Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1914-03-19
]. 5. EXPRESS CO.
TO Be DISSOLVED
Directors Unanimous for I'm
mediate LiquidatiOn--$90 to
500 a Share Expected.
| PARCEL fOST RESPONSIBLE
his and Interstate Commerce
Commissions Order Reduc-
ing Rates Held to Be
Cause of Retirement.
PARCEL POST RESPONSIBLE

New York, March 13.--Dircctors Of the
hited States Express company voted
hanimously to-day to liquidate its al
IRIS and dissolve it in the shortest pos
BILE time. The resolution under which
is action was recommended follows;
Resolved, That pursuant to the power
ID authority conferred upon the board
directors of the United states Express
mpany by its articles OF assocla ton, the
ard unanimously declared that it is for
best interests of the company that
company be dissolved as soon as may
without awaiting the expiration of It's
rm of existence; and that its business
d affairs be settled up and finally ad-
sted rs promptly as may be done. The
esident Is directed to inform the share
lders of the company of said action or
board"
A committee on liquidation, which en-
hces the representatives Of the lead
interests in the company, including
larles a. Peabody, president Of the
itual Life Insurance company, and the
lief financial adviser of the Hartman
bate; William 4. Read, ex-senator w.
lrray Crane Of Massachusetts, and
RleN J. lSht, VICE pl tSIutDl VI lilt MtAip-
Titan Life Insurance company, was APP
nted to undertake the work of dissolu-
n.
The precise means to be adopted for
lizing on the company's assets were
disclosed. but it Is thought likely that
syndicate will be formed to take them
er so that they may be disposed of to
best advantage.
PARCEL POST FATAL.
here have been various estimates of
company's assets, but persons famil-
with their value declare that the re-
n to the shareholders will be between
and 500 share There is consider
e real estate of value, as well as cost
equipment and outstanding contracts
th railroads, which 1t Is expected will
transferred to other express companies
a fair profit.
me step taken by the directors to-day
Is foreshadowed a few weeks ago.
en- the stock, which had sold down
IS last December, suddenly rose, on
Fy large dealings, from 65 to 81, It's
zee of last Wednesday, and Wall
eet was soon of the opinion, despite
cial denals, that disintegration was
Ter way.
he success of the parcel post and the
ent order of the Interstate Commerce
omission resulting In a 16 per cent.
uction in express charges, are held
ectly responsible for the company's re-
Pment from business after sixty years
continuous operation over some cf the
ding railroads of the country.
Earnings Of the company for the five
nths of the fiscal year so far reported
WED steady declines, with n deficit OF
900 for November. Holiday business
S fairly large, but earnings continued
dwindle until some Of the more in
ential interests became outspoken for
lidation.
STOCK IN HANDS OF FEW
he late Thomas C. Plat and his fam
were for years the dominant inter
s in United States express. In fact,
ir control was so complete that they
ceeded in wardng off numerous de-
nds and protests on the part of the
horty interests and for many years
tually nothing was known by the pub
citing OF the stockholders having been
d in over 30 years.
here are outstanding 100000 shares OF
tied States express stock and these are
comparatively few hands.
he Hartman estate is believed to hold
II one-fifth of the whole which the
f. II. Hartman acquired from the
erican and Adams Express companies
ne time before his death at an outlay
about s., $50 000 The interests of the
tt family, two of whom continued t
quite active in the management OF
company, are said to be relatively
hll.
he express company at one time haC
tracts covering 5000 miles with som'
the leading railway lines of the coun
In part these contracts have expired
the remaining ones are said to be o
entail value and 1t is assumed tina
Y will be transferred to one of tn
hpany's former competitors, probabl.
Wells-Fargo company, in which tn
rriman interests have large holdings
IMPOSSIBLE TO CONTINUE.
b. J. Roberts. president of the Uni
states Express company. In
tement tonight said the action o
directors was mot n threat or
for government sympathy" blu
ply that the company could no
time in justice to the stockhold
more than half of whom are WON
The company was not confronted
any theory, but by a real con II
D." Mr.. Roberts said IF the gov
ment had been satisfied with tn
eel post Az it was first inaugurated
If we were not confronted by an
Ter condition by the action Of tn
erstate Commerce Commission i
putting into effect on February
year, of severe cuts in expires
es, we could have gone along al
hit The action of the Inter
he Commerce Commission was
ere blow to the company, and whe
were confronted with furthe
eat on the part Of the government
further reductions In parcel pos
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