Adams Express Company
Encyclopedia
The Adams Express Company is a publicly traded diversified equity fund that traces its roots to a 19th century freight and cargo transport company. The Company uses a conservative investment philosophy, and the portfolio is managed with the expectation that it will generate solid returns with lower-than-market risk for long-term investors. Investments are made with an eye toward protecting investors’ original investments and generating dividends and capital gains that can be used as a source of income or reinvested to increase investor holdings in the Fund.
Adams Express is one of the oldest companies listed on the New York Stock Exchange
(NYSE: ADX) and one of only five companies that continues to operate as a closed-end fund
since 1929. The Company has paid dividends continuously since 1935.
, a produce merchant ruined by the Panic of 1837
, began carrying letters, small packages and valuables for patrons between Boston
and Worcester, Massachusetts
. He had at first a partner named Burke, who soon withdrew, and as Adams: & Company, Adams rapidly extended his territory to New York City
, Philadelphia and other eastern cities. By 1847, he had penetrated deeply into the South, and by 1850 he was shipping by rail and stagecoach
to St. Louis
. Adams Express had been used by abolitionist groups in the 1840s to delivery anti-slavery newspapers from northern publishers to southern states; in 1849, a Richmond, Virginia slave named Henry "Box" Brown shipped himself north to Philadelphia and freedom via Adams Express. In 1854, the company was reorganized as the Adams Express Company. Meanwhile, a subsidiary concern, Adams & Company of California, had been organized in 1850 and spread its service all over the Pacific Coast
; but not being under Adams' personal management, it was badly handled, and failed in 1854, causing a panic which shook California to its depths.
The South was almost entirely covered by the Adams Express service in 1861, when the American Civil War
necessitated the splitting off of another company under Henry B. Plant
, which, for political reasons, was given the name of Southern Express. There was a mysterious kinship between the two ever afterward, having joint offices at common points. Southern stock was never quoted in the market, and it was even charged by some Adams stockholders that Southern was secretly owned by Adams. The current official history of Adams, written in 2004, acknowledges that Southern was its subsidiary.
The parent company
held a strong position from New England
and the mid-Atlantic coast to the far Western plains. Its stock holdings were enormous. In 1910, it was the second largest stockholder in the Pennsylvania Railroad
and the third largest in the New Haven Railroad, besides owning large blocks of American Express
, Norfolk and Western Railroad and other shares. Its antebellum employment of Allan Pinkerton
to solve its robbery
problems was a large factor in building up the noted Pinkerton National Detective Agency
. Along with the other expresses, its shipping interests were merged by the government into the American Railway Express Company, which later became the Railway Express Agency
.
Adams Express continued its corporate existence as a wealthy investment trust. It has been a closed-end fund
since 1929 and has its main offices in Baltimore
, Maryland
. , it has paid a dividend every year for 72 years (since 1935).
Adams Express is one of the oldest companies listed on the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
(NYSE: ADX) and one of only five companies that continues to operate as a closed-end fund
Closed-end fund
A closed-end fund is a collective investment scheme with a limited number of shares. It is called a closed-end fund because new shares are rarely issued once the fund has launched, and because shares are not normally redeemable for cash or securities until the fund liquidates.Typically an...
since 1929. The Company has paid dividends continuously since 1935.
History
In 1839, Alvin AdamsAlvin Adams
Alvin Adams was the founder of Adams and Company, a forerunner to Adams Express, one of the first companies to act as a carrier for express shipments by rail in the United States...
, a produce merchant ruined by the Panic of 1837
Panic of 1837
The Panic of 1837 was a financial crisis or market correction in the United States built on a speculative fever. The end of the Second Bank of the United States had produced a period of runaway inflation, but on May 10, 1837 in New York City, every bank began to accept payment only in specie ,...
, began carrying letters, small packages and valuables for patrons between Boston
Boston
Boston is the capital of and largest city in Massachusetts, and is one of the oldest cities in the United States. The largest city in New England, Boston is regarded as the unofficial "Capital of New England" for its economic and cultural impact on the entire New England region. The city proper had...
and Worcester, Massachusetts
Worcester, Massachusetts
Worcester is a city and the county seat of Worcester County, Massachusetts, United States. Named after Worcester, England, as of the 2010 Census the city's population is 181,045, making it the second largest city in New England after Boston....
. He had at first a partner named Burke, who soon withdrew, and as Adams: & Company, Adams rapidly extended his territory to New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
, Philadelphia and other eastern cities. By 1847, he had penetrated deeply into the South, and by 1850 he was shipping by rail and stagecoach
Stagecoach
A stagecoach is a type of covered wagon for passengers and goods, strongly sprung and drawn by four horses, usually four-in-hand. Widely used before the introduction of railway transport, it made regular trips between stages or stations, which were places of rest provided for stagecoach travelers...
to St. Louis
St. Louis, Missouri
St. Louis is an independent city on the eastern border of Missouri, United States. With a population of 319,294, it was the 58th-largest U.S. city at the 2010 U.S. Census. The Greater St...
. Adams Express had been used by abolitionist groups in the 1840s to delivery anti-slavery newspapers from northern publishers to southern states; in 1849, a Richmond, Virginia slave named Henry "Box" Brown shipped himself north to Philadelphia and freedom via Adams Express. In 1854, the company was reorganized as the Adams Express Company. Meanwhile, a subsidiary concern, Adams & Company of California, had been organized in 1850 and spread its service all over the Pacific Coast
Pacific Coast
A country's Pacific coast is the part of its coast bordering the Pacific Ocean.-The Americas:Countries on the western side of the Americas have a Pacific coast as their western border.* Geography of Canada* Geography of Chile* Geography of Colombia...
; but not being under Adams' personal management, it was badly handled, and failed in 1854, causing a panic which shook California to its depths.
American Civil War
The American Civil War was a civil war fought in the United States of America. In response to the election of Abraham Lincoln as President of the United States, 11 southern slave states declared their secession from the United States and formed the Confederate States of America ; the other 25...
necessitated the splitting off of another company under Henry B. Plant
Henry B. Plant
Henry Bradley Plant , was involved with many transportation projects, mostly railroads, in the U.S. state of Florida. Eventually he owned the Plant System of railroads which became part of the Atlantic Coast Line Railroad...
, which, for political reasons, was given the name of Southern Express. There was a mysterious kinship between the two ever afterward, having joint offices at common points. Southern stock was never quoted in the market, and it was even charged by some Adams stockholders that Southern was secretly owned by Adams. The current official history of Adams, written in 2004, acknowledges that Southern was its subsidiary.
The parent company
Parent company
A parent company is a company that owns enough voting stock in another firm to control management and operations by influencing or electing its board of directors; the second company being deemed as a subsidiary of the parent company...
held a strong position from New England
New England
New England is a region in the northeastern corner of the United States consisting of the six states of Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut...
and the mid-Atlantic coast to the far Western plains. Its stock holdings were enormous. In 1910, it was the second largest stockholder in the Pennsylvania Railroad
Pennsylvania Railroad
The Pennsylvania Railroad was an American Class I railroad, founded in 1846. Commonly referred to as the "Pennsy", the PRR was headquartered in Philadelphia, Pennsylvania....
and the third largest in the New Haven Railroad, besides owning large blocks of American Express
American Express
American Express Company or AmEx, is an American multinational financial services corporation headquartered in Three World Financial Center, Manhattan, New York City, New York, United States. Founded in 1850, it is one of the 30 components of the Dow Jones Industrial Average. The company is best...
, Norfolk and Western Railroad and other shares. Its antebellum employment of Allan Pinkerton
Allan Pinkerton
Allan Pinkerton was a Scottish American detective and spy, best known for creating the Pinkerton National Detective Agency.-Early life, career and immigration:...
to solve its robbery
Robbery
Robbery is the crime of taking or attempting to take something of value by force or threat of force or by putting the victim in fear. At common law, robbery is defined as taking the property of another, with the intent to permanently deprive the person of that property, by means of force or fear....
problems was a large factor in building up the noted Pinkerton National Detective Agency
Pinkerton National Detective Agency
The Pinkerton National Detective Agency, usually shortened to the Pinkertons, is a private U.S. security guard and detective agency established by Allan Pinkerton in 1850. Pinkerton became famous when he claimed to have foiled a plot to assassinate president-elect Abraham Lincoln, who later hired...
. Along with the other expresses, its shipping interests were merged by the government into the American Railway Express Company, which later became the Railway Express Agency
Railway Express Agency
The Railway Express Agency was a the national monopoly set up by the Untied States federal government in 1917. Rail express services provided small package and parcel transportation using the extant railroad infrastructure much as UPS functions today using the road system...
.
Adams Express continued its corporate existence as a wealthy investment trust. It has been a closed-end fund
Closed-end fund
A closed-end fund is a collective investment scheme with a limited number of shares. It is called a closed-end fund because new shares are rarely issued once the fund has launched, and because shares are not normally redeemable for cash or securities until the fund liquidates.Typically an...
since 1929 and has its main offices in Baltimore
Baltimore
Baltimore is the largest independent city in the United States and the largest city and cultural center of the US state of Maryland. The city is located in central Maryland along the tidal portion of the Patapsco River, an arm of the Chesapeake Bay. Baltimore is sometimes referred to as Baltimore...
, Maryland
Maryland
Maryland is a U.S. state located in the Mid Atlantic region of the United States, bordering Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware to its east...
. , it has paid a dividend every year for 72 years (since 1935).
Cultural references
Adams Express is mentioned as former slave Jourden Anderson's preferred form of payment in Letter from a Freedman to His Old MasterSee also
- Kate WarneKate WarneKate Warne was the first female detective in the United States.-Early career:Described by Allan Pinkerton as a slender, brown haired woman, there is not much else known about Kate Warne prior to when she walked into the Pinkerton Detective Agency in 1856. Born in New York, Warne became a widow...
- William F. HarndenWilliam F. HarndenWilliam F. Harnden was the founder of Harnden and Company, one of the first independent express companies in the United States.Harnden started his career with the railroads by selling tickets at the Boston and Providence Railroad depot on Washington Street in Worcester, Massachusetts...
- Douglas G. OberDouglas G. OberDouglas G. Ober is the Chairman and Chief Executive Officer of two closed-end funds, The Adams Express Company and Petroleum & Resources Corporation, with combined assets of more than $1.7 billion for the year-ended 2009...
- Adams Express during the Civil WarPostage stamps and postal history of the Confederate StatesThe postage stamps and postal system of the Confederate States of America carried the mail of the Confederacy for a brief period in American history. Early in 1861 when South Carolina territory no longer considered itself part of the Union and demanded that the U.S. Army abandon Fort Sumter, plans...
- Civil War mail with Adams' postmark
- Petroleum & Resources CorporationPetroleum & Resources Corporation-Overview:Petroleum & Resources Corp. is a closed-end investment company, specializing in securities of companies engaged in petroleum, natural resources or related industries or in interests in petroleum or natural resources. The company has consistently owned shares of a representative group of...