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of $5 each upon its original shares, or $10 each upon its reduced shares.-. \t sjeems that-the capitalization of the Merchants Union had at one time been $18,006)000.;' which;-had' Keen reduced to $9,000,000.

The total cash received for the 180,000 shares at the time of consolidation was $900,000 This, together with the other assets of the two constituent companies, made the total assets of the American Express Company $5,300,000. The other assets were as follows:

Cash on hand .• $183,819.13

Securities 1,261,023.87

Real estate $2,200,300.00

Less mortgages payable on same 505,143.00

■ 1,695,157.00_

Personal property (equipment) 1, 260,000. 00

Total 4,400,000.00

This company operated over more than 140 steam roads, besides electric, steamboat, and stage lines, and did a large amount of business in Europe. Its principal operations were over the lines of the Boston & Maine Railroad; Chicago & Alton Railroad; Chicago & Northwestern Railway; Cleveland, Cincinnati, Chicago & St. Louis Railway; Illinois Central Railroad; Lake Shore & Michigan Southern Railway; Michigan Central Railroad; Missouri, Kansas & Texas Railway; and New York Central & Hudson River Railroad. The principal office is in New York, N. Y.

The report from this company states that it was not controlled by any other corporation or corporations, transportation or other, on June 30, 1909. Among its directors, however, are two directors of the New York, New Haven & Hartford Railroad, and $3,000,000 of its shares were owned by the New York Central & Hudson River Railroad.

The total number of shareholders was 3,863.

The directors of this company at the date of the report were: James C. Fargo, Lewis Cass Ledyard, Francis F. Flagg, Charles G. Clark, Johnston Livingston, Charles M. Pratt, and John H. Bradley, all of New York, N. Y.; William H. Seward, of Auburn, N. Y., and Edward B. Judson, of Syracuse, N. Y.

Mr. Fargo was a director of the Chicago & Northwestern Railway and of the National Express Company, and was president and director of the Westcott Express Company, a baggage express in New York.

Mr. Ledyard was a director in the National Express Company, New York, New Haven & Hartford Railroad, Northern Pacific Railway, and in certain banking, insurance, and industrial companies.

Mr. Livingston was president and director of the National Express Company.

Mr. Pratt was treasurer and director of the Standard Oil Company (of New Jersey), and was a director in the Long Island Railroad, New York, New Haven & Hartford Railroad, and in certain banking, trust, and mortgage companies.

The board of directors is a self-perpetuating body. It is, however, provided in the articles of merger and association that when shareholders owning a majority of the shares shall request it in writing, meetings of shareholders for the election of directors shall be held.

CANADIAN EXPRESS COMPANY.

The Canadian Express Company is-a corporation, organized February 16, 1865, pursuant to an act of the provincial legislature of the Dominion of Canada (27 and 28 Vic, cap. 23).

It has an authorized capital stock of 30,000 shares, of a par value of $100 per share, of which 15,000 shares have been issued and are outstanding. This company reports that $660,000 was paid to acquire the rights of the original stockholders.

Its principal operations were conducted over the lines of the Grand Trunk Railway, and the principal office is at Montreal, Canada. At the date of last closing of stock books before end of year for which report was made the total number of stockholders was eight. The stock was held in trust by Sir Charles Rivers-Wilson, Charles M. Hays, E. H. Fitzhugh, W. Wainwright, M. M. Reynolds, F. Scott, H. Paton, and E. J. Chamberlin for the benefit of the Grand Trunk Railway.

••The.dksectg>rs;QS.th'fs company as of June 30, 1909, were: Charles M. Hays, E. H. Fitzhugh, W..WaJiiWHgbi»ijf'M..Reynolds, F. Scott, E. J. Chamberlin, H. Paton, all of Montreal, Canada, and all officers of the Grand Trunk Railway lines.

CANADIAN NORTHERN EXPRESS COMPANY.

The Canadian Northern Express Company is a corporation, organized June 13, 1902, under a special act (Cap. 49) of the Dominion of Canada, dated May 15, 1902. It has an authorized capital stock of 10,000 shares of a par value of $100 each, of which 3,000 shares have been issued and are outstanding. The 3,000 shares were issued for franchises.

Its principal operations were over the lines of the Canadian Northern Railway, and the principal' office is located at Toronto. There were five stockholders at the date of the last meeting for election of directors and the stock books were not closed.

As of June 30, 1909, this company was controlled by Mackenzie, Mann & Co., Ltd., through stock ownership.

The directors of this company as of June 30, 1909, were William Mackenzie, D. D. Mann, R. J. Mackenzie, Z. A. Lash, all of Toronto, and all, except R. J. Mackenzie, officers of the Canadian Northern Railway.

GLOBE EXPRESS COMPANY.

The Globe Express Company was organized December 26,1891, in the State of Colorado (see General Laws of 1877, and Amendments, Mills Annotated Statutes, sec. 472 et seq.) for a term of twenty years. This company is a corporation having an authorized capital stock of 50,000 shares at a par value of $100 per share, of which 30,007 shares are issued and outstanding. The total cash realized from the issue of stock was $25,485, and the entire issue was sold to the Denver & Rio Grande Railroad and the Rio Grande Western Railway in consideration of cash, equipment, and franchises, owned or controlled by the express department of the Denver & Rio Grande Railroad. The principal office of the company is at Denver, Colo., and its principal operations were carried on over the lines of the Denver & Rio Grande Railroad. The total number of stockholders at date of last closing of stock books before end of year for which report was made was nine.'

This company is controlled by the Denver & Rio Grande Railroad and the Rio Grande Western Railway through stock ownership.

The directors on June 30, 1909, were George J. Gould, E. T. Jeffery, and Jesse White, all of New York, N. Y.; and Charles H. Schlacks, J. F. Vaile, J. W. Gilluly, and J. B. Andrews, all of Denver, Colo.; all of whom were officers of the Denver & Rio Grande Railroad. Mr. Gould was the head of the Gould system of railroads, and Mr. Jeffery was president of the Denver & Rio Grande Railroad and chairman of the board of directors of the Wabash Railroad, besides being a director in many other of the Gould enterprises.

GREAT NORTHERN EXPRESS COMPANY.

The Great Northern Express Company is a corporation, organized January 1, 1892 (under title 2, chapter 34, General Statutes of Minnesota), for a term of thirty years. It has an authorized capital stock of 10,000 shares of a par value of $100 per share, all of which are issued and outstanding. The total cash realized from stock issued was $100,000, the remaining 9,000 shares having been issued for extension of contracts with railway companies for express privileges.

Its principal operations were conducted over the lines of the Great Northern Railway, and the principal office is at St. Paul, Minn.

At the date of last c losing of stock books before end of year for which report was made the total number of stockholders was six.

This company is controlled by the Lake Superior Company, Limited, through stock ownership.

The directors on June 30, 1909, were R. I. Farrington, Louis W. Hill, E. Sawyer, J. M. Giuber, and W. W. Broughton, all of St. Paul, Minn., and all officers of the Great Northern Railway.

NATIONAL EXPRESS COMPANY.

The National Express Company is a joint-stock company, organized April 1, 1895, under the common law of the State of New York. The company gives the following history of its organization:

The National Express Company is an unincorporated association organized by the American Express Company, with a nominal capital of $500,000, of which $475,000 was issued, in the inception, to the American Express Company, the remaining $25,000 being subscribed for at par, by directors and others connected with the American Express Company under an agreement under which the American Express Company had a right to take over their shares at any time at actual cost. The only express business which it operates for its own account is the express business on the Delaware & Hudson Company; Greenwich & Johnsonville Railway; Grand Trunk Railway, between Rouses Point and Montreal and between Mooers Junction and Montreal; Keeseville, Ausable Chasm & Lake Champlain Railroad; Middleburgh & Schoharie Railroad; Hudson Navigation Company (Peoples Line steamers), between New York and Albany; and Schoharie Valley Railroad; all the rest of the business carried on by said company being actually carried on by it as agent of the American Express Company and for its account. All the property which it received upon its organization it received from the American Express Company in consideration of the issue of its stock to that company, excepting the cash contribution of $25,000 above mentioned, from individual stockholders. Since the formation of this company the American Express Company has, in one or two instances, upon the death of the individual stockholders, acquired their stock at cost under the option above mentioned.

The total cash realized for the 5,000 shares was $75,500. In addition, this company received property as follows:

Personal property (equipment) $25,971. 90

Good will and contracts 398, 528.10

Total 424,500.00

The above, together with the $75,500 cash, made the assets of the company $500,000.

On June 30, 1909, this company was controlled by the American Express Company through ownership of 97 per cent of the shares. The number of shareholders at that date was eight.

The principal operations are over the lines of the Delaware & Hudson Company. Its principal office is in New York City.

The directors of this company on June 30, 1909, were Johnston Livingston, Lewis Cass Ledyard, James C. Fargo, Francis F. Flagg, and William C. Fargo, all of New York, N. Y. The four first named were also directors of the American Express Company.

NORTHERN EXPRESS COMPANY.

The Northern Express Company is a corporation formed under and pursuant to the provisions of the act of the legislature of the State of New Jersey entitled "An act concerning corporations (Revision of 1896)" and the acts amendatory thereof and supplemental thereto. It was organized June 4, 1906.

This company has an authorized capital stock of 50,000 shares of a par value of $100 per share, all of which is issued and outstanding. No cash was realized from the issuance of shares, the entire issue being given in consideration of a contract between the Northern Pacific Railway and the Northern Pacific Express Company, giving exclusive rights for fifty years, assigned to this company. The principal operations were over the lines of the Northern Pacific Railway, and its principal office is at St. Paul, Minn. As the stock is practically held by one interest there is no closing of stock books. The total number of stockholders is given as six.

The Northern Express Company is controlled by the Northern Pacific Express Company through stock ownership.

The Northern Pacific Express Company conducts no operations and is merely a holding company.

The directors of this company on June 30,1909, were Howard Elliott, J. M. Hannaford, and C. W. Bunn. all of St . Paul, Minn.; and J. N. Hill and George H. Earl, both of New York, N. Y.; all of whom were officers of the Northern Pacific Railway.

PACIFIC EXPRESS COMPANY.

The Pacific Express Company was organized October 1, 1879, in the State of Nebraska, under chapter 25, laws of 1866. This law as amended by chapter 13 of the laws of 1891, and chapter 18 of the laws of 1897, is now embraced in sections 4100 to 4136, Chapter X, General Laws of 1907, as found in Cobbey's Annotated Statutes of Nebraska, Volume II. This company is a corporation, having an authorized capital stock of 60,000 shares of the par value of ?100 per share, all of which are issued and outstanding. No cash was realized from the stock, all having been issued for franchises.

This company's principal operations were conducted over the lines of the Missouri Pacific Railway, the Union Pacific Railroad, and the Wabash Railroad; and its principal office is in St. Louis, Mo.

The stock books of this company were not closed during the year. The number of stockholders is given as twelve. On June 30, 1909, the company was controlled through stock ownership by the Missouri Pacific Railway (40 per cent), Union Pacific Railroad (40 per cent), and Wabash Railroad (20 per cent).

The directors of this company on June 30, 1909, were James Eggleston, C. S. Clarke, S. B. Schuyler, and E. B. Pryor, of St. Louis, Mo.; F. A. Delano and J. Kruttschnitt, of Chicago, HI.; and Erastus Young, of Omaha, Nebr. Of these, Mr. Clarke and Mr. Schuyler were officers of the Missouri Pacific Railway, Mr. Pryor and Mr. Delano of the Wabash Railroad, Mr. Young of the Union Pacific Railroad and the Southern Pacific Company, and Mr. Kruttschnitt was an officer of the Union Pacific Railroad and Southern Pacific Company, and a director of Wells Fargo and Company.

SOUTHERN EXPRESS COMPANY.

The Southern Express Company is a corporation organized July 5, 1861, under the laws of the State of Georgia. The following history of the organization is furnished by the eompan}-:

On April 8, 1861, by order of the Superior Court, Richmond County, State of Georgia, Messrs. Bones, Jackson, Thew, Plant, Whitehead, Craig, Morris, Dortic, and Pritchard, were created a body politic and corporate by the name of the Adams-Southern Express Company; the property of the association to be divided into 5,000 shares, of which 558 shares were then issued, the purpose being as set forth in the charter.

None of the original 24 shareholders of record are living, and there is no existing record to show how much was realized from the distribution.

On July 5, 1861, the same court created, on their petition, Messrs. Bones, Jackson, Thew, Plant, Whitehead, Craig, Morris, and Dortic, a body politic, beginning July 1, 1861, under the name of the Southern .Express Company, for a term of fourteen years, and by consent and at the request of said petitioners the previous order of .said court creating said petitioners a body politic and corporate by the name of The Adams-Southern Express Company was rescinded and annulled.

By an amendment to the articles of association on June 23, 1866, the number of shares was increased to 30,000 and distributed pro rata among the shareholders.

On May 14,1875, the charter was renewed by the Superior Court of Richmond County for a term of fourteen years from July 1, 1875, but there were no additional shares issued or authorized.

By an amendment to the constitution adopted on the 17th of November, 1886, the number of shares was increased from 30,000 to 60,000, shareholders of record on June 30, 1887, receiving in the proportion of 5 shares of the new for 3 of the old, 50,000 shares being issued. Ten thousand of the authorized shares were never issued.

In the exchange the new certificates were dated and issued October 6, 1887.

Meanwhile, on December 21, 1886, the Southern Express Company was reincorporated by the general assembly of the State of Georgia for a term of thirty years from that date.

The shares of this company entitle the holder to a share in the entire property and profits, but have no par value either on the face of the certificate or on the books of the company.

This company operated over about 75 steam roads in addition to electric and steamboat lines, of which the more important were the Atlantic Coast Line Railroad; Florida East Coast Railway; Louisville & Nashville Railroad; Norfolk & Western Railway; Southern Railway, and Seaboard Air Line Railway. The principal office is at Chattanooga, Tenn. The total number of stockholders on June 25, 1909, was 30. The company reports that on June 30, 1909, it was not controlled by any other corporation or corporations, transportation or other.

The directors of this company on June 30, 1909, were T. W. Leary, Atlanta, Ga.; C. L. Loop, Chattanooga, Tenn.; O. M. Sadler, Charlotte, N. C; and M. J. O'Brien, M. F. Plant, E. W. Sheldon, and G. H. Tilley, all of New York, N. Y.

Mr. Plant was a director in the Atlantic Coast Line Railroad, Chicago, Indianapolis & Louisville Railway, and in the Peninsular & Occidental Steamship Co.

UNITED STATES EXPBESS COMPANY.

The United States Express Company is a joint-stock association or partnership composed of persons associated together to do express business, each with full partnership liability for the company's obligations. It was organized April 22, 1854, in the State of New York, for a term of ten years from the 1st day of May, 1854, which term was extended on November 28, 1859, for the further term of twenty years from the 1st day of May, 1864, again extended January 23, 1884, for twenty years, and again, September 24, 1903, for twenty years from the 1st day of May, 1904.

This company states as follows:

At the time of the organization of the United States Express Company its ownership was divided into 5,000 interests. From time to time and down to March, 1876, the number of interests was increased, until at the last mentioned date the ownership was divided into 70,000 interests. There are no records in existence from which it can be ascertained how much cash was paid into the treasury at the time the certificates representing said interests were issued.

During the month of August, 1887, the number of interests was increased, so that the ownership at that time was, and since has been, represented by 100,000 interests. Of the 30,000 interests issued in August, 1887,15,000 were given as partial consideration for the assets of the Baltimore & Ohio Express, purchased at that time by the express company. During the month of September, 1887, the remaining 15,000 interests were sold for $1,000,000, which sum was at that time paid into the treasury of the company.

The shares have no par value as the term is used in connection with corporations.

The directors of this company are a self-perpetuating body, although it is provided in the articles of association and agreement that when shareholders owning two-thirds in amount of the shares of the company shall request it in writing, a meeting of shareholders for the election of directors shall be held. No such meeting has been held since 1862*

Article 8 of the articles of agreement and association reads in part as follows:

* * * But it is hereby expressly understood and agreed that no director herein named, or that may hereafter be elected, shall be concerned or interested in any business or thing detrimental to the interests of said company, or in opposition thereto.

It may be remarked, in this connection, that the list of directors of this company contains the name of Levi C. Weir, chairman of the board of managers of the Adams Express Company, and that during the year covered by the report James C. Fargo, president of the American Express Company, retired from the board of directors.

The United States Express Company operated over about 60 steam roads, besides electric, steamboat, and stage lines. Among the principal railways over which it operated were the Baltimore & Ohio Railroad, Baltimore & Ohio Southwestern Railroad, Chicago, Rock Island & Pacific Railway, Philadelphia & Reading Railway, Lehigh Valley Railroad, and Pere Marquette Railroad.

The principal office is in New York, N. Y., and the number of shareholders on June 30, 1909, was 1,593. Thjs company reports that on June 30, 1909, it was not controlled by any corporation or corporations, transportation or other.

The directors of this company at the date of the report were Thomas C. Piatt, Francis Lynde Stetson, Frank H. Piatt, Levi C. Weir, Chauncey H. Crosby, Edward T. Piatt, and Albert B. Boardman, all of New York, N. Y.

Mr. Stetson was a member of the firm of Stetson, Jennings & Russell, and was general counsel for the Northern Pacific Railway and Southern Railway, and was also a director of the Chicago & Erie Railroad, Erie Railroad, and of certain power and lumber companies. Mr. Weir was chairman of the board of managers of the Adams Express Company and director in a number of railway companies.

WELLS FARGO AND COMPANY.

Wells Fargo and Company is a corporation organized in the then Territory, now State, of Colorado, on February 5,1866, as the Holladay Overland Mail and Express Company, by an act entitled "An act to incorporate the Holladay Overland Mail and Express Company," and an act supplemental thereto approved January 26, 1872. This is a consolidated company,

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