The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1914-03-14
Directors Vote to Liquidate
Affairs of Concern and Dis
solve 1t in the Shortest
Possible Time.
SYNDICATE TO TAKE
OVER THE ASSETS
Shareholders May Realize Be-
tween 500 and $1OO Per
Shares; Dissolution Due
to the Parcel Post.

NEW YORK, March 1S.-Directors
Of the United States Express company
voted unanimously today to liguidate
it's affairs and dissolve it in the short
est possible time. The resolution un-
der which this action was recommend
ed follows:
Resolved, That pursuant TO the
power and authority conferred upon
the board of directors Of the Unit
ed States Express company by its
articles Of association, the board
unanimously declares that it is for
the best interests Of the company
that it be dissolved as soon as may
be, without awaiting the expira-
tion of its term of existence; and
that its business and affairs be
settled up and finally adjusted as
promptly as may be done, The pres
ident is directed TO inform the
shareholders Of the company of said
action of the board.
Committee Appointed.
A committee on liquidation which
embraces the representatives Of the
leading interests Of the company, in
cluding Charles A. Peabody, president
of the Mutual Life Insurance company
and the chief financial adviser Of the
Hartman estate; William A. Read, e1-
Senator w. Murray Crane of Massachu-
of the Metropolitan Life Insurance
company. was appointed to undertake
the work of dissolution.
The precise means to be adopted for
realizing on the company's assets were
not disclosed but 1t is thought likely
that syndicate will be formed to take
them over so that they may be dis
posed of to the best advantage.
There have been various estimates of
the company's assets, but persons ia
mlllar with their value assert that the
return 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 fair profit.
Step Foreshadowed.
The step taken by the directors to.
day was foreshadowed a few weeks ago
when the stock, which had sold down
to 3S last December, suddenly rose on
large dealings from 65 TO 81, its price
on last Wednesday. and Wall street
was soon OF the opinion, despite official
denials, that disintegration was under
way.
The success of the parcel post and
the recent order Of the interstate com
merce commission, resulting IN a 16 per
cont reduction in express charges, are
held directly responsible for the com.
pany's retirement from business after
sixty years Of continuous operation
over some Of tho 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 $1,000 for November. Holi-
day business was fairly large, but earn
ings continued to dwindle until some
Of the more influential interests became
outspoken for liquidation.
Platt Family Dominant.
The late Thomas C. Platt and his
J
terests in United States Express. In
fact, their control was so complete that
they succeeded in wardiDg off numer,
Gus demands and protests on the part
of minority interests and for many
years practically nothing was known
by the public of the affairs of the COM
pany, no meeting of tho stockholders
having been held in moro than fifty
years.
There are outstanding 100 600 shares
Of United States Express stock, and
these are in comparatively few hands
The Hartman estate is believed to
hold over one-ffth of the whole, which
the late E. II. Hartman acquired from
tho American and Adams Express com.
panies before his denth, at an outlay Of
about $2,250,000, The interests OF the
Platt family two of whom continued
to be quite active in the management
Of the company, are said to be rela-
lively small.