New-York tribune., 1902-10-22
STOLE A MARCH ON MORGAN
YERKES'S PLAN TO GUST OTHER SYNDI-
CATE FROM CONSTRUCTION OF
LONDON ROADS

London. Oct. 21.-A dramatic development IN
the fight for the control OF London's tube rail-
roads occurred to-day. when it was made known
that Speyer Brothers. who are financing ChdIieS
l. Yerkes's plans, had bought controI OF d ldi &c
company hitherto allied with the Mole@"
scheme of transportation. thereby not ohIy re-
ducing the scope of the Morgans proJec'eo iiiie
by many miles. but actually threatening i WIN
legal obliteration. The latest move IN Ills -hot
gan-Yerkes rivalry was announced at to-u"S
session of the House of Commons conlihI'tee
by Sir Edward Clarke. who, as couhsel Ior 'Iie
London United Electric Railways. withdrew the
bill providing for the construction OF the ro"u
which. up to this morning. had always oeen
part of the Morgans line, and covered the us
trict westward between Hammersmith ana F40
cadilly, and southwark between Chapman ana
the City.
The Morgans had originally intended to cover
these points, but the London United dreduS
had certain powers from the aIialgamauoh er-
fected year ago, and the Morgans proJecl mao
passed through Parliament under the lltIe oi
the London United and Piccadilly and CITY hdli-
road Balfour Browne, who is counsel lof tie
joint bills. expressed surprise in behalf Of lhe
Morgan interests al Sir Edward Cldrkes an
nouncement which left him scarcely hall lhe
length of the road over which he mad oeeh
arguing for nearly a year, and requested ume
TO consult his principals.
Amid a sensation the committee adJournsu
Mr.. Browne then announced that the MorsahS
We're ready 70 go on with such road as 'heS
had left, namely between Piccadily ana the
City. and that they would take the earliest op-
portunity 10 introduce new bill asking Ior the
powers which they had SO Unexpectedly Deeh
deprived Of by the detection OF the Lohooh
United, owing to the Speyers securing controI
of it.
YERKES WANTS THE WHOLE THING
Counsel representing the Yerkes interest de-
manded that the Pccadilly and city Ioad must
also be Withdrawn. II had now no le91l
status. having been presented t. PaIlalheh' aS
part of the London United scheme, which, sinSe
this morning. non-existent! in other WoroS
declaring that the Morgans now had no legal
lied tube project at all
Counsel for the Morgans demanded 'erdlct
on this point from the whole House OF COM
mons. saying the committee was not entitled 10
deal with the new state of affairs.
The chairman Sir Lewis McIver, after a long
consultation with the other members OF the
committee, said he would have 10 report the
circumstances 10 the House authorities. and
postponed his decision until Thursday
HOW THE sPEYERs BOUGHT THE ROAD.
It is reported that a curious chapter of mis-
understandings led up 10 what Mr. 1erkes
terms his coup" The promoters Of the Lon
don United say that, though they were willing
10 pool their interests with the Morgans, they
believed they We're better fitted TO control the
traffic management of an English line than the
American firm. Sir Clinton Dawkins "a partner
i'm the house Of J. s. Morgan & Coz, through
whom the negotiations were conducted. refused
10 agree to this and the United officials then
demanded control OF the arrangements Of their
own section Of The line. which was also denied
in a way II IS limited. that people took 10 be
sighting and Sir Clinton went to the United
States. 1t is intimated that the promoters were
indignant at what they considered 10 be their
III treatment and sent cable dispatch 70 Mr.
Yerkes offering him the road. Mr. Herkes
thereupon told them TO 60 70 the Speyers, and
shortly after Mr.. Yerkess return the Speyers
bought up the road. thus blocking the Morgans'
scheme
j Pierpont Morgan has met his second defeat
in this country within a month" says The
star" The first was the Cunard subsidy; the
second was the smashup of his great London
tube scheme"