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Show eiG S1I1AGE IN EXPfiESSJUSIWESS Wells-Fargo Revenue Reduced Re-duced One-third, Owing to Parcel Post Competition. SAN FRANCISCO. Sept. 20. Testifying before the state railroad commission, which continued today its Inquiry Into the relations between, the Southern Pacific railroad and the Wells, Farso Express company. Vice President and General Manager Christiansen of the latter declared de-clared that the parcel post competition had caused the company to lose 31 7 per cent of small packages since the first of the year, when the government service was established. In the same period, ho said, the company's revenue had been reduced re-duced 33 per cent, and this percentage, he affirmed, held good for all other express companies. The company had been hardest hard-est hit on the rural free delivery routes. "We arc confronted." he asserted, "with the proposition of Increased expenses, decreased de-creased business and decreased revenues. The competition demands increased service, serv-ice, and ivhlle we have increased the service, serv-ice, our net profits have shrunk since ns far back as 1910. In 1000 we made a profit of 13 per cent; In 1D10 this shrank to 11 per cent; In 1911 to 8 per cent: In 1912 to 5 per cent: and In 1913 It will be 4 per cent" "Per cent on what?" asked Commlo-sloncr Commlo-sloncr Gordon. "On the money wo take In." "Not on the Investment, then?" Christiansen 6hook his head. "But wasn't It In 1910 that Wells. Fargo declared an extra dividend of $24,000,-000V" $24,000,-000V" asked Gordon. Christiansen said he did not kuow. He then went on to say that the company had failed In Its efforts to reduce operating oper-ating expenses and that It had adopted many reforms. "Efficiency first, economy second. Is our watchword now." he said. Attorney C- W. Durbrow of the Southern South-ern Pacific gave tho commission today the story of the corporate relationship between be-tween the railroad and the express company. com-pany. j ' I |