Railroads of Madison County|
Railway Express Agency Timelines
In 1914 there were seven express companies.
During World War I these seven companies were consolidated at the direction of the Federal Government into one nationwide organization, the American Railway Express Agency.
In 1929 the nation's railroads bought the express business and changed the name to Railway Express Agency, Inc.
In October 1960 acquired Fast Service Shipping Terminals Inc.
In November 1960 REA Express was adopted as the Company's trade name.
In January 1961 formed REA Leasing Corp a trailer leasing company.
In February 1965 formed with Seven Arts Associated Corp. and Travel Theaters Inc. REA Express-Seven Arts Transvision, Inc.
In 1965 sold 32 terminals and leased them back.
In April 1967 formed REA Express Canada, Ltd.
In May 1967 formed Rexco Supply Corp. to conduct tire recapping and automotive parts distribution business.
In February 1970 formed The Express Co., Inc. as a subsidiary of REA Holding Corp to conduct an international air freight forwarding business.
On February 21, 1975 the Company filed a petition under Chapter XI of the Bankruptcy Act in Federal Court in New York County listing assets of $41,000,000 and liabilities of $55,000,000. The Company said the reasons for the petition included losses created by years of railroad domination as well as high rate of inflation, a recent decline in express shipments, and limited availability of credit.
REA went out of business due to a lack of customers just as UPS was getting a good start.