New-York tribune., 1903-05-17
THE YERKES SYNDICATE.
Success of the FiCe Per Cent Note
Issue-Wr. Edgar Speyer's Speech.


London. May THE marked success the
issue of the Underground Electric Railways Com
pany Of London has met with has been widely
commented upon. and Messrs Speyer must be
congratulated the in which they have
carried through their financial programme. The
response to the offer made TO the shareholders
to allot f500000 of profit sharing per cent notes
at 9 has been excellent, and the City of Lon
don has. for the first time in many weary
months. shown any inclination to have anything
in the way of new investment The reasons
for this result obvious Firstly. the notes were
offered at a very tempting igure-too tempting in
fact This was the only criticism made but then
1t was known that America had been called in to
help and. money being stiff here. a high rate Of
interest had to be conceded American capital was
resorted to because English money did not seem
forthcoming. clear. unmistakable warning was
given by Mr.. Edgar Speyer in speech made some
weeks ago the occasion of the opening of the
Hampton Court Branch of the United Tramways,
now under the control OF the Yerkes Underground
Company.
Referring to the invasion of American capital
Mr.. Speyer said THE general cry that is raised
is that of American capital that wicked commod-
fty which intrudes itself upon US, But what are
the facts? There be no doubt that English
capital and English only should build these lines In
London Why It does do is of those
things which not dreamt of in my philosophy.
Let tell you that English capital has had every
opportunity to come forward and be invested in our
Underground undertaking If only about half of
the 50oO0o0 capital is held in this country to-day
it is not our fault We would have preferred. much
preferred. and sure Mr. Yerkes would have
preferred, all English with nothing but
English shareholders, but. sad to relate, that spirit
of enterprise which is necessary for progress,
that interest in questions which concern them most
nearly. conspcuously absent and, much to our
regret had to allot about half of the share
capital to American and Continental connec-
tons because London did not show sufficient keen
ness to find the money TO build their own Under
ground System, which will add so materially to
their comfort and to the wellbeng of the masses
Now, if either of underground railways were
situated in Africa, Australia for that matter,
anywhere but home if they were in klondyke
or on similarly fertile ground. Londoners would
tumble each other and subscribe and no for
eigners need apply! But to home securities,
only when the price has risen and dividends and
profits are shown do people here begin TO come in.
1 have no doubt this will be the case with our
undertaking later on. but it seems rather aps1ra 1
to speak of American and foreign invasion under
strength for any railway company to have its Gus
toners interested in the property as sharehoIders
shareholders all those Londoners who live along
our routes but we cannot force their affection;
As work progresses money Will be
needed and again Londoners win have the chance
resort to foreign aid again-not from choice. not
from prejudice. but from necessity. 1t is fact
in the World goes not seem able and willing to
pT9yd G the funds fo for n Hs IS eas te funds for
moving its population expeditiously from one end
immense
tion which London shares with no other big city IN
the world New-York, Paris, Berlin all have found
the money that gave them is going TO give them
the quick transit they require London 1t seems
therefore hear any more of American ana foreign
invasion when. matter of fact, the people mere
stand by with folded hands and open gates TOT
others to step in and do the work for them. II
they persist their possumus attitude. please
don't blame If go elsewhere. for we mean 10
do the work have hands to We nave
ton of London most heartily, and think IT would
natural that It should be forthcoming, but If II
does will elsewhere for practical sym
pathy and support -
Iondoners interested in these matters. ana Wlen
few weeks later the reinforced Underground Board
was announced. containing. as IL does two SpeyerS
ne of their respective LONDON ana Newt oTh
houses; representatives of the Blairs the Mutual
Insurance Company, Equitable Insurance Co. ana
of the Old Colony Trust Company of Boston, II be
those at the head Of this enterprise were in dead
earnest and that the work would be done with OF
without English capital. The result was. as stated
that both sides of the Atlantic competed with eacn
The completion of the Underground System Of Lon
don is thus practically assured Messrs- Speyer'
Yerkes and Perks have every reason to be satlshed
Not they secured the WhereW1lnal 10
bud their lines but. what is equally If not more
important the future. they alone hold the Ielq
They alone have with remarkable skill piloted their
bills through the rocky seas OF Parlanent "A
Royal Commission has been appointed 10 look into
an schemes, and. after the past experience II
is the general impression that the Commission VIII
find in favor of the appointment OF a permanent
Gated questions. But all that takes time. Mean
while the Underground is forging ahead IN spite
of tho thunder of the County Council, which has
lust awakened to the fact that the Yerkes Syndl-
ccafe already controls about one hundred miles of
lines and naturally shows resentment ana rrltd-
ton at finding out that the awakening is 100 late