New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-09-20
Cir Eduar Speyer Dwells with
'! satisfaction on Transport
Situation in London.
ouIy STEEL CARS USED
,.uo Per Cent Dividend on Pref
.orce Stock Earned Almost
Twice over - 100000
400 Passengers Carried.
rRy cable to The Tribune

pathways OtIHF a44' -
pa ,o-day. Sir Edgar Speyer. chair
,r Of the company. said>
%. moving the resolution for the
,.nt,on of the report and accounts, l
NV. clad TO again congratulate the
..,olders on the substantial prog
-. made in the half year under re-
~. .r which I think will remain one of
=. most important periods in the COM
nnys history
nor March 81 last the acquisition OF
,.Iondon General Omnibus Company
- your company was accomplished,
nv that date the holders Of more
~, az per cent OF the ordinary stock
= the omnibus company accepted the
..,srities in this company offered in
.,change for their holdings,
AS stated formerly, the reason for
.r,cbas,ng the omnibus company was
-, ambition 70 become the controlling
,.,,or as regards traffic IN London. but
a. conviction that by co-ordinating
.. various services performed by the
..,nsotIye companies better results
,ould be accomplished. to the advan-
ara Of the public and to the investors
Who had placed large sums in this en-
,srprise
Comfort, Convenience and Cost.
We realize that these companies TO
v successful must provide a service
,bich will not only satisfy the de-
hands Of the travelling public as re-
ards comfort and convenience, but
also as regards cost. and l say it will
x our constant endeavor to do so. 1t
vas necessary the omnibus company
should raise considerable further capt.
al for the extension Of its services and
for other purposes.
The omnibus company, moreover.
bad outstanding three small issues Of
isbentures carrying different rates OF
interest and charged on different as
sets and # was. in the opinion Of your
directors. sound financial policy 20
Consolidate these issues and place the
ghole funded debt Of the omnibus
company on a simpler and more salts
factory basis This. which could be
carried out only by reconstructing the
omnibus company, has been done, in
addition 10 paying of the debentures
and debenture stocks. The holders Of
the preference shares and Of the small
outstanding minority OF ordinary stock
we're paid of so that the underground
company IS now the sole shareholder in
the London General Omnibus Com
lany
The capital OF the new omnibus
company. which has the same name as
The old company, has been limited 10
tsbehture stock, income debenture
nock and ordinary shares. Thfs acQui-
stion will remain a landmark in the
traffic situation, and its consequences
vii only be fully felt as time goes on.
Good Record Despite Strikes.
But progress has not been confined
70 this fusion and the advantages that
flow from It. Both the London Elec-
tic and the District railways have
made good records. all the more cred
table considering the period Of strikes
hey had to face and regard being had
70 the fact that the earnings had TO
compare with the abnormally large
Coronation traffic Of the corresponding
2sriod Of 1911.
As shareholders in these companies
you will benefit in the near future
nom the expenditure that is being
made BY them in connection with the
charing Cross and Paddlngton extern
aons. These extensions should be
ready within twelve months, and VIII
snofd means Of interchange between
me'e railways at Charing Cross, viz:
ue District. the Bakerloo and the
hampstead lines, and will also afford a
Splendid service Of trains direct to the
'addlngton station Of the Great West
eD railway.
inese improvements Will be taken
'sSsntage Of by the public and prove a
'"ufee OF profit to your company. The
sA'shsion Of the BakerIoo Railway from
-suoington 10 a physical connection
"''h Inc electric or suburban lines Of
we London and North Western Rail-
way at Queens Park Station and a
'uioosh service Of trains 10 Watford
=" provide the Paddington and Kill
'1n districts with a much needed SER
se' ana also the increasing suburban
EMULATION Of Watford. Primer, Harrow,
s4uOury Willesden, etc, with direct
COMMUNICATION with the West End and
don.
In the West OF London.
he District Railway will gradually
zap advantages from the widened lines
t.'"een Ravenscourt Park and Turn
-1'A Green, permitting Of greatly i'm
ss'so service 10 Ealing, etc. The de-
'pihent OF its western territory
sVne'aliy Is encouraging. As was
s'ni'eo out by Lord George Hamilton,
ehairman OF the District Railway,
'p'te OF an increase Of 10000 miles
gar mileage the earnings per car
~'s We're 9.59 pence, an increase Of 10
"'e compared with the corresponding
Period Of 1911