New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-06-17
ELECTRIC RAILW4YS.
The Underground Systems Of Lon
dOn-Mr. Speyer's Evidence.

on Friday June 8. tho ROYAL Commission on Lon
don TRAFFIC held its anal meeting for tHe 5eoriaE ~
est all Interested in the improving of traffic
recommendation ina the great metropolis for the
Yerkes. Mr. r. NJ. Perks. II f.. sud MI clifton
robinson manaSins director and engineer ~ Rae
The evidence OF Mr.. Speyer created most favor
able impression. and has entirety removed Tho at
aroused 10y the course pursued ny the London
County Council ana the local authcritie7 who a1t
III ana OUT or laTlaint NJ treating II as r rival. m
stead OF an aid toward the speedy solution 81 tho
10 the doc-In- manager policy pursued by the
County Council was most cipl matte, although hc
Ehe body which some OF the newspapers call the
Nj spsyeTs evidence was 81 marvel OF straight
Forward statements and plain facts E-Fl4E a MS
Electric Railway OF London. with total capital
or tl5 1873 900 or about -gltet per mile These latter
1gures compare with the t57"g" per mile ~ me
Central London. but II must be borne u mind that.
sites the Twopenny Tube had no land 10 purchase
for their great Bank station. HAD they been u0-
been swollen 10 $4,000. Tho cost Of the Under
ground has been largely increased lgv the de-s--.-
crete platforms. Notwithstanding carriages ana
other expensive improvements. while the price of
labor and OF construction Has also largely increased
vorable 10 tho undertaking. as an illustration ~
WticE Mt. 9leyt 1li-g,a ui Gene or ',,
ranged from $3.50 to 1885, and had recently been as
accorded by the London market. 10 the Under
ground enterprise that recourse was made 20
speyer pointed ont took over the lines as they
able unwilling to risk the capital already author
lied for their construction, and nothing was paid
for promotion or goodwill and the result viii be
a great undertaking SURVIVING a public need that
for electric operation early next wear. and the
soon follow Passengers viii have the advantage
OF through bookings at low rates from all points
United Tramways. In which the new company holds
The Underground Company will be able 10 carry
their tube lines 327G'0000 passengers. and
the District Railway 100000 more passengers per
Parlament-the only tribunal with power to deal
with this questlon-had authorized each Of the in
dvidua lines and provided for all the safeguards
be devised me .nuerBIouhd company Aa1 ac-
cepted these conditions in good faith and in
OF This good faith the bankers and their associ-
ates had already subscribed twelve millions for the
construction OF these works
business transacti0n fair 10 ali concerned and in
no way calculated injure public interests. For
providing this large capital and for taking this
great and continuous responsibility the three bank
ing houses concerned received a commission Of
per cent on the capital which could not be deemed
There had been no waste OF capital. and there
value Of the authorized capital In actual work
done In the construction Of the lines and the work
such magnitude The only profits Of the Under
ground Company would be earned in the event OF
the success OF the enterprise
In forming the company they did all In their
power 10 give Il stability and financial standing.
They stipulated that their firm should nominate
the majority Of the board OF directors for a period
OF less than years, thus giving them con-
tinuOus control and responsibility until the lines
all built and in operation for some years.
one last point made behalf OF the London
County Council he, Mr.. Speyer. who had a business
standing 10 preserve. could not pass over without
strong protest II was alleged in the said evil
dence that the accounts would De so kept that it
would be quite impossible 20 draw ANY useful
illusions therefrom." quite apart from the obliga-
tons on each railway keep its statutory ac-
counts and from the fact that the Underground
Company employs accountants Of the highest
standing in London. Mr. Speyer said he might
fairly claim that their own business standing
should be a sufficient guarantee that such charges
were without foundation and ought never to
have been made. He concluded by stating that
they had undertaken to do what hitherto no one
not even the County Council ttself-had done,
intended TO do, l. e., 70 provide London with
foreground tube railways, in accordance with rec
concentrations Of the Joint Parliamentary Com-
means OF rapid transport for It's vast population.
Parliament had granted them statutory powers
which they were Loyalty carrying into execution.
To do this successfully, they might fairly claim
the friendly cooperation OF LOndoners and their
uublic representatives. He ventured to hope that
The ronddence of the British public. which his firm
had so long enjoyed. would be given them also in
this useful and necessary enterprise
Tba newspapers generally comment IN terms OF
praise on the entire evidence Of Mr.. Speyer and
his associates while financial circles express in
creased confidence in the perfect success OF the
great undertaking