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Charles Tyson Yerkes (25 June 1837 – 29 December 1905) was an American financier. He played a major part in developing mass-transit systems in Chicago and London. Yerkes was born in the Northern Liberties, a district of Philadelphia, the son of a banker. At 17 he became a clerk in a grain brokerage and at 22 set up his own firm and joined the Philadelphia stock exchange. By 1865 he had moved into banking and specialized in selling municipal, state, and government bonds. A large speculative trade with Philadelphia public money ended disastrously, and he was left insolvent and narrowly avoided being jailed. Having moved to Chicago in 1881, Yerkes became involved in public transportation when his consortium began taking over street railway companies. His aim was to achieve a monopoly of public transport in the city and he used bribery and blackmail in order to further his ambition. Following an unsuccessful attempt to bribe the city council and state legislature into granting him a 100-year franchise for the tramway system, Yerkes sold his transport stocks in 1899 and moved to New York.

In September 1900, he became involved in underground railways in London, buying the unbuilt Charing Cross, Euston and Hampstead Railway. In 1902, he established the Underground Electric Railways Company of London (UERL) which bought a number tube railway companies which had not been able to find finance. Money was quickly raised using complex financial instruments and the UERL built and opened four tube lines by 1907. Yerkes died in December 1905 shortly before the first of these, the Baker Street and Waterloo Railway, opened in March 1906. Through subsequent acquisition and expansion, the UERL became the core of the London Underground and London's main bus operator.

In addition to his railway's in London and Chicago, Yerkes is remembered through the Yerkes Observatory in Wisconsin and the Yerkes crater on the Moon. (Full article...)