The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1902-10-22
YERKES UPSETS
M0RGAN'S PLANS
Fight For the Control of London's
Tube Railroads.
SECOND DEFEAT IN A MONTH
GREAT NEW YORK FINANCIER
rs NOT oMNIPoTENT.

T ONDON, Oct. 21.-A dramatic devel-
opment In the fight for the control
of London's tube railroad occurred
today, when it transpired that Speyer
Brothers, who are financing Charles T..
Yerkes' plan, had bought control of a
large company hitherto allied with the
Morgan scheme of transportation,
thereby not only reducing the scope Of
the Morgan projected line by many
miles, but actually threatening it with
legal obliteration. The latest move in
the Morgan Yerkes rivalry was an
nOunced at today's session of the house
OF commons tubes" committee. Sir
Edward Clarke, as counsel for the Lon
don United Electric railways, withdrew
the bill providing for the construction
of that part of the road covering the
district westward between Hammer
smith and Pitadilly and southwark be-
tween Chaplain and the city. The Nor
gans had originally intended to cover
these points, as the London United al
ready had certain powers from the
amalgamation effected a year ago, and
the Morgan project had passed through
parliament under the title of the Lon
don United & Picadilly City railroad.
Balfour Browne, who is counsel for
the joint bills, expressed surprise in
behalf of the Morgan interests at Sir
Edward Clarke's announcement, which
left him scarcely half the length of the
road over which he had been arguing
| for nearly a year, and requested time
/ to consult his principals. Amid a SEN
sation the committee adjourned. MIR.
Browne then announced that the Nor
gans were ready to go on with such
roads as they had left, namely, be-
| tween Picadilly and the city. and That
| they would take the earliest oppOrtu-
nifty TO introduce a new bill asking for
the powers which they had so uneX-
I pectedly been deprived of by the defec-
I ton Of the London United.
Counsel representing the Yerkes in
! terest demanded that the PicadiIly and
/ city road also be withdrawn, as il had
no legal status, having been presented
/ to parliament as part of the London
| United scheme, which, since this morn
/ ing, was non-existant-in other words,
] declaring that the Morgans now had nc
/ legaliZed tube project at all.
! Counsel for the Morgans demanded a
verdict on this point from the whole
| house of commons. saying the commit
( tee was not entitled TO deal with the
new state Of affairs.
The chairman, Sir Lewis McIver,
,E tot navftb "a Z n
members of the committee, said he
would have TO report the circumstances
/ to the house authorities and postpone
J his decision until Thursday.
! The Associated Press learns that a
curious chapter Of misunderstanding
/ led up to what Mr.. Yerkes terms his
coup" The promoters of the London
1 United say that though they were will
/ ing TO pool their interests with the Nor
gans they believed they We're beteer fit
| ted to control the traffic management
OF an English line than the American
/ firm. Sir Clinton Dawkins. a partner
! in the house Of ]. P. Morgan & Co,
I through whom the negotiations were
I conducted. refused to agree 10 this. and
| the United officials then demanded con-
troll of the arrangements of their own
section of the line, which was also de-
MED. in a way. 1t is limited that people
took the sighting. and Sir Clinton went
10 the United States. 1t is intimated
that the promoters were indignant al
what they considered to be their IL
treatment and cabled Mr.. Yerkes offer
ing him the road.
Mr.. Yerkes thereupOn cabled them e
60 to the Speyers, and shortly after
Mr.. Yerkes' return the Speyers bought
up the road. thus blocking the Nor
gans' scheme.
81. PierpOnt Morgan has met his sec
ond defeat i'm this country within Z
month"; says the Star. 'rhe first wa:
the srhSidy. the second was the smash
up Of his great London tube scheme"