The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-03-14
Business and Affairs to
Be Liquidated Soon
as Possible.
EARNINGS SHOW
STEADY DECLINES
Success of Parcel Post and Re-
cent Rate Reduction by Inter
state Commerce Commission
Held Responsible for Re-
tircmcnt-Platt's Long
Dominant Interests.

Sew York. March 13-Directorz Of
Tho United States Express Company
N"tcd unanimously to-day to liuuidat.
IT'S affairs and dissolve it in tn. short
est possible time. Tho ro.ol,,,io, ~
der whcih this action vas rcco,nmnnd
cu reads.
"1;esoivcd. That. pursuant to tho
power and authority conferred on Tho
n"ai" OF directors rf tho United States
Express Company by it's article. of as
sociation, the board unauirnouslv dc
'I"rcs mat IL is for tn. best interests
"i IN" company tlat the company ho
"issoiEed "s soon IS MAY be- without
awaiting tn" expiration of It's term Of
eNist"nce; aud that it's business ana
aiiairs be scttlcd up aud finally ADJUST
presid"n, is directed 20 inform tho
shareholders OF tho company Of said
action of the board"
committee on liquidation. which,
embraces the representatives OF the
i"ahlnE interests III The company. in
ci"he 'harles \. Peabody, president OF
the Mutual Life Insurance COMPANY
and the chief financial adviser of ne
Hartman estate: William A. Read. cx
senator w. Murray Crane OF Massa-
chusetts. and Haley Fiske. vicc-pros-
ident OF the metropolitan Life Tnsu--
ancc company was appointed to un-
dertako the work OF dissolution
i'ian Nor IbiscIoscd.
The precise plan for realizing on tho
coTnpanr's assets Was not disclosed.
but II is thought II syndicate will be
formed TO take them over, 90 that ,hev
may be disposed OF TO the best adyan-
taE".
Persons familiar with tho company,
affairs declare that tho rcturnsto tho
shareholders Will be between $50 ana
$40" share.
f..r aSl, a.
few weeks ago. when the stock. which
bad sold down to 3S last December
Suddenly rose on very large dealings
from 63 to 81. IT'S price of last We'd :
nesday. and Wall Street soon was az:
the opinion. despite Official denials
that disintegration was under way.
The success of the parcel most and
the recent express rate reduction by
the Interstate Commerce Commission
are held directly responsible for the
company's retirement from business
after sixty years Of continuous opera :
tion.
Earnings for the five months of tho
fiscal year so far reported showed
steady declines, with deficit Of So. 900
for November, until some of the more
influential interests became oulspoken
for liquidation.
Plntts Long in Control.
The late NThomaS 4. Plat and his
family for years We're the dominant in =
terests in United States Express. Their
control was so complete that they sue
cccded in wardinE off numerous de-
mands and protests on the part Of
minority interests. and for many years
the public knew virtually nothing of
the affairs OF the company, no meeting
OF the stockholders having been held
in more than nifty years.
There are outstanding 100.O 900 shares
of United States Express stock. and
these are In comparatively few hands.
The Hartman estate is believed to hold
over one-nfth, which the late L. II
Hartman acquired at outlay Of
about S2.250.000. The Platt intreests
are said to be relatively small.
The express company at one time had
contracts covering $4,000 miles. In
part these contracts have expired, but
the remaining ones arc said TO be Of
potential value, and it is assumed they
VIII be transferred to one OF the com
pany's former competitors, probably
Wells-FarGo & Company. in which the
Hartman interests have large holdings