Charles Tyson Yerkes Jr. (/ˈjɜːrkiːz/YUR-keez; June 25, 1837 – December 29, 1905) was an American financier. He played a part in developing mass-transit systems in Chicago and London.
Yerkes was born into a Quaker family[1] in the Northern Liberties, a district adjacent to Philadelphia, on June 25, 1837.[2] His mother Elizabeth Link Yerkes died of puerperal fever when he was five years old and shortly thereafter his father Charles Tyson Yerkes Sr. was expelled from the Society of Friends for marrying a non-Quaker. After finishing a two-year course at Philadelphia's Central High School, Yerkes began his business career at the age of 17 as a clerk in a local grain brokerage. In 1859, aged 22, he opened his own brokerage firm and joined the Philadelphia stock exchange.
By 1865 he had moved into banking and specialized in selling municipal, state, and government bonds. Relying on his bank president father's connections, his political contacts, and his own acumen, Yerkes gained a name for himself in the local financial and social world. However, while serving as a financial agent for the City of Philadelphia's treasurer, Joseph Marcer, Yerkes risked public money in a large-scale stock speculation. This speculation ended calamitously when the Great Chicago Fire sparked a financial panic. Left insolvent and unable to make payment to the City of Philadelphia, Yerkes was convicted of larceny and sentenced to thirty-three months in Eastern State Penitentiary.
In an attempt to remain out of prison, he attempted to blackmail two influential Pennsylvania politicians. The blackmail plan initially failed; however the damaging information on these politicians was eventually made public and political leaders including then-President Ulysses S. Grant feared that the revelations might harm their prospects in the upcoming elections. Yerkes was promised a pardon if he would deny the accusations he had made. He agreed to these terms and was released after serving seven months in prison.[3]
Caricature from 1899 showing Chicago mayor Carter Harrison, Jr. fighting against the "Allen bill", signed by Governor John Riley Tanner that gave control of Chicago's intra-city transportation system to Yerkes
In 1881 Yerkes traveled to Fargo in the Dakota Territory in order to obtain a divorce from his wife. Later that year, he remarried and moved to Chicago. There, he opened a stock and grain brokerage but soon became involved with planning the city's public transportation system. In 1886, Yerkes and his business partners used a complex financial deal to take over the North Chicago Street Railway and then proceeded to follow this with a string of further take-overs until he controlled a majority of Chicago's street railway systems on the north and west sides. Yerkes was not averse to using bribery and blackmail to obtain his ends.[3]
In an effort to improve his public image, Yerkes decided in 1892 to bankroll the world's largest telescope after being lobbied by the astronomerGeorge Ellery Hale and University of Chicago president William Rainey Harper. He had initially intended to finance only a telescope but eventually agreed to foot the bill for an entire observatory. He contributed nearly $300,000 to the University of Chicago to establish what would become known as the Yerkes Observatory, located in Williams Bay, Wisconsin.
In 1895, Yerkes purchased the Republican partisan newspaper, the Chicago Inter Ocean, using the publication to support his political agenda.[4]
Yerkes embarked upon a campaign for longer streetcar franchises in 1895, however Illinois governor John Peter Altgeld vetoed the franchise bills. Yerkes renewed the campaign in 1897, and, after a hard-fought battle, secured from the Illinois Legislature a bill granting city councils the right to approve extended franchises. The so-called franchise war then shifted to the Chicago City Council — an arena in which Yerkes ordinarily thrived. A partially reformed council under Mayor Carter Harrison, Jr., however, ultimately defeated Yerkes, with the swing votes coming from aldermen "Hinky Dink" Kenna and "Bathhouse" John Coughlin.
In 1899, Yerkes sold the majority of his Chicago transport stocks and moved to New York.[1]
While living in Chicago, Yerkes became an art collector, relying on Sarah Tyson Hallowell (1846–1924) to advise him on his purchases. After the Chicago World's Fair in 1893, she tried to interest him in the works of Auguste Rodin, which were part of the loan exhibitor of French art. Because the subject matter was controversial, Yerkes initially turned the works down, but he soon changed his mind and acquired two Rodin marbles, Cupid and Psyche, and Orpheus, for his Chicago mansion, the first two of Rodin's works known to have been sold to an American collector. Yerkes' art collection also included works by the French academic painters, such as Pygmalion and Galatea by Jean-Léon Gérôme and works by William-Adolphe Bouguereau and members of the Barbizon School. In 1904 he published a two volume catalog of his collection, which by that time was in New York:
Catalogue of paintings and sculpture in the collection of Charles T. Yerkes, esq., New York, 1904
Yerkes and his second wife Mary were painted by his favorite artist Jan van Beers (National Portrait Gallery, Washington, D.C.). His wife, the daughter of Thomas Moore of Philadelphia, was also painted in 1892 by the Swiss-born American artist Adolfo Müller-Ury (1862–1947). In 1893 Müller-Ury painted from miniatures portraits of Yerkes's Quaker grandparents, Mr and Mrs Silas Yerkes. A year after Yerkes's death, his widow married playwright and raconteur Wilson Mizner.
"Charles T. Yerkes Dead". The Baltimore Sun. New York. December 30, 1905. p. 2. Retrieved December 9, 2021 – via Newspapers.com.
"Conquistador of Metroland". The Economist. The Economist Newspaper Limited. December 20, 2014. Retrieved January 7, 2016.
Franch, John (2008). Robber Baron: The Life of Charles Tyson Yerkes. University of Illinois Press. ISBN978-0252075179. OCLC 62679786.
Hall, Henry, ed. (1896). America's Successful Men of Affairs: An Encyclopedia of Contemporaneous Biography. Vol. II. The New York Tribune Company. pp. 901–904. Retrieved December 9, 2021 – via Internet Archive.
Harlan, Homer Charles (1975). Charles Tyson Yerkes and the Chicago Transportation System. University of Chicago, Department of History. OCLC 31237397.
Sherwood, Tim (2009). Charles Tyson Yerkes: Railway Tycoon. The History Press. ISBN978-0752446226. OCLC 191810493.
External links
Wikimedia Commons has media related to Charles Yerkes.
Chicago "L".org
Detailed history of Charles Yerkes' involvement in the Chicago elevated railways and street car system
Photograph of Charles Yerkes
Wall Street Journal Review
London Transport Museum Photographic Archive
Charles Yerkes, 1900
Business positions
Preceded by
New Position
Chairman, Underground Electric Railways Company of London 1902-1905
charles, yerkes, charles, tyson, yerkes, ɜːr, keez, june, 1837, december, 1905, american, financier, played, part, developing, mass, transit, systems, chicago, london, borncharles, tyson, yerkes, 1837, june, 1837northern, liberties, pennsylvania, dieddecember,. Charles Tyson Yerkes Jr ˈ j ɜːr k iː z YUR keez June 25 1837 December 29 1905 was an American financier He played a part in developing mass transit systems in Chicago and London Charles YerkesBornCharles Tyson Yerkes 1837 06 25 June 25 1837Northern Liberties Pennsylvania U S DiedDecember 29 1905 1905 12 29 aged 68 New York City New York U S Occupation s Entrepreneur and investorKnown forUrban transit financeSpouse s Susanna Guttridge Yerkes Mary Adelaide Moore YerkesParent s Charles Tyson Yerkes Sr and Elizabeth Link YerkesSignature Contents 1 Philadelphia 2 Chicago 3 Art collection 4 London 5 Death and legacy 6 References 6 1 Sources 7 External linksPhiladelphia EditYerkes was born into a Quaker family 1 in the Northern Liberties a district adjacent to Philadelphia on June 25 1837 2 His mother Elizabeth Link Yerkes died of puerperal fever when he was five years old and shortly thereafter his father Charles Tyson Yerkes Sr was expelled from the Society of Friends for marrying a non Quaker After finishing a two year course at Philadelphia s Central High School Yerkes began his business career at the age of 17 as a clerk in a local grain brokerage In 1859 aged 22 he opened his own brokerage firm and joined the Philadelphia stock exchange By 1865 he had moved into banking and specialized in selling municipal state and government bonds Relying on his bank president father s connections his political contacts and his own acumen Yerkes gained a name for himself in the local financial and social world However while serving as a financial agent for the City of Philadelphia s treasurer Joseph Marcer Yerkes risked public money in a large scale stock speculation This speculation ended calamitously when the Great Chicago Fire sparked a financial panic Left insolvent and unable to make payment to the City of Philadelphia Yerkes was convicted of larceny and sentenced to thirty three months in Eastern State Penitentiary In an attempt to remain out of prison he attempted to blackmail two influential Pennsylvania politicians The blackmail plan initially failed however the damaging information on these politicians was eventually made public and political leaders including then President Ulysses S Grant feared that the revelations might harm their prospects in the upcoming elections Yerkes was promised a pardon if he would deny the accusations he had made He agreed to these terms and was released after serving seven months in prison 3 Chicago EditSee also Chicago Traction Wars Caricature from 1899 showing Chicago mayor Carter Harrison Jr fighting against the Allen bill signed by Governor John Riley Tanner that gave control of Chicago s intra city transportation system to Yerkes In 1881 Yerkes traveled to Fargo in the Dakota Territory in order to obtain a divorce from his wife Later that year he remarried and moved to Chicago There he opened a stock and grain brokerage but soon became involved with planning the city s public transportation system In 1886 Yerkes and his business partners used a complex financial deal to take over the North Chicago Street Railway and then proceeded to follow this with a string of further take overs until he controlled a majority of Chicago s street railway systems on the north and west sides Yerkes was not averse to using bribery and blackmail to obtain his ends 3 In an effort to improve his public image Yerkes decided in 1892 to bankroll the world s largest telescope after being lobbied by the astronomer George Ellery Hale and University of Chicago president William Rainey Harper He had initially intended to finance only a telescope but eventually agreed to foot the bill for an entire observatory He contributed nearly 300 000 to the University of Chicago to establish what would become known as the Yerkes Observatory located in Williams Bay Wisconsin In 1895 Yerkes purchased the Republican partisan newspaper the Chicago Inter Ocean using the publication to support his political agenda 4 Yerkes embarked upon a campaign for longer streetcar franchises in 1895 however Illinois governor John Peter Altgeld vetoed the franchise bills Yerkes renewed the campaign in 1897 and after a hard fought battle secured from the Illinois Legislature a bill granting city councils the right to approve extended franchises The so called franchise war then shifted to the Chicago City Council an arena in which Yerkes ordinarily thrived A partially reformed council under Mayor Carter Harrison Jr however ultimately defeated Yerkes with the swing votes coming from aldermen Hinky Dink Kenna and Bathhouse John Coughlin In 1899 Yerkes sold the majority of his Chicago transport stocks and moved to New York 1 Art collection Edit Bouguereau s 1892 painting Invading Cupid s Realm purchased after the Columbian Exposition of 1893 5 6 While living in Chicago Yerkes became an art collector relying on Sarah Tyson Hallowell 1846 1924 to advise him on his purchases After the Chicago World s Fair in 1893 she tried to interest him in the works of Auguste Rodin which were part of the loan exhibitor of French art Because the subject matter was controversial Yerkes initially turned the works down but he soon changed his mind and acquired two Rodin marbles Cupid and Psyche and Orpheus for his Chicago mansion the first two of Rodin s works known to have been sold to an American collector Yerkes art collection also included works by the French academic painters such as Pygmalion and Galatea by Jean Leon Gerome and works by William Adolphe Bouguereau and members of the Barbizon School In 1904 he published a two volume catalog of his collection which by that time was in New York Catalogue of paintings and sculpture in the collection of Charles T Yerkes esq New York 1904London EditIn August 1900 Yerkes became involved in the development of the London underground railway system after riding along the route of one proposed line and surveying the city of London from the summit of Hampstead Heath He established the Underground Electric Railways Company of London to take control of the District Railway and the partly built Baker Street and Waterloo Railway Charing Cross Euston and Hampstead Railway and Great Northern Piccadilly and Brompton Railway 1 Yerkes employed complex financial arrangements similar to those that he had used in America to raise the funds necessary to construct the new lines and electrify the District Railway today known as the District line In one of his last great triumphs Yerkes managed to thwart an attempt by J P Morgan to enter the London underground railway field 1 Yerkes did not live to see his London tube lines in operation The now Bakerloo and Piccadilly lines opened in 1906 a few months after his death and the Charing Cross line today part of the Northern line the following summer Death and legacy Edit Charles Tyson Yerkes by Jan van Beers c 1893 Yerkes died at the Waldorf Astoria Hotel in New York on December 29 1905 of kidney disease 7 The events of Yerkes s life served as a blueprint for the Theodore Dreiser novels The Financier The Titan and The Stoic 3 in which Yerkes was fictionalized as Frank Cowperwood The crater Yerkes on the Moon is named in his honor Yerkes and his second wife Mary were painted by his favorite artist Jan van Beers National Portrait Gallery Washington D C His wife the daughter of Thomas Moore of Philadelphia was also painted in 1892 by the Swiss born American artist Adolfo Muller Ury 1862 1947 In 1893 Muller Ury painted from miniatures portraits of Yerkes s Quaker grandparents Mr and Mrs Silas Yerkes A year after Yerkes s death his widow married playwright and raconteur Wilson Mizner References Edit a b c d The Economist 2014 Hall 1896 a b c Charles Tyson Yerkes American financier Encyclopedia Britannica Newspapers www encyclopedia chicagohistory org Retrieved April 19 2021 The Dream City Invasion of Cupid s Realm The Wasp s Nest columbus gl iit edu Catalog nr 13 in Yerkes art catalog Volume II The Baltimore Sun 1905 Sources Edit Charles T Yerkes Dead The Baltimore Sun New York December 30 1905 p 2 Retrieved December 9 2021 via Newspapers com Conquistador of Metroland The Economist The Economist Newspaper Limited December 20 2014 Retrieved January 7 2016 Franch John 2008 Robber Baron The Life of Charles Tyson Yerkes University of Illinois Press ISBN 978 0252075179 OCLC 62679786 Hall Henry ed 1896 America s Successful Men of Affairs An Encyclopedia of Contemporaneous Biography Vol II The New York Tribune Company pp 901 904 Retrieved December 9 2021 via Internet Archive Harlan Homer Charles 1975 Charles Tyson Yerkes and the Chicago Transportation System University of Chicago Department of History OCLC 31237397 Sherwood Tim 2009 Charles Tyson Yerkes Railway Tycoon The History Press ISBN 978 0752446226 OCLC 191810493 External links Edit Wikimedia Commons has media related to Charles Yerkes Chicago L org Detailed history of Charles Yerkes involvement in the Chicago elevated railways and street car system Photograph of Charles Yerkes University of Chicago Biography of Yerkes Wall Street Journal Review London Transport Museum Photographic Archive Charles Yerkes 1900Business positionsPreceded byNew Position Chairman Underground Electric Railways Company of London1902 1905 Succeeded bySir Edgar Speyer Retrieved from https en wikipedia org w index php title Charles Yerkes amp oldid 1127062150, wikipedia, wiki, book, books, library,
