OCR Text |
Show WOULD LOSE BY CUT IN CHARGES Washington, Oct, 10 A net loss of ?33.000,000 a year in therevenues of the express companies and the railroads rail-roads would result from putting Into effect the express rates proposed by the interstate commerce commission, according to figures submitted by tho companies to the commission yesterday. yester-day. This loss, it was estimated, would bo divided botween the express and railroad companies. It was asserted by counsel from tho express companies compa-nies that the commission's rates practically prac-tically would put their clients out of business. Walter D. Hines, representing the Adams, Amorlcan, Southern, United Stales and Wells-Fargo companies, said the proposed ' rates would cost the express companies C.S7 cents on everv dollar received by "thuB de Btroylng all profit and producing an enormous deficit." Tie deficit, hs said, for tho companies com-panies ho represented, would total $6,743,022 annually measured by tho present volume of business. According Accord-ing to Mr. nines' figures tho proposed rates mean a reduction of not less than 11 cents in the total revenue per package on the express business in tho United States." Several representatives or shippers were beard Including I. I. Brown 0f the California Commercial association. |