New-York tribune., 1901-06-07
YERK ES'S PLAN APPROVED
TRANSPORTATION PROBLEM
OF LONDON

London, June ga special meeting of the Dis
trict Railway to-day sanctioned Charles T. Yerkes S
plan for the introduction of electricity the mo-
tive power of the road. j. 5. Forbes the president
said the work would occupy two years. He had
full confidence in the ability of Mr.. Yerkes and his
associates. who had already guaranteed their gooo
faith in buying up half the common stock. The
Americans undertook to find the necessary money
and do the work themselves The president
thought such simple proposition did not need
much argument to recommend itself to the stock
holders.
The agreement of the railway with Mr.. Yerkes
provided for the formation of electric traction
company to electrify the road Mr.. Yerkes. VINO
represented sixteen influential firms. bankers and
capitalists. ready stake 100000 10 help
the railway retrieve its position. The syndicate
had already bought shares to the value of fl2SoVo'
and ready to buy many more 1t had 10
construct a generating station at Chelsea, make
the necessary alterations in the permanent way
and construct fresh rolling stock. The traction
company undertook to convert the line without
interfering with a single train. Half million OF
ordinary stock paid to the traction company was
taken The nominal price of f25 and fl66.eoo was
taken in per cent debentures at par Five per
cent interest was he paid the Americans on the
outlay. A syndicate of bankers had undertaken
TO put up Il 100000 security for carrying out the
contract
spea&.
Yes said Mr. Yerkes, when tonight, we
have practically got control Of the London Under
ground Railway. That is what II amounts TO- My
syndicate is composed of both British and Ameri-
can fnanCers although far the largest proportion
of the capital comes from the United States. We
hope 10 begin work in few months as soon as
the necessary consent of Parliament has been OBJ
tanned.
THE system we intend 70 install is almost
acty similar to that in use the elevated lines in
Chicago We will sell the present antiquated cars
and substitute those of an American pattern We
intend rebuild the stations. install arc lights
and make the road equal to any rapid transit
line in the world.
Yes. must have American engineers to do
the work. They know nothing about that sort Of
thing here l tell what. the trouble with the
English concerns is that they don't know the value
OF a scrapheap
LAS to the agitation about the United States buy
ing up England. it is absurd. Years ago British
capital controlled the bulk OF the American rail-
roads. Since then Great Britain has been on the
decline and the United States has progressed AS
natural result. the circumstances are now re-
versed.
when first proposed take the Under
ground, Railway the Engltsh company raised all
ana now they appear TO be perfectly satisfied with
No. cannot say who in with me. However.
wish TO assert distinctly that the report that the
with the syndicate is absolutely untrue;
II intend TO remain here for considerable time.
as there are likely TO be several things needing my
buying up other roads. Mr. Yerkes concluded with
n declaration that the remodelled Underground
Railway would be far superior to the existing Lon
don tube
The people who built that" said he 'l<new
nothing except how 10 dig holes Everything else
is wrong Chicago Is ahead Of the ~ the
world in electric traction II they had studied the
Chicago system they might have given LorG9a
something better. In the course Of time syvdi-
will he represented ny directors the board
OF the Underground Railway. but there Is no hurry
about that"
Robert w. Perks, NJ. r, solicitor for the COM
pany. during the Of the meeting urged the
Importance fastening NprkeR,
giving a reason that American millionaire
interested In project 10 construct entirely
new electric road from the city To Piccadilly.
THE Daily Mali will say tomorrow that II un-
derstands the millionaire referred is J. Perpont
Morgan