The morning Astorian. [volume] (Astoria, Oregon) 1899-1930, 1901-03-16
YERKES' GREAT PLANS.
Underground Electric Railways in Lon
den to BE Constructed by an
American Syndicate.

NEW YORK. March ia dispatch
to the Herald from London says:
Since c. T. Yerkas left London some
months ago after closing the deal for
the purchase Of the Charing Cross, Eus-
ton and Hampstead road, there has been
scarcely an underground project in
London which has not been reported
as about to be sold TO the syndicate
which the former Chicago street rail-
way magnate represents.
The latest report. which appears TO
bear more evidence Of truth than any
other. is that he has acquired con-
trolling interest in the Metropolitan
district railway and if the deal is not
already consummated it will be in few
days. This is said to be the reason
for his last visit and Mr.. Yerkes went
grossly into the figures to effect this
purchase at the then market price. 1t
was found that e265,OOO G1S25,OOO
would be needed.
Another point is that a representa-
tive of the Yerkas interests had been
given prominent position in the man
agement Of the road. His representa-
tive is said to have confirmed the de-
cisiOn to effect the purchase.
Mr.. R. w Perks, who is solicitor for
Mr. Yerkes, is also one Of the largest
stockholders in the district railway and
is understood to have engineered the
deal. which has been conducted by pri-
vate purchases instead of in the open
market through the stock exchange.
As lending strength to these reports,
one Of the first men to call at the
Hotel Cecil. where Mr.. Yerkes took
the Drecaution not to register upon the
occasion Of his recent arrival. was Mr..
Perks, and his stay extended several
hours
To all inquiries for Information as
he was leaving the hotel. Mr.. Perks
replied with a polite but emphatic re-
fusal to affirm or deny anything. Even
a flat-foo:ed question whether Mr.
Yerkes had bought the district railway
met with the reply that he could say
nothing.
Messrs Abel and Davis. who have
been representing Mr.. Yerkes' interests
here for months, declined to confirm
or deny the report and Mr.. Chapman
who arrived with Mr., Yerkes, was
equally uncommunicative. Mr., Yerkes'
original intention as declared a few
days after he first arrived in London
year ago, namely the construction
of underground electric railways with
surface branches throughout the sub
urbs, fits exactly with the purchase
of the district railway. This line al
ready taps every suburb. besides con-
Meeting with every trunk line enter
ing London.
A scheme for electrical equipment has
been under consideration for months
past though 40 decision has yet beer
reached as to the system to be adopt
ed. Up to a Few weeks ago it was
supposed that the Ganz system would
he used. but since then it is understood
that this plan has been dropped in ia
vcr of an American system.
Persons claiming to be well informed
about the deal state that the Widener-
Elkins syndicate is at the bottom Of
this latest invasion of London and thai
Mr. Ryan is likely TO take UP his res
idence in London before long as the ac'
tive manager of the combination.
The plans are said to be a duplica'
tion of those adopted when Mr.. Yerke'
obtained control of the Chicago stree
railways. namely the reorganization
Of the company on the basis of making
the old shareholders preferential at fix
ed rates of dividends, raising by bonds
funds 70 equip the line electrically ant
build the extensions, and the formation
Of a construction company to do th'
work. receiving its pay in bonds of th'
new company.
In connection with the Charing Cross
Euston ana Hampstead line. additiona
powers are needed from parliament be
fore the work of construction is like