OCR Text |
Show EXPRESS MPIIES TO Sffl I FIELD Liquidation of the United States Concern Is Subject of Much Comment. By .International News Service. NEW YORK, March 14. Wells Fargo Far-go & Co. and the American Eipross company com-pany are understood to bo in the mar-kot mar-kot for the business of the United States Express compuny, which is to be liquidated. Developments, howovor, have not reached tho stage where negotiations have been opened with tho United Statos Express company, but overtures aro expected to be made in the not distant dis-tant future. Welis Fargo &. Co. and tho American Express company interests recognize that the return on express business is very meager at present rates and therefore there-fore will only consider the acquisition provided the Unitod States Express company does not ask too high a figure. Tho Harriman interests, who control tho United StatoB ExpreBB, aro largely interested in tho Wells Fargo, and ft was recently reported that tho latter company would take over tho entiro business of the former, but such a movement move-ment is not contemplated, owing to possible pos-sible interforonoo by tho government. Territory Basis. If a deal is made, the business of the United Statos Express company will bo distributed between the two companies com-panies on a territory basis. So far as could bo learnod today, to-day, nono of tho other largo oxpress companies have taken up the quostion of dissolution. B. D. Caldwell, president of tho Wolls Fargo & Co., Baid today: 'The company has no intention of retiring re-tiring from the field of express business busi-ness in which it wan the pioneer and has been engaged the laat sixty years. "A year's experionco since installation installa-tion of tho parcel poBt has demonstrated demonstrat-ed that a vory large number of individuals indi-viduals and flrmB have built up their business upon express service. ' ' We are undertaking to increase efficiency ef-ficiency to adjust our Business to new conditions ana not only to maintain but to enlarge the usefulness of express through service and co-oporation.' Will Not Retire. W, M. Barrett, president of the Adams Expross oompany, said: "Tho Adams ExprcsB oompany has absolutely no intention of retiring from business. We have not beon able to detormino tho effoot of tho new law rates, but believe that the public will recognize that the services of the express ex-press oompanies aro such thnt thoy cannot can-not be performed with equal efficiency by any other medium, and that thefr continuance is absolutely indiBponsablo to the business interests of tho country." coun-try." Express companies are anxious to havej tho railroads reviso their contracts, con-tracts, which in some instances givo the roads aB much as 55 per cont of the revenues rev-enues roceivod by the express concerns for carrying packages. One company has alroady sent letters to railroads asking them to revise their contracts. As tho railroads aro doing business for tho government at rates undor those oharged the express companies, the latter reel that no difficulty would bo experienced in having the contracts abrogated on tho ground that they have been violated by tho railroads. Will Be Speedy. D. L Roberts, president of the United Unit-ed States Expross company, discussing tho winding up of Ma oompany, Baid today: to-day: "Tho dissolution will bo offeoted as speedily as is consistent with prudonoo, but in the nature of thingB it may not be accomplished by precipitate action. "Tho publio will bo duly advised as to the date on which the axpress serv-ioo serv-ioo will bo withdrawn, Until this la dono the company will actlvoly solicit and oontlnue to handle competiflve and, in fact, all business. The publio may be assured that iuBt claimB will bo promptly Bettlod." |