Leo Schuster

[2][3] After Laing retired at the end of 1855 to pursue a political career, Schuster replaced him as chairman of the LB&SCR, instituting a policy of rapidly expanding new routes throughout South London, Sussex, and East Surrey.

[4] A special meeting of shareholders was adjourned, and the powers of the Board of Directors were suspended pending receipt of a report into the financial affairs of the company and its prospects.

The report made clear that the railway had over-extended itself with large capital projects sustained by profits from its passenger traffic, which suddenly declined as a result of the crisis.

Several of the country lines were losing money, and resultantly in restructuring the company Schuster was forced to resign in favour of new chairman Peter Northall Lawrie.

[4] In the 1850s, Schuster and Laing were both members of a consortium of eight men who bought The Crystal Palace[2] and relocated the building to south London at Sydenham Hill.