Frank Haigh Dixon, professor of economics at Dartmouth College, in his article "Publicity for Express Companies,"1 says, in substance, that the yearly receipts from this large transportation agency are nearly $75,000,000.2 There are six large companies, and a few of lesser magnitude. The four largest are the Adams, American, United States, and the Wells-fargo. The first three named are organized under a New York law, granting them the right to issue transferable shares representing beneficial interests in the company, but every owner incurs all the liability of a partner. This is a fact to be considered in purchasing their shares.3 The Wells-fargo is a Colorado corporation. Of the lesser companies, there are the Southern Express, the Pacific Express, the National, and two Canadian companies, besides numerous others organized by the railroads themselves, such as those operating over the Denver and Rio Grande, Great Northern, and Northern Pacific Lines. Besides all the above, there are, of course, many local companies doing a city or a city and suburban business.

It is understood that the interests of the larger corporations are so interwoven one with the other, and that they are all on such good terms with the railroads, that competition is almost unheard of, and, as matters are at present, it does not seem necessary to consider this factor in connection with the large companies. One point deserving; of consideration, however, is the fact that the United States Government now operates a " parcel post." The inauguration of this system has created an effective competition with the express companies.

1 Atlantic Monthly, July. 1905.

2 The Wall Street Journal more recently set this figure at nearly $ 10,000,-000 greater.

3 In July, 1918, the American Railway Express Co. took over the express operations of the larger companies and plans have been made for a permanent merger.

4 The writer is of the opinion that some competition with the express.

The dividend records until recent years were good and express company securities formerly stood well in the investment list.

These corporations effectually concealed much information from the public, as they had not been accustomed to make reports themselves, nor had they been required so to do by the Government, but the enactment of the Railroad Rate Law classes express companies as " common carriers," and brings them under the control of the Interstate Commerce Commission, and especially gives the Commission the power to demand annual reports.

Express Money-orders. Another method of remitting money by mail, and very similar to the " postal money-orders, " but differing in these respects:

Express money-orders need no written application; they are payable upon presentation without the necessity of a duplicate being forwarded by the issuing office; are payable at all offices of the company, not at some special office, as by the Government method; may pass from hand to hand by continual indorsement (not being limited in number) and remain valid if not presented within one year. Rates run about as follows:

Not over $ 2.50

3c.

Over $ 2.50

to

$ 5.00

5c.

Over 5.00

to

10.00

8c.

Over 10.00

to

20.00

10c.

Over 20.00

to

30.00

12c.

Over $30.00

to

$40.00

15c.

Over 40.00

to

50.00

18c.

Over 50.00

to

60.00

20c.

Over 60.00

to

75.00

25c,

Over 75.00

to

100.00

30c.

For sums over $100, charges are based upon above rates. Example: $300, 3 x 30c. = 90c. $350, 3 X 30c. + the charge for $50 = $1.10.

Ex R. " Ex-rights," i. e. exclusive of " rights."