoo; William Moss, 300; J. c..
Potts. .0i6: William A. Read g. Co. 500;
Catherine Thayer. 500. and Werner &
brow n. so.
Tho committee Of stockholders which
recommended to the directors that the
company be liQuidated consisted OF
charles A. Peabody. president of the Nut
ual life Insurance Company; Moreau De-
isro. OF Brown Brothers & Co.; William
s. Read. Haley Fiske. e-president o:
tho Metropolitan Life Insurance Company.
and William Averel Hartman.
Mr. Roberts. who went from the Della
ware G Hudson Railroad to become pres
dent OF the United States Express Com
psny on January !, 1913. spoke feelingly
Yesterday OF the passing from existence Of
that corporation.
"Ir the parcel post had been competing
~ first inaugurated" he said. land If the
reduction in rates made on February
last had not become effective we would
have continued in business / want it
understood. however that our action is
largely based on the latter. rather than
tho marcel most
AS the parcel post was originally
started and intended we could compete
against a. for we recognized that it filed
. long felt want that the express com
rsnies never could duplicate. For in
stance. We could not make rural deliv-
eric.
"rhc threat made that the rates on
parcel post are going 10 be reduced and
she weights Of packages increased. on top
Of tho February reduction in rates. brought
about different conditions. You can read
liv see that ours is condition. not
THEORY
Then. again. many states would not al
Tow ue 10 inaugurate the rates Of the
Interstate Commerce Commission. except
whore they were lower than their own
only yesterday the Railroad Commission
of Louisiana issued such an order We
dorf know where we stand. We have
reduced expenses largely. but We could
not continue oven then under such condi-
tiore as these
when ic per cent OF our revenues were
elt or as happened when the Interstate
Commerce Commission ordered the re
.uc,d rates last February. believed con-
.If.ou. then were threatening. That