The Birmingham age-herald., 1914-03-14
THE UNITED STATES EXPRESS COMPANY
 WILL bE DISSOLVED
Directors Unanimously Vote to Liquidate Affairs in Shortest Possible
 Time

New York, March 13.-Directors of tho United States Express company voted unanimously today to IIouidate its affairs and dissolve it in the shortest possible time. The resolution under which this ac- ton was recommended reads:
 Resolved, That pursuant to the power and authority conferred on the board of directors of the United States Express company by it's articles of association. the board unanimously declares that it is for the best interests of the company that the company be dissolved as soon as may be without awaiting the expiration of it's term of existence; and that it's business aud affairs be settled up and finally ad- justed as promptly as may be done. The president is directed to inform the share holders of the company of said action of the board"
 A committee on liquidation, which em- 1 braces the representatives of the leading interests in the company. including Charles A. Peabody, president of the Mutual Life Insurance company. and the chief financial adviser of the Hartman estate; William A. Read. ex-Senator W. Murray Crane of Massachusetts and Haley Fske vice president of the Metropolitan Life Insurance company, was appointed to undertake the work of dissolution. Plans Not Disclosed The precise plan for realizing on the companys assets was not disclosed, but | it to take them over so that they may be disposed of to the best advantage.
 Persons familiar with the companys af- fairs declare that the return to the share holders will be between 800 and Sl00 a share. There is considerable real estate, as well as costly equipment and outstand- ing contracts with railroads. which. it is expected, will be transferred to other ex- press companies at a fair profit.
 Today's step was foreshadowed few weeks ago, when the stock, which had sold down to 3S last December, suddenly rose on very large dealings from 65 to s4, its price of last Wednesday, and Wall street soon was of the opinion, despite official denials. that disintegratlon was under way.
 The success of the parcel post and the recent express rate reduction by the in- terstate commerce commission, are held directly responsible for the company's res tirement from business after 60 years of continuous operatioa over some of the leading railroads of the country.
 Earnings Show Decline
 Earnings for the five months of the fiscal year so far reported showed steady de- clines, with deficit of $32,00 for Novem- Der. Holiday business was fairly large, but earnings continued to dwindle until some of the more influential interests be- came outspoken for liquidation.
 The late Thomas c. Platt and his fam fly for years were the dominant interests in United States Express. Their control was so complete that they succeeded in warding off numerous demands and pro-, tests 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 90 years.
 There are outstanding 100a0o shares of United States Express stock and these are in comparatively few hands The Har- riman estate is believed to hold over one- fifth. which the late F. II. Hartman &C., quired from the American and Adams Ex- press companies at an outlay of about s2,25O.0O0. The Platt interests are said to be relatively small.
 The express company at one time had >~~ ~~------~------------
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