127-742: The Underground Electric Railways Company of London, Limited ( UERL ), known operationally as the Underground for much of its existence, was established in 1902. It was the holding company for the three deep-level "tube" underground railway lines opened in London during 1906 and 1907: the Baker Street and Waterloo Railway , the Charing Cross, Euston and Hampstead Railway and the Great Northern, Piccadilly and Brompton Railway . It
254-533: A distance of 14.19 miles (22.84 km). In the 1920s the route was connected to another of London's deep-level tube railways, the City and South London Railway (C&SLR), and services on the two lines were merged into a single London Underground line, eventually called the Northern line . Within the first year of opening, it became apparent to the management and investors that the estimated passenger numbers for
381-489: A jointly owned test train operated a shuttle service between February and November 1900. Having proven the practicality of electric traction, the two companies set up a joint committee to select a supplier of equipment for the electrification of their networks. The committee's preferred system was a 3,000 volt , three-phase alternating current system proposed by Hungarian electrical engineering company Ganz . The system delivered current by overhead conductor wires and
508-589: A matter of broadcast regulation . In the United States, a personal holding company is defined in section 542 of the Internal Revenue Code . A corporation is a personal holding company if both of the following requirements are met: A parent company is a company that owns enough voting power in another firm (or subsidiary ) to control management and operations by influencing or electing its board of directors . The definition of
635-495: A new bill – bill No. 3. The new bill modified the route of the proposed extension to Golders Green and added a short extension running beneath Charing Cross main line station to the Victoria Embankment where it would provide an interchange with the existing MDR station (then called Charing Cross). The bills were again examined by a joint committee, this time under Lord Ribblesdale . The sections which dealt with
762-425: A parent company differs from jurisdiction to jurisdiction, with the definition normally being defined by way of laws dealing with companies in that jurisdiction. When an existing company establishes a new company and keeps majority shares with itself, and invites other companies to buy minority shares, it is called a parent company. A parent company could simply be a company that wholly owns another company, which
889-596: A profit. Investors in the notes would gain the double benefit of the growth in share price and interest. Before its takeover, the DR had carried out some joint electrification experiments with the Metropolitan Railway (MR), the other sub-surface line with which the DR shared the Inner Circle . A section of track between Earl's Court and High Street Kensington was electrified with a four-rail system and
1016-514: A profit. The UERL's ownership of the highly profitable London General Omnibus Company (LGOC) since 1912 had enabled the UERL group, through the pooling of revenues, to use profits from the bus company to subsidise the less profitable railways. However, competition from numerous small bus companies during the early 1920s eroded the profitability of the LGOC and had a negative impact on the profitability of
1143-616: A public corporation that would take control of the UERL, the Metropolitan Railway and all bus and tram operators within an area designated as the London Passenger Transport Area . The Board was a compromise – public ownership but not full nationalisation – and came into existence on 1 July 1933. On this date, the LER and the other Underground companies were liquidated . Finding a suitable name for
1270-503: A series of acts to preserve and develop its plans. The Edgware and Hampstead Railway Act 1905 ( 5 Edw. 7 . c. clxix), the Edgware and Hampstead Railway Act 1909 ( 9 Edw. 7 . c. clx) and the Edgware and Hampstead Railway Act 1912 ( 2 & 3 Geo. 5 . c. lxxxv) granted extensions of time, approved changes to the route, gave permissions for viaducts and a tunnel and allowed the closure and re-routeing of roads to be crossed by
1397-501: A subsidiary of the Underground Electric Railways Company of London (UERL), controlled by American financier Charles Yerkes . The UERL quickly raised the funds, mainly from foreign investors. Various routes were planned, but a number of these were rejected by Parliament. Plans for tunnels under Hampstead Heath were authorised, despite opposition by many local residents who believed they would damage
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#17327799970711524-472: A tending subsidiary of the purchasing company, which, in turn, becomes the parent company of the subsidiary. (A holding below 50% could be sufficient to give a parent company material influence if they are the largest individual shareholder or if they are placed in control of the running of the operation by non-operational shareholders.) In the United Kingdom, the term holding company is defined by
1651-466: Is defined by Part 1.2, Division 6, Section 46 of the Corporations Act 2001 (Cth) , which states: A body corporate (in this section called the first body) is a subsidiary of another body corporate if, and only if: Toronto-based lawyer Michael Finley has stated, "The emerging trend that has seen international plaintiffs permitted to proceed with claims against Canadian parent companies for
1778-458: Is sometimes done on a per- market basis. For example, in Atlanta both WNNX and later WWWQ are licensed to "WNNX LiCo, Inc." (LiCo meaning "license company"), both owned by Susquehanna Radio (which was later sold to Cumulus Media ). In determining caps to prevent excessive concentration of media ownership , all of these are attributed to the parent company, as are leased stations , as
1905-543: Is then known as a " wholly owned subsidiary ". Charing Cross, Euston and Hampstead Railway The Charing Cross, Euston and Hampstead Railway ( CCE&HR ), also known as the Hampstead Tube , was a railway company established in 1891 that constructed a deep-level underground "tube" railway in London. Construction of the CCE&;HR was delayed for more than a decade while funding was sought. In 1900 it became
2032-428: Is to own stock of other companies to form a corporate group . In some jurisdictions around the world, holding companies are called parent companies , which, besides holding stock in other companies, can conduct trade and other business activities themselves. Holding companies reduce risk for the shareholders , and can permit the ownership and control of a number of different companies. The New York Times uses
2159-474: The Charing Cross, Euston and Hampstead Railway Act 1900 ( 63 & 64 Vict. c. x), and the Charing Cross, Euston and Hampstead Railway Act 1902 ( 2 Edw. 7 . c. cclvi). A contractor was appointed in 1897, but funds were not available and no work was started. In 1900, foreign investors came to the rescue of the CCE&HR: American financier Charles Yerkes, who had been lucratively involved in
2286-550: The E&;HR through a bill submitted to Parliament in 1906, with the intention of constructing and operating the whole of the route from Golders Green to Watford as a light railway but the bill was rejected by Parliament and, when the W&;ER 's powers lapsed, control returned to the CCE&;HR . The Edgware and Hampstead Railway Company had remained in existence and had obtained
2413-618: The Board of Trade . The decision was made in December 1901 to use the four-rail system, although the arbitrator, Alfred Lyttelton , was critical of the DR's unilateral decision. Victorious, the MDETC quickly began the electrification of the DR's tracks, starting with an extension from Ealing Common to South Harrow that opened with its first electric service in June 1903. Conversion of the rest of
2540-577: The Central London Railway (CLR) in 1900. Construction started on one other line and stopped following a financial crisis. The rest of the companies needed help to raise funding. The District Railway (DR) was a sub-surface underground railway, which had opened in 1868. Its steam-hauled services operated around the Inner Circle and on branches to Hounslow , Wimbledon , Richmond , Ealing , Whitechapel and New Cross . By 1901,
2667-480: The Companies Act 2006 at section 1159. It defines a holding company as a company that holds a majority of the voting rights in another company, or is a member of another company and has the right to appoint or remove a majority of its board of directors, or is a member of another company and controls alone, pursuant to an agreement with other members, a majority of the voting rights in that company. After
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#17327799970712794-597: The County of London and served destinations in Middlesex , Essex , Hertfordshire and Surrey . In the 1920s, competition from small unregulated bus operators reduced the profitability of the road transport operations, leading the UERL's directors to seek government regulation. This led to the establishment of the London Passenger Transport Board in 1933, which absorbed the UERL and all of
2921-461: The Watford and Edgware Railway (W&ER) which had plans to build a line linking the E&HR to Watford . Following the enactment of the Watford and Edgware Railway Act 1906 ( 6 Edw. 7 . c. cxcviii), the W&ER briefly took over the powers of the E&HR to construct the line from Golders Green to Edgware. Struggling to find funds, the W&ER attempted a formal merger with
3048-487: The capital for the construction works. The CCE&HR was not alone; four other new tube railway companies were looking for investors – the Baker Street and Waterloo Railway (BS&WR), the Waterloo & City Railway (W&CR) and the Great Northern & City Railway (GN&CR) (the three other companies that put forward bills in 1892) and the Central London Railway (CLR, which had received assent in 1891). Only
3175-514: The ecology of the Heath. When opened in 1907, the CCE&HR's line served 16 stations and ran for 7.67 miles (12.34 km) in a pair of tunnels between its southern terminus at Charing Cross and its two northern termini at Archway and Golders Green . Extensions in 1914 and the mid-1920s took the railway to Edgware and under the River Thames to Kennington , serving 23 stations over
3302-632: The financial crisis of 2007–2008 , many U.S. investment banks converted to holding companies. According to the Federal Financial Institutions Examination Council 's website, JPMorgan Chase , Bank of America , Citigroup , Wells Fargo , and Goldman Sachs were the five largest bank holding companies in the finance sector, as of December 2013 , based on total assets. The Public Utility Holding Company Act of 1935 caused many energy companies to divest their subsidiary businesses. Between 1938 and 1958
3429-538: The "Last Link". The official opening on 22 June 1907 was made by David Lloyd George , President of the Board of Trade , after which the public travelled free for the rest of the day. From its opening, the CCE&HR was generally known by the abbreviated names Hampstead Tube or Hampstead Railway and the names appeared on the station buildings and on contemporary maps of the tube lines. The railway had stations at: Golders Green branch Highgate branch The service
3556-422: The 1892 legislative session , and, to ensure a consistent approach, a Joint Select Committee was established to review the proposals. The committee took evidence on various matters regarding the construction and operation of deep-tube railways, and made recommendations on the diameter of tube tunnels, method of traction, and the granting of wayleaves . After preventing the construction of the branch beyond Euston,
3683-466: The 3 months closure following the recent roof collapse . The sale of the building land at North End to conservationists to form the Hampstead Heath extension in 1904, meant a reduction in the number of residents who might use the station there. Work continued below ground at a reduced pace, and the platform tunnels and some passenger circulation tunnels were excavated, but North End station
3810-507: The 35 million that had been predicted during the planning of the line. The Piccadilly Tube achieved 26 million of a predicted 60 million and the Hampstead Tube managed 25 million of a predicted 50 million. For the DR, the UERL had predicted an increase to 100 million passengers after electrification, but achieved 55 million. The lower than expected passenger numbers were partly due to competition between
3937-431: The 50 million that had been predicted during the planning of the line. The UERL's pre-opening predictions of passenger numbers for its other new lines proved to be greatly over-optimistic, as did the improvement in passenger numbers expected on the newly electrified MDR – in each case achieving only around fifty per cent of their targets. The lower than expected passenger numbers were partly due to competition between
Underground Electric Railways Company of London - Misplaced Pages Continue
4064-458: The BS&;WR was quickly restarted. 50 per cent of the tunnelling and 25 per cent of the station work had been completed before work had been stopped, and by February 1904 virtually all of the tunnels and underground parts of the stations between Elephant & Castle and Great Central station (later renamed Marylebone ) were complete and works on the station buildings were under way. Construction of
4191-575: The Bakerloo Tube, Piccadilly Tube and Hampstead Tube. Yerkes also did not live to see the UERL's financial struggle during the first years after the opening of the new lines. Because of greatly over-optimistic pre-opening predictions of passenger numbers, the lines failed to generate the income expected and needed to fund the interest payments on the UERL's substantial borrowings. In the Bakerloo Tube's first twelve months of operation, it carried 20.5 million passengers, less than sixty per cent of
4318-476: The C&;SLR. The new service was opened on 13 September 1926 to coincide with the opening of the extension of the C&SLR to Morden . The Charing Cross to Kennington link had stations at: The C&SLR had been under the control of the UERL since its purchase by the group in 1913. An earlier connection between the CCE&HR and the C&SLR had been opened in 1924 linking the C&SLR's station at Euston with
4445-467: The CCE&HR and the other UERL lines had been over-optimistic. Despite improved integration and cooperation with the other tube railways, and the later extensions, the CCE&HR struggled financially. In 1933 the CCE&HR and the rest of the UERL were taken into public ownership . Today, the CCE&HR's tunnels and stations form the Northern line's Charing Cross branch from Kennington to Camden Town,
4572-479: The CCE&HR at Hampstead but, to avoid the needless duplication of tunnels between Golders Green and Hampstead, the two companies agreed that the E&;HR would instead connect to the CCE&HR at Golders Green. The Metropolitan Borough of Hampstead had initially objected to the line but gave consent on the condition that a station be constructed between Hampstead and Golders Green to provide access for visitors to
4699-484: The CCE&HR's at Camden Town. With the opening of the Kennington extension, the two railways began to operate as an integrated service using the newly built Standard Stock trains. On tube maps the combined lines were shown in a single colour although the separate names continued in use into the 1930s. Despite improvements made to other parts of the network, the Underground railways were still struggling to make
4826-817: The Combine. Only the MR (and its subsidiaries the Great Northern & City Railway and the East London Railway) and the W&;CR (by then fully owned by the London and South Western Railway ) remained outside of the Underground Group's control. Another way in which the UERL tried to improve income was the construction of extensions to its lines to generate additional passenger traffic, often through
4953-583: The Committee allowed the HStP&;CCR bill to proceed for normal parliamentary consideration. The rest of the route was approved and, following a change of the company name, the bill received royal assent on 24 August 1893 as the Charing Cross, Euston and Hampstead Railway Act 1893 ( 56 & 57 Vict. c. ccxiv). Although the company had permission to construct the railway, it still had to raise
5080-471: The DR was struggling to compete with emerging motor bus and electric tram companies and the CLR, which were eroding its passenger traffic. To become more competitive, the DR was contemplating a programme of electrification . However, it needed to be financially strong enough to raise the capital to carry out the work independently. It also had parliamentary approval for a congestion-relieving deep-level line that
5207-610: The DR's tracks was completed in mid-1905, although failure to coordinate installations with the MR meant that the first electric services on the Inner Circle from 1 July 1905 were disrupted for several months due to equipment failures on the MR's trains. Power came from the UERL's own Lots Road Power Station on Chelsea Creek . Originally planned by the B&;PCR, construction of the power station began in 1902 and finished in December 1904. It became operational on 1 February 1905, generating three-phase alternating current at 11,000 volts, which
Underground Electric Railways Company of London - Misplaced Pages Continue
5334-509: The DR's tube route to create the Great Northern, Piccadilly and Brompton Railway (GNP&BR). Yerkes' final purchase was the Baker Street and Waterloo Railway (BS&WR) in March 1902 for £360,000 (£49.4 million today). The BS&WR had permission to construct a line from Paddington to Elephant & Castle and, unlike his other tube railway purchases, construction work had started in 1898. Substantial progress had been made before it
5461-608: The District Railway or DR. By March 1901, the syndicate had acquired a controlling interest in the DR and proposed its electrification. Yerkes established the Metropolitan District Electric Traction Company (MDETC) on 15 July 1901 with himself as managing director. The company raised £1 million (£137 million today) to carry out the electrification works including the construction of the generating station and supplying
5588-653: The Edgware branch from Camden Town to Edgware, and the High Barnet branch from Camden Town to Archway. In November 1891, notice was given of a private bill that would be presented to Parliament for the construction of the Hampstead, St Pancras & Charing Cross Railway (HStP&CCR). The railway was planned to run entirely underground from Heath Street, Hampstead to Strand in Charing Cross. The route
5715-650: The GNP&;BR and the CCE&HR began in July 1902 and proceeded quickly so that the UERL was able to record in its annual report in October 1904 that 80 per cent of the GNP&BR's and 75 per cent of the CCE&HR's tunnels had been completed. Following the pattern adopted by the earlier tube lines, each of the UERL's lines was constructed as a pair of circular tunnels using tunnelling shields with segmental cast iron tunnel linings bolted together and grouted into place as
5842-661: The Hampstead Tube, the Piccadilly Tube and the Bakerloo Tube into a single entity, the London Electric Railway (LER), although the lines retained their own individual branding. The bill received assent on 26 July 1910 as the London Electric Railway Amalgamation Act 1910 ( 10 Edw. 7. & 1 Geo. 5 . c. xxxii). In November 1910, the LER published notice of a bill to revive the unused 1902 permission to continue
5969-411: The Heath. A new station was added to the plans at the northern edge of the Heath at North End where it could also serve a new residential development planned for the area. Once Parliament was satisfied that the extension would not damage the Heath, the CCE&HR bills jointly received royal assent on 18 November 1902 as the Charing Cross, Euston and Hampstead Railway Act 1902 ( 2 Edw. 7 . c. cclvi). On
6096-470: The LGOC's passengers, eroded the profitability of the Combine's bus operations. This had a negative impact on the profitability of the whole group. Stanley lobbied the government for regulation of transport services in the London area. Starting in 1923, a series of legislative initiatives were made in this direction, with Stanley and Labour politician Herbert Morrison , London County Councillor (and later member of parliament and Minister of Transport ) at
6223-515: The MDETC and paid off the company's shareholders with cash and UERL shares. The UERL was set up with an initial capitalisation of £5 million (£686 million today). The company was backed by three merchant banks, Speyer Brothers in London, Speyer & Co. in New York and Old Colony Trust Company in Boston, each of which was to receive £250,000 from the capital raised. Almost 60 per cent of
6350-533: The UERL and the other railways to pay back the capital borrowed and pay dividends to shareholders. In an effort to improve the financial situation, the UERL together with the C&SLR, the CLR and the GN&;CR began, from 1907, to introduce fare agreements. From 1908, they began to present themselves through common branding as the Underground . The W&CR was the only tube railway that did not participate in
6477-534: The UERL house-style. This consisted of two-storey steel-framed buildings faced with red glazed terracotta blocks with wide semi-circular windows on the upper floor. Each station was provided with two or four lifts and an emergency spiral staircase in a separate shaft. While construction proceeded, the CCE&HR continued to submit bills to Parliament. The Charing Cross, Euston and Hampstead Railway Act 1904 ( 4 Edw. 7 . c. cx), which received assent on 22 July 1904, granted permission to buy additional land for
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#17327799970716604-434: The UERL to raise funds to build the tube railways and to electrify the steam-operated MDR. The UERL was capitalised at £5 million with the majority of shares sold to overseas investors. Further share issues followed, which raised a total of £18 million (equivalent to approximately £2.44 billion today) to be used across all of the UERL's projects. While the CCE&HR raised money, it continued to develop
6731-429: The UERL's lines and those of the other tube and sub-surface railway companies, and the further spread of electric trams and motor buses, replacing slower, horse-drawn road transport, that took a large number of passengers away from the trains. The low price of tickets also depressed income. The crisis point for the UERL was the need to redeem the five-year profit-sharing secured notes on 30 June 1908. The UERL did not have
6858-589: The UERL. In 1909, the UERL overcame the objections of previously reluctant American investors, and announced a parliamentary bill for the formal merger of the Bakerloo, Hampstead and Piccadilly Tube lines into a single company, the London Electric Railway Company (LER). This bill received royal assent and was enacted on 26 July 1910 as the London Electric Railway Amalgamation Act 1910 ( 10 Edw. 7. & 1 Geo. 5 . c. xxxii). The DR
6985-455: The United Kingdom, is generally held that an organisation holding a 'controlling stake' in a company (a holding of over 51% of the stock) is in effect the de facto parent company of the firm, having overriding material influence over the held company's operations, even if no formal full takeover has been enacted. Once a full takeover or purchase is enacted, the held company is seen to have ceased to operate as an independent entity but to have become
7112-478: The United States and which was already in use on the City & South London and Central London Railways; they rejected the Ganz system putting the DR and the MDETC into dispute with the MR which wanted to proceed with the Ganz system. After some acrimonious debate between the two companies, some of which was carried out in public through the letters pages of The Times newspaper, the dispute went to arbitration at
7239-555: The W&CR, which was the shortest line and was backed by the London and South Western Railway with a guaranteed dividend , was able to raise its funds without difficulty. For the CCE&HR and the rest, much of the remainder of the decade saw a struggle to find investors in an uninterested market. A share offer in April 1894 had been unsuccessful and in December 1899 only 451 out of the company's 177,600 £10 shares had been part sold to eight investors. Like most legislation of its kind,
7366-457: The act of 1893 imposed a time limit for the compulsory purchase of land and the raising of capital. To keep the powers granted by the act alive, the CCE&HR submitted a series of further bills to Parliament for extensions of time. Extensions were granted by the Charing Cross, Euston and Hampstead Railway Act 1897 ( 60 & 61 Vict. c. xxxix), the Charing Cross, Euston and Hampstead Railway Act 1898 ( 61 & 62 Vict. c. cxiii),
7493-499: The allegedly wrongful activity of their foreign subsidiaries means that the corporate veil is no longer a silver bullet to the heart of a plaintiff's case." The parent subsidiary company relationship is defined by Part 1, Section 5, Subsection 1 of the Companies Act, which states: 5.—(1) For the purposes of this Act, a corporation shall, subject to subsection (3), be deemed to be a subsidiary of another corporation, if — In
7620-465: The arrangement as it was owned by the mainline London and South Western Railway. The UERL's three tube railway companies were still legally separate entities with their own management and shareholder and dividend structures. There was duplicated administration between the three companies and, to streamline the management and reduce expenditure, the UERL announced a bill in November 1909 that would merge
7747-509: The bill were powers to purchase a site in Cranbourn Street for an additional station ( Leicester Square ). It received royal assent as the Charing Cross, Euston and Hampstead Railway Act 1899 ( 62 & 63 Vict. c. cclxiv) on 9 August 1899. On 23 November 1900, the CCE&HR announced its most wide-ranging modifications to the route. Two bills were submitted to Parliament, referred to as No. 1 and No. 2. Bill No. 1 proposed
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#17327799970717874-484: The city council and Illinois state legislature into granting him a 100-year franchise for the tramway system. Following a public backlash, he sold his Chicago investments and turned his attention to opportunities in London. Yerkes' first acquisition in London was the Charing Cross, Euston and Hampstead Railway (CCE&HR). The company had parliamentary permission to build a deep-level tube railway from Charing Cross to Hampstead and Highgate . Still, it could not raise
8001-542: The combined CCE&HR and C&SLR routes proved a challenge for the LPTB and a number of variations were used including Edgware, Morden & Highgate Line in 1933 and Morden-Edgware Line in 1936. In 1937, Northern line was adopted in preparation for the uncompleted Northern Heights plan . Today, the Northern line is the busiest on the London Underground system, carrying 206.7 million passengers annually,
8128-472: The continuation of the railway north from Hampstead to Golders Green , the purchase of land and properties for stations and the construction of a depot at Golders Green. Also proposed were minor adjustments to route alignments previously approved. Bill No. 2 proposed two extensions: from Kentish Town to Brecknock Road, Archway Tavern , Archway Road and Highgate in the north and from Charing Cross to Parliament Square , Artillery Row and Victoria station in
8255-429: The debt, the UERL's general manager, Albert Stanley , appointed by Gibb in 1907, began to increase the UERL's income by improving management structures. With commercial manager Frank Pick , Stanley instigated a plan to increase passenger numbers; developing the "Underground" brand and establishing a joint booking system and coordinated fares throughout all of London's underground railways, including those not controlled by
8382-489: The development of Chicago's tramway system in the 1880s and 1890s, saw the opportunity to make similar investments in London. Starting with the purchase of the CCE&HR in September 1900 for £100,000, he and his backers purchased a number of the unbuilt tube railways, and the operational but struggling Metropolitan District Railway (MDR). With the CCE&HR and the other companies under his control, Yerkes established
8509-520: The electrification of the MDR; the proposed Chalk Farm generating station was not built. The final section of the approved route between Charing Cross and the Embankment was not constructed, and the southern terminus on opening was Charing Cross. After a period of test running, the railway was ready to open in 1907. The CCE&HR was the last of the UERL's three tube railways to open and was advertised as
8636-489: The extension opened on 18 August 1924 with stations at: On 21 November 1922, the LER announced a bill for the 1923 parliamentary session. It included the proposal to extend the line from its southern terminus to the C&SLR's station at Kennington where an interchange would be provided. The bill received royal assent as the London Electric Railway Act 1923 on 2 August 1923. The work involved
8763-626: The finances, selling only a tiny fraction of the shares. Robert Perks , a solicitor for several railway companies and Member of Parliament for Louth , had suggested the CCE&HR to Yerkes and the American's consortium bought the company for £100,000 (approximately £13.7 million today) on 28 September 1900. Perks was also a large shareholder in Yerkes' next target, the Metropolitan District Railway , usually known as
8890-561: The first sod to begin the works at Golders Green on 12 June 1922. The extension crossed farmland, meaning it could be constructed on the surface more easily and cheaply than a deep tube line below the surface. A viaduct was constructed across the Brent valley and a short section of tunnel was required at The Hyde , Hendon . Stations were designed in a suburban pavilion style by the UERL's architect Stanley Heaps . The first section opened on 19 November 1923 with stations at: The remainder of
9017-449: The forefront of debates as to the level of regulation and public control under which transport services should be brought. Stanley aimed for regulation that would give the UERL group protection from competition and allow it to take substantive control of the LCC's tram system ; Morrison preferred full public ownership. After seven years of false starts, a bill was announced at the end of 1930 for
9144-412: The formation of the London Passenger Transport Board (LPTB), a public corporation that would take control of the UERL, the Metropolitan Railway and all bus and tram operators within an area designated as the London Passenger Transport Area . As Stanley had done with shareholders in 1910 over the consolidation of the three UERL controlled tube lines, he used his persuasiveness to obtain their agreements to
9271-461: The government buy-out of their stock. The Board was a compromise – public ownership but not full nationalisation – and came into existence on 1 July 1933, with Stanley as chairman and Pick as Chief Executive. Holding company A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose
9398-419: The heath will, of course, act as a drain; and it is quite likely that the grass and gorse and trees on the Heath will suffer from the loss of moisture ... Moreover, it seems to be established beyond question that the trains passing along these deep-laid tubes shake the earth to its surface, and the constant jar and quiver will probably have a serious effect upon the trees by loosening their roots." In fact,
9525-408: The independent and municipally operated railway, bus, and tram services in the London area. The first deep-level tube railway, the City and South London Railway (C&SLR), opened in 1890. Its early success resulted in a rush of proposals to Parliament for other deep-level routes under the capital, but by 1901 only two more lines had opened: the Waterloo & City Railway (W&CR) in 1898 and
9652-522: The initial share offering was bought in the United States, with a third sold in Britain and the rest mainly in the Netherlands. Further capital was soon needed for the construction works and additional share and bond issues followed. The UERL eventually raised a total of £18 million (£2.44 billion today). Like many of Yerkes' schemes in the United States, the structure of the UERL's finances
9779-436: The level of regulation and public control under which transport services should be brought. Ashfield aimed for regulation that would give the UERL group protection from competition and allow it to take substantive control of the LCC's tram system; Morrison preferred full public ownership. After seven years of false starts, a bill was announced at the end of 1930 for the formation of the London Passenger Transport Board (LPTB),
9906-530: The line from Charing Cross to Embankment. The extension was planned as a single tunnel, running in a loop under the Thames, connecting the ends of the two existing tunnels. Trains were to run in one direction around the loop stopping at a single-platform station constructed to provide an interchange with the BS&WR and MDR at Embankment station. The bill received assent as the London Electric Railway Act 1911 ( 1 & 2 Geo. 5 . c. xxix) on 2 June 1911. The loop
10033-532: The line of the route. This was a safeguard against fraudulent claims for compensation from property owners alleging that cracks or subsidence were caused by the tunnelling. The photographs later became a useful resource for local historians and researchers. Those taken in the boroughs of Hampstead and St. Pancras were donated by London Transport to the respective boroughs' public libraries in 1961. Tunnelling began in September 1903. Stations were provided with surface buildings designed by architect Leslie Green in
10160-433: The main alignment under Drummond Street to serve the main line stations at Euston , St Pancras and King's Cross . Stations were planned at Hampstead, Belsize Park , Chalk Farm , Camden Town , Seymour Street (now part of Eversholt Street), Euston Road, Tottenham Court Road, Oxford Street, Agar Street, Euston and King's Cross. Although a decision had not been made between the use of cable haulage or electric traction as
10287-631: The means of pulling the trains, a power station was planned on Chalk Farm Road close to the London and North Western Railway 's Chalk Farm station (later renamed Primrose Hill) which had a coal depot for deliveries. The promoters of the HStP&CCR were inspired by the recent success of the City and South London Railway (C&SLR), the world's first deep-tube railway. This had opened in November 1890 and had seen large passenger numbers in its first year of operation. Bills for three similarly inspired new underground railways were also submitted to Parliament for
10414-499: The money. Speyer unsuccessfully tried to persuade the London County Council (LCC) to inject £5 million into the UERL and used some of his own bank's money to pay-off disgruntled shareholders threatening bankruptcy proceedings. Eventually, Speyer and Gibb managed to obtain agreement from the shareholders to convert the notes into long-term debt to be repaid in 1933 and 1948. As Speyer and Gibb worked to restructure
10541-415: The new electric rolling stock. In September 1901, Perks became the DR's chairman. The Brompton and Piccadilly Circus Railway (B&PCR) was a tube railway company that had been purchased by the DR in 1898 but had remained a separate financial entity. It had permission to construct a line from South Kensington to Piccadilly Circus . Still, it had yet to raise the capital to do so. At South Kensington, it
10668-571: The number of holding companies declined from 216 to 18. An energy law passed in 2005 removed the 1935 requirements, and has led to mergers and holding company formation among power marketing and power brokering companies. In US broadcasting , many major media conglomerates have purchased smaller broadcasters outright, but have not changed the broadcast licenses to reflect this, resulting in stations that are (for example) still licensed to Jacor and Citicasters , effectively making them such as subsidiary companies of their owner iHeartMedia . This
10795-492: The outside platform and announced station names as trains arrived. The design became known on the Underground as the 1906 stock or Gate stock . Despite the UERL's success in financing and constructing the Hampstead Railway in only seven years, its opening was not the financial success that had been expected. In the Hampstead Tube's first twelve months of operation it carried 25 million passengers, just half of
10922-430: The plans for its route. On 24 November 1894, a bill was announced to purchase additional land for stations at Charing Cross, Oxford Street, Euston and Camden Town. This was approved as the Charing Cross, Euston and Hampstead Railway Act 1894 ( 57 & 58 Vict. c. lxxxvi) on 20 July 1895. On 23 November 1897, a bill was announced to change the route of the line at its southern end to terminate under Craven Street on
11049-443: The presence or absence of a train on the track ahead. Signals incorporated an arm that was raised when the signal was red. If a train failed to stop at a red signal, the arm would activate a " tripcock " on the train; applying the brakes automatically. Apart from the electrification of the DR, Yerkes did not live to see the completion of the fast-paced construction works that he set in motion; he died in New York on 29 December 1905 and
11176-405: The proposed north-eastern extension from Archway Tavern to Highgate and the southern extension from Charing Cross to Victoria were deemed to not comply with parliamentary standing orders and were struck-out. A controversial element of the CCE&HR's plans was the extension of the railway to Golders Green. The route of the tube tunnels took the line under Hampstead Heath and strong opposition
11303-405: The railway was prevented. Yearly extensions to the earlier E&HR acts were granted under special wartime powers each year from 1916 until 1922, giving a final date by which compulsory purchases had to be made of 7 August 1924. Although the permissions had been maintained, the UERL could not raise the money needed for the works. Construction costs had increased considerably during the war years and
11430-420: The railway's tracks. It was intended that the CCE&HR would provide and operate the trains and this was formalised by the London Electric Railway Act 1912 ( 2 & 3 Geo. 5 . c. lxxviii), which approved the LER's take over of the E&HR. No immediate effort was made to start the works and they were postponed indefinitely when World War I started. With wartime restrictions in place, construction work for
11557-408: The rebuilding of the below ground parts of the CCE&HR's former terminus station to enable through running and the loop tunnel was abandoned. Tunnels were extended under the Thames to Waterloo station and then to Kennington where two additional platforms were constructed to provide the interchange to the C&SLR. Immediately south of Kennington station, the CCE&HR tunnels connected to those of
11684-650: The rest of the group. Through the UERL's shareholding in the London and Suburban Traction Company (LSTC), which it owned jointly with British Electric Traction , the UERL took control in 1913 of the London United Tramways , the Metropolitan Electric Tramways and the South Metropolitan Electric Tramways . The UERL also took control of bus builder AEC . The much enlarged group became known as
11811-614: The returns produced by the company could not cover the cost of repaying loans. The project was made possible when the government introduced the Trade Facilities Act 1921 ( 11 & 12 Geo. 5 . c. 65) by which the Treasury underwrote loans for public works as a means of alleviating unemployment. With this support, the UERL raised the funds and work began on extending the Hampstead tube to Edgware. The UERL group's Managing Director/Chairman, Lord Ashfield , ceremonially cut
11938-426: The same date, the E&HR bill received its assent as the Edgware and Hampstead Railway Act 1902 ( 2 Edw. 7 . c. cclvii). With the funds available from the UERL and the route decided, the CCE&HR started site demolitions and preparatory works in July 1902. On 21 November 1902, the CCE&HR published another bill which sought compulsory purchase powers for additional buildings for its station sites, planned
12065-451: The same time as a large number of other bills for underground railways in the capital. As it had done in 1892, Parliament established a joint committee under Lord Windsor to review the bills. By the time the committee had produced its report, the parliamentary session was almost over and the promoters of the bills were asked to resubmit them for the following 1902 session. Bills No. 1 and No. 2 were resubmitted in November 1901 together with
12192-488: The shield advanced. Generally the tunnels followed surface roads and were constructed side by side, but where the width of the road above was insufficient, tunnels were placed one above the other. Stations on all three lines were provided with surface buildings designed by the UERL's architect Leslie Green in a standardised style modified for each site. These consisted of two-storey steel-framed buildings faced with red glazed terracotta blocks with wide semi-circular windows on
12319-480: The south side of Strand. This was enacted as the Charing Cross, Euston and Hampstead Railway Act 1898 on 25 July 1898. On 22 November 1898, the CCE&HR published another bill to add an extension and to modify part of the route. The extension was a branch from Camden Town to Kentish Town where a new terminus was planned as an interchange with the Midland Railway 's Kentish Town station . Beyond
12446-446: The south. The extension to Golders Green would take the railway out of the urban and suburban areas and into open farmland. While this provided a convenient site for the CCE&HR's depot it is believed that underlying the decision was Yerkes' plan to profit from the sale of development land previously purchased in the area that would rise in value when the railway opened. The CCE&HR's two bills were submitted to Parliament at
12573-503: The station at Tottenham Court Road, for a new station at Mornington Crescent and for changes at Charing Cross. The Charing Cross, Euston and Hampstead Railway Act 1905 ( 5 Edw. 7 . c. clxvii) received assent on 4 August 1905. It dealt mainly with the acquisition of the subsoil under part of the forecourt of the South Eastern Railway's Charing Cross station so that the CCE&HR's station could be excavated during
12700-432: The stimulation of new housing developments in the areas through which the lines ran. The DR was extended to Uxbridge in 1910, by a connection made to the MR. In 1913, the Bakerloo Tube was extended to Paddington and to Queen's Park and Watford Junction four years later. The Hampstead tube was extended a short distance at its southern end to provide an interchange with the Bakerloo and the DR at Embankment in 1914. It
12827-540: The stock of Company B, Company A will not pay taxes on dividends paid by Company B to its stockholders, as the payment of dividends from B to A is essentially transferring cash within a single enterprise. Any other shareholders of Company B will pay the usual taxes on dividends, as they are legitimate and ordinary dividends to these shareholders. Sometimes, a company intended to be a pure holding company identifies itself as such by adding "Holding" or "Holdings" to its name. The parent company–subsidiary company relationship
12954-440: The take-over of the E&HR and abandoned the permitted but redundant section of the line from Kentish Town to the proposed depot site near Highgate Road. This bill was approved as the Charing Cross, Euston and Hampstead Railway Act 1903 ( 3 Edw. 7 . c. ci) on 21 July 1903. Before tunnelling began, the CCE&HR commissioned Ernest Milner, an architectural photographer, to create a photographic record of every building on
13081-511: The term parent holding company . Holding companies can be subsidiaries in a tiered structure . Holding companies are also created to hold assets such as intellectual property or trade secrets , that are protected from the operating company. That creates a smaller risk when it comes to litigation . In the United States, 80% of stock, in voting and value, must be owned before tax consolidation benefits such as tax-free dividends can be claimed. That is, if Company A owns 80% or more of
13208-526: The terminus, the CCE&HR line was to come to the surface for a depot on vacant land to the east of Highgate Road (occupied today by the Ingestre Road Estate). The modification changed the Euston branch by extending it northwards from Euston to connect to the main route at the south end of Camden High Street. The section of the main route between the two ends of the loop was omitted. Included in
13335-444: The tube and sub-surface railway companies, but the introduction of electric trams and motor buses, replacing slower, horse-drawn road transport, took a large number of passengers away from the trains. The problem was not limited to the UERL; all of London's seven tube lines and the sub-surface MDR and Metropolitan Railway were affected to a degree and the reduced revenues generated from the lower numbers of passengers made it difficult for
13462-463: The tunnels were to be excavated at a depth of more than 200 feet (61 m) below the surface, the deepest of any on the London Underground. In his presentation to the joint committee, the CCE&HR's counsel disparagingly refuted the objections: "Just see what an absurd thing! Disturbance of the water when we are 240 feet down in the London clay – about the most impervious thing you can possibly find; almost more impervious than granite rock! And
13589-514: The upper floor. The stations had flat roofs and were designed to accommodate upward extension for commercial development. Most stations were provided with between two and four lifts and an emergency spiral staircase in a separate shaft. At platform level, the wall tiling featured the station name and an individual geometric pattern and colour scheme designed by Green. The UERL used a Westinghouse automatic signalling system operated through electrified track circuits . This controlled signals based on
13716-436: The vibration on this railway is to shake down timber trees! Could anything be more ludicrous than to waste the time of the Committee in discussing such things presented by such a body!" A second railway company, the Edgware and Hampstead Railway (E&HR), also had a bill before Parliament which proposed tunnels beneath the Heath as part of its planned route between Edgware and Hampstead. The E&HR had planned to connect to
13843-399: The whole UERL group. In an effort to protect the UERL group's income Lord Ashfield lobbied the government for regulation of transport services in the London area. Starting in 1923, a series of legislative initiatives were made in this direction, with Ashfield and Labour London County Councillor (later MP and Minister of Transport ) Herbert Morrison , at the forefront of debates as to
13970-436: Was abandoned in 1906 before the lift and stair shafts were dug and before a surface building was constructed. Tunnelling was completed in December 1905, after which work continued on the construction of the station buildings and the fitting-out of the tunnels with tracks and signalling equipment. As part of the UERL group, the CCE&HR obtained its electricity from the company's Lots Road Power Station , originally built for
14097-523: Was also the parent company from 1902 of the District Railway , which it electrified between 1903 and 1905. The UERL is a precursor of today's London Underground ; its three tube lines form the central sections of today's Bakerloo , Northern and Piccadilly lines. The UERL struggled financially in the first years after the opening of its lines and narrowly avoided bankruptcy in 1908 by restructuring its debt. A policy of expansion by acquisition
14224-491: Was cheaper than alternatives using power rails and required fewer electrical sub-stations. An experimental line had been constructed by Ganz in Budapest , although the system had not yet been adopted for the full-scale operation of a railway. Before the appointment of Ganz could be finalised, Yerkes took control of the DR. He and his engineers preferred the low voltage direct current conductor rail system they had worked with in
14351-406: Was constructed from a large excavation north-west of the MDR station and was connected to the sub-surface line with escalators. The station opened on 6 April 1914 as: In the decade after the E&HR received royal assent for its route from Edgware to Hampstead, the company continued to search for finance and revised its plans in conjunction both with the CCE&HR and a third railway company,
14478-429: Was converted to 550 volts direct current at track-side transformers located around the network. The power station was constructed large enough to power all of the UERL's lines once they opened plus others later. By the time the last of the DR's steam trains were retired on 5 November 1905, the UERL had spent £1.7 million (£231 million today) on the electrification of the line. With funds in place, construction of
14605-476: Was extended at its northern end from Golders Green into the Middlesex countryside to reach Edgware in 1924. In 1926, the Hampstead tube was extended south to connect to the C&SLR at Kennington in conjunction with a reconstruction of the C&SLR and its 1926 extension from Clapham Common to Morden . The CLR was extended to Ealing Broadway in 1920. Permission for an extension of the line to Richmond
14732-420: Was followed before World War I, so the company operated most of the underground railway lines in and around London. It also controlled large bus and tram fleets, the profits from which subsidised the financially weaker railways. After the war, railway extensions took the UERL's services out into suburban areas to stimulate additional passenger numbers so that, by the early 1930s, the company's lines stretched beyond
14859-523: Was gradually introduced on a number of lines with automatic sliding doors along the length of the carriages instead of manual end gates, reducing boarding times. By the middle of the 1920s, the organisation had expanded to such an extent that a large, new headquarters building designed by Charles Holden was constructed at 55 Broadway over St James's Park station . Starting in the early 1920s, competition from numerous small bus companies, nicknamed "pirates" because they operated irregular routes and plundered
14986-447: Was highly complex and involved the use of novel financial instruments. One method, used by Yerkes to raise £7 million, was "profit-sharing secured notes", a form of bond which was secured against the value of shares. They were sold at a 4 per cent discount, paid 5 per cent interest and were due for repayment in 1908. The assumption was that shares would inevitably rise in value once the UERL's tube railways were operational and producing
15113-482: Was not merged with the tube lines and remained a separate company. As managing director of the UERL from 1910, Stanley led further transport consolidation with the UERL's take-over of London General Omnibus Company (LGOC) in 1912 and the CLR and the C&SLR on 1 January 1913. The LGOC was the dominant bus operator in the capital and its high profitability (it paid dividends of 18 per cent compared with Underground Group companies' dividends of 1 to 3 per cent) subsidised
15240-460: Was obtained in 1913 and again in 1920, but was not used. Later, during 1932 and 1933, the Piccadilly Tube was extended at both ends: in the north from Finsbury Park to Cockfosters , and in the west from Hammersmith to Hounslow and Uxbridge using the DR's tracks. In addition, a programme of modernising many of the Underground's busiest central London stations was started; providing them with escalators to replace lifts. New and refurbished rolling stock
15367-574: Was provided by a fleet of carriages manufactured for the UERL by the American Car and Foundry Company and assembled at Trafford Park in Manchester . These carriages were built to the same design used for the BS&WR and the GNP&BR and operated as electric multiple unit trains without the need for separate locomotives. Passengers boarded the trains via folding lattice gates at each end of cars which were operated by Gate-men who rode on
15494-399: Was raised, concerned about the effect that the tunnels would have on the ecology of the Heath. The Hampstead Heath Protection Society claimed that the tunnels would drain the sub-soil of water and the vibration of passing trains would damage trees. Taking its lead from the society's objections, The Times published an alarmist article on 25 December 1900 claiming that "a great tube laid under
15621-548: Was replaced as UERL chairman by Edgar Speyer . Speyer was chairman of the UERL's backer Speyer Brothers and a partner in Speyer & Co. Sir George Gibb , general manager of the North Eastern Railway , was appointed managing director. The BS&WR opened to passengers on 10 March 1906. The GNP&BR followed on 15 December 1906, with the CCE&HR on 22 June 1907. The three tube lines quickly came to be known as
15748-408: Was stopped following the collapse of the BS&WR's parent company, the London & Globe Finance Corporation, due to the fraud of its managing director Whitaker Wright in 1900. With a varied collection of companies under his control, Yerkes established the UERL in April 1902 to take control of them all and manage the planned works and took the position of chairman. On 8 June 1902, the UERL took over
15875-483: Was to connect to the deep-level line planned by the DR. On 12 September 1901, the DR-controlled board of the B&PCR sold the company to the MDETC. In the same month, the B&PCR took over the Great Northern and Strand Railway (GN&SR), a tube railway with permission to build a line from Strand to Finsbury Park . The routes of the B&PCR and GN&SR were subsequently linked and combined with part of
16002-414: Was to run beneath Hampstead High Street , Rosslyn Hill , Haverstock Hill and Chalk Farm Road to Camden Town and then under Camden High Street and Hampstead Road to Euston Road . The route then continued south, following Tottenham Court Road , Charing Cross Road and King William Street (now William IV Street) to Agar Street adjacent to Strand. North of Euston Road, a branch was to run eastwards from
16129-474: Was to run beneath its existing route between Gloucester Road and Mansion House . By 1898, American financier Charles Tyson Yerkes had made a large fortune developing the electric tramway and elevated railway systems in Chicago, but his questionable business methods, which included bribery and blackmail, had finally drawn the disapproving attention of the public. Yerkes had unsuccessfully attempted to bribe
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