Charles Tyson Yerkes was born in Chicago in 1837 and became
a very wealthy man by dealing in brokerage and investments in tramways and
urban elevated railways in that city. He came to London in 1900 backed with
millions of pounds provided by US investors and international banks to invest
in buying up urban railway schemes in the capital. That same year he acquired
the Charing Cross, Euston & Hampstead Railway (CXE&HR) and followed
this in 1901 with the purchase of the District, Brompton & Piccadilly
Railway, Great Norther & Strand Railway and the Metropolitan District
Railway. He completed his group of lines with the acquisition of the Baker
Street & Waterloo Railway (BS&WR) in 1902.
Yerkes established a holding company for the management
of the group of lines which in 1902 became known as the Underground Electric
Railways of London Limited (UERL). It is worth noting that at the time the
only railway within the group to be completed and open for business was the
Metropolitan & District (To become known as the District Railway) - which
was then steam hauled. It was with money from the UERL that the electrification
of the District Railway was achieved. The development of the other lines
within the UERL group was thus:
District, Brompton & Piccadilly / Great Northern & Strand Railways
The first named of these railways was authorised for
construction in 1897 in two separate parts, the first was a deep level tube
line from Earls Court to Mansion House and the second was a tube line from
South Kensington to Piccadilly Circus. The Great Northern & Strand Railway
was granted permission for construction in 1899 from Wood Green to Aldwych
on the Strand by deep level tube line. Construction on either line had not
started when Yerkes acquired them in 1901 due to problems raising the necessary
capital, something yerkes was able to provide. Yerkes gained approval to
join the two projects together between Holborn and Picaddilly Circus and
extend the western end of the D,B &P from Earls Court to Hammersmith
whilst the South Kensington-Mansion House section of that scheme was dropped
along with the Findsbury Park - Wood Green portion of the GN & S.
The new look line was finished and opened for traffic
between Findsbury Park and Hammersmith in December 1906 with the branch from
Holborn to Aldwych opening in November of the following Year.
Charing Cross, Euston & Hampstead Railway
When Yerkes bought this concern in 1900 it had parliamentary
approved powers to build a tube line from a southern terminus under Charing
Cross to Hampstead with a branch line from Camden Town to Kentish Town. Like
the D,B & P and GN & S schemes previously mentioned the CX,E &
H company were also having great difficulty in raising the capital needed
to construct their proposed line, and also as with the other schemes it was
only when Yerkes took them over that construction could be funded.
In 1902 whilst construction was commencing the UERL obtained
powers to extend the proposed length of the Charing Cross - Hampstead line
further north to Golders Green and the branch to Highgate (Archway). The
completed railway was opened for business along its entire length on June
22nd 1907.
Baker Street & Waterloo Railway
In 1893 this company gained approval to build a tube railway
from Lower Marsh (Adjacent to Waterloo station) to Upper Baker Street. The
company had great problems in attracting sufficient investment to finance
to construction until the London & Globe Finance Company agreed to provide
backing. Construction was able to start in 1898, by which time the powers
to build the line had been revised to allow an extension beyond Baker Street
to Marylebone. Further extensions were authorised in 1900; at the north end
from Marylebone to Paddington, and at the south from Waterloo to Elephant
& Castle.
Despite these outwardly affluent signs things went horribly
wrong for the BS&W. The principle character behind the London & Globe
Co., Whitaker Wright, was arrested for fraud after a number of his associated
companies collapsed with substantial debts. In 1901 he was found guilty and
sentenced to 7 years imprisonment, however, before being taken down to start
his sentence Wright was allowed a private meeting with his advisors. During
this unsupervised meeting he obtained a cyanide capsule and used it to escape
going to prison. Wright's suicide and the scandal in general forced London
& Globe in liquidation and as a result work on the partially complete
BS&W slowed to a near halt.
Yerkes' UERL purchased the BS&W from the liquidators
in March 1902 and as a result fresh capital was then available for construction
work to resume. Rapid progress was made and the first section to be opened
to the public was that from baker Street to Waterloo on March 10th 1906.
The section from Waterloo to Elephant & Castle opened 5 months later,
Baker Street to Marylebone opened in March 1907 and the final section from
Marylebone to Edgware Road station opened three months after that. The UERL
had decided to defer construction of the Edgware Road - Paddington section
shortly after taking over the BS&W.
Further UERL Acquisitions
In 1910 the GNP & B was renamed the London Electric
Railway and the BS & W became the LER Bakerloo Line (BAKER
Street & WaterLOO), the CXE & H became
known simply as the 'Hampstead Line'.
In 1913 the UERL obtained control of both the City &
South London Railway and the Central London Railway, thus leaving only the
Metropolitan, Great Northern & City and Waterloo & City Railways
as the only underground electric railways in London outside its control.
Thus was sown the seeds for the modern London Underground network.
Sadly the architect of this scheme, Charles Tyson Yerkes,
never saw his ambition realised. He died of kidney failure on December 29th
1905 whilst on a business trip to New York.
Continue To Part Four - UERL Extensions