New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-03-28
Underground Electric Railways
Co. OF London, Limited,
Extract Of Chairman's Speech.
18th march, 1911.

IN. Chairman. in moving the adoruon OF
tt. R.rort aud Accounts. said nc was glad 10
record steady and satisfactory progress
Af.er d.aiins with the Accounts and Bal
anc. sheet which did not call for any speola'
comment. he stated that It WAS satisfactor!
maj all The Companies had shown encoursg
,nr development, especially the Metropolitan
p,,trict nailcay. and The lines. owing 20 the
excellent service tiven, entoHed increasing
porularii,.
lie contradicted mos, ernrhstioslly state
nsSt which had gained circulation 10 the
.~ec, that the Underground Railways oouio
not handle any substantially larger hummer OF
passengers than they now do. TINS s's''
mont, n. said. vas entirely without foonod'
ton ON tho London Electric. three and four
Cal trains we're being worked although inc
hallway Was DESTINED for trains Of nearly
Twice :ha, numher OF cars. ON tho bist'"'
rsuvsy. nearly the whole Of the trains could
r. rorLoo with additional carriages. and hN
Alterations 10 the siEnalhus system me mum
her Of rains per hour could ne c'slos. .
echorn.. hsvins for .heir object not only On
increase II sp|ed but also an increase IN ~
Nam millions more passengers could tN 90 y,
With from yrar to year. and nofhinS Nouio o.
neslocted 10 hing about such results .,s.s
ne fo-..hzdow.d that the OUTLOOK lnS,Iu-.
Tn hone thai the distribution on the income
BONDS would be increased IN ne ncsr I"1 nn'
uan,.r, he explained thst the Power House
ecnen. under discussion PROVIDED Tor inc ,"s
NATION OF Joint commi,t,es OF t bi,b wonId
st empowered 20 issue Rent charge STOCK iI I,
the purchase Of the Power S's,lon, W.,
srd which the CndArercun1 Company noul1
+. within. 10 sell. provided Satisfactory terms
H. mes Tei~rred TO the sale ~ i1.2a"ooo
London Electric Railway preference S,'oh
call FOR redemption. on srr'emher Isl. tne!,
- ooo oo0 PRIOR Lien Bonds. Through ~
redemption the ~ PEI cent Ronds OF -.
would become frst lien on the secnrl'le'
Senos,,sd - he Underground COMPANY unde'
,rs Trust Deed. and the lien of the Income
Bonds would he advanced proper ionate!
Iris announcement had alreadN had the 't'''
Of enhancing the credit ~ the tompah =
evidenced h the higher prices ~ us sscuF'
lie then referred 70 'hc dispute betvsen 80
COMPANY and The British Westinghouse '''u
psny and mace n" importsn, snnonn' =, ~.
that the sNard Of the Arbitrator was IN m
I-nderrrouri Companv'e favour. lie explained
tha' tho British Westinghouse ompaIn,
claimed from the Company over 's".o"" To-
the hslsncA If the price Of the Turbines = ne
TUrbo-slternstors they had supplied cleln
which IN. Company resisted on the GROUND
10 contract The COMPANY also counter
claimed for damages. mainly owing TO th.
extra amount Of coal consumed. The aware
vas TO The efec, that the Bri,ish Wss,,ns
sny sum from tho Company IN respect y
iheir claim. SO that the Company retained tn
fsS 600. which covered tho cost Of the new
Parsons installation In addition the Com
rsny we're awarded $4,000 by way OF dam
ages, well the costs % the srhitrs ton
The British Westinghouse Companv were seek
ing 20 upset the award. but the Compan'
were advised that tho award Was good.
gave him great pleasure 70 inform the Share
holders Of the successful result ~ the !ti6a
ton and Of the fact that The Power Hous
was nov IN condition OF such ef1ciencr an'
completeness that il source Of real prid
whom
fallen the srduous duty cf its construction
and EQUIPMENT