The Metropolitan Railway opened to the public on 10 January 1863 and was quickly seen as being a great success, carrying 9.5 million passengers in its first year.

[1][2] On 27 November 1863, the NW&CCR's private bill was announced,[3] one of many speculative underground railways being promoted that hoped to emulate the MR's success.

[5][n 1] The NW&CCR's proposed line was to run between the London and North Western Railway's (L&NWR's) terminus at Euston and the South Eastern Railway's (SER's) terminus at Charing Cross (then still under construction), with both mainline companies supporting the proposals.

[5] At the northern end, branches were proposed to connect to the MR near Portland Road (now Great Portland Street) and Gower Street (now Euston Square) stations and to the L&NWR and the Midland Railway north of Euston station.

[3] In 1866, a further act gave permission for the NW&CCR to make agreements with the L&NWR and the SER to operate trains over its line and to agree fares.

To pay for the actual works during construction period, contractors were financed by banks; however, before work could start on the NW&CCR a number of contractors and banks failed in the Panic of 1866, a major crash in the London and international stock markets, after which the NW&CCR found it impossible to raise the funding it needed to begin construction and the proposals were abandoned in 1869.