Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1914-03-14
U.S.. EXPRESS co.
To QUIT BUSINESS
Parcel Post and Commerce
Commission Rate Reduction
Are Held Responsible.
SEE EARNINGS DWINDLE
Syndicate VIII Probably Dispose o.
Assets, Netting About Ninety
Dollars a Share.

New York, March 14.-Directors OF
the United States Express company
Yesterday voted unanimously 10. hqui-
date its affairs and dissolve 1t III the
shortest possible time
The success of the parcel post ana
the recent order of the interstate COM
merce commission, resulting In 10
ner cent reduction in express charges
are held directly responsible Tor the
companv's retirement from business
after 60 wears of continuous operation
over some of the leading railroads OF
the country.
Earnings of the company for the
five months of the fiscal year so far re-
ported showed steady declines, with a
deficit of $4,000 for November. Holi-
day business was fairly large, put
earnings continued to dwindle until
some of the more influential interests
became outspoken for liquidation.
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 adviser of the
Hartman estate; William A. Read, ex-
l
chusetts. and Haley Fiske, vice presi-
dent of the Metropolitan Life Insur-
ance company, was appointed to under
take the work of dissolution.
Expect $50 Share.
Persons familiar with the value or
the company's assets declare the re-
turn to the shareholders will be be-
tween $50 and 500 a share. There is
considerable real estate of value, as
well as costly equipment and outstand-
ing contracts with railroads, which,
II is expected, will be transferred to
other express companies at fa1r
profit.
The late Thomas c. Platt, former
senator from New York, and his FAM
ily were for years the dominant inter-
ests in United States Express, which
was organized as an association under
the New York laws in 1854. In fact,
their control was SO complete that
they succeeded in warding off numer-
GUS demands and protests on the part
of practically nothing was known BY
the public of the affairs of the COM
pany. no meeting of the stockholders
having been held in more than SO
years.
There are outstanding 100000
shares of United States Express stock,
and these are in comparatively few
hands. The Hartman estate is be-
lieved to hold more than one-fifth OF
the whole, which the late E. H. Har-f-
man acquired from the American and
Adams Express companies some time
before his death at an outlay of about
So 5O, 900. The interests of the Platt
| family, two of whom continued to be
quite active in the management of the
company, are said to be relatively
small.
Lines Step Affects.
The company operates on more than
| 81, 900 miles of steam and electric lines
in the United States and Canada and
on more than 100000 miles of sea and
ocean lines. The principal railroads
with which it has contracts are the
Baltimore and Ohio. Rock Island,
Lackawanna, Lehigh Valley, Central
Railroad of New Jersey, Philadelphia
and Reading, Pere Marquette, St.
Louis and San Francisco, Chicago and
Eastern Illinois, Cincinnati. Hamilton
and Dayton and the Lake Shore and
Michigan Southern.
1t is assumed that the contracts will
be transferred to one of the COM
pany's former competitors, probably
Wells, Fargo & Co., in which the
Hartman interests have large hold
! ings.