Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-03-14
Dissolution of United States
Company Not Due to
Parcel Post.
STOCKHOLDERS LIKELY
TO GET MARKET VALUE
Melon Cutting" Foreshadowed
When Stock Quotation Ad-
vanced From 80 to "a.

NEW YORK, March 1.-THE passing
Of the United States Express Company,
which it's directors yesterday unani-
mously voted to dissolve. will throw
$500 persons out of employment,
about 1000 of whom work in the New
York and Jersey City offices of the
roncern. These employees receive IN
salary and wages approximately So
goo 600 year, of which S165,O0O was
paid to employees at Jersey City alone.
Many of these employees. especially
| In the larger offices, have grown old
| in The service Of the company. and IT
was said today that few of them were
financially able to retire from active
Employment of some sort
The prospective dissolution will af-
|fect express service covering 32.93S
miles of railroad with between 5000
and 5000 stations. according to a
statement made public today by Dun
can J. Roberts, president of the com
pany since January. 1918
Parcel Post Not Blamed.
Mr. Roberts denied that the parcel
nest was responsible for the proposed
|liuuidation, but said that the new
rates nxed by the Interstate commerce
commission was the chief factor in in
auercinc the directors Mr.. Roberts
also blamed state rate commissions
which he declared. ordered rates, IN
acme instances lower than those fixed
by the interstate commerce commas
sion Continuing AIR. Roberts SAID;
There is no quarrel over the par
-el most: it fills want the express
COMPANIES never could, with the utter
|.mpracticability of rural deliveries by
them. The fault lies with the chanse
IN our rates. .
Mr. Roberts said the action of the di-
rectors was mot a threat or a bid for
government sympathy, but simply that
he company could not continue IN
Justice to the stockholders, more than
| nalf OF whom are women
Condition, Not Theory.
The company was not confronted by
any theory, but by real condition. Mr.
Roberts said. "If the government had
been satisfied with parcel post as it was
. first inaugurated, and if We were not
confronted by another condition by the
action of the Interstate commerce com
mission in putting into effect February
I this year. Of severe cuts in express
rates, we could have gone along All
right The action of the inter
state commerce commission was severe
olow TO the company, and when we
were confronted with a further threat on
The part of the government of further
reductions in parcel post rates ana tut
Ither increase in weights of parcels theS
would carry it got to the point where
| for US to continue IN the express JUST
ness was impossible"
| The stockholders. under the plan OF
Humiliation. the terms or when remain
Ito be decided, will probably get more
Than the present market value of the
Fl
are valued in excess of $S,0p,Opn. There
Iare 1856 stockholders of record. OF
which $40 are women and fourteen es-
|tates. The largest individual block.
|2I 600 shares. is held by the estate Of
the late E. II. Hartman. The Plat
holdings of s58-shares are much small
Ter than was generally believed
Where "Tom" Plat Ruled.
The principal real estate asset of the
company is equity in the United States
Express building. at No . Rector
street 1t was in his office there that
Thomas Collier Platt. who for more
than forty years was president OF the
dominated the express bust
|ness and the republican politics of the
Estate. 1t was to his office there that
|governors and .other high officials of
the state as well as all the leading
practical politicians of the state went
TO receive oroSAs Ut 10 dsh lawns.
1t is thought likely that syndicate
| will be formed TO take over the com
Ipany's assets 80 that they may be dis
Iposed of to the best advantage, There
have been various estimates OF the
|companys assets. but persons familiar
with their value declare that the re
turn to the shareholders viii be be-
tween $40 and 500 a share. T4.ere is
considerable real estate of value. as
well as costly equipment and outstand-
ling contracts with railroads. which, it
| is expected. VIII be transferred to other
express companies at fair profit.
| The step taken was foreshadowed q
| few weeks ago. when the stock. which
had sold down to SO last December.
suddenly rose on very large dealings
from 30 to 81. its price of Wednesday.
Earnings of the company for the five
months of the fiscal year so far report
ed showed steady Declines with a
deficit of $50, 900 for November