The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-09-21
ROGERS COSTLY VENTURE
standard Oil Man Said to Have Sunk
SO. zoe. 600 in a Railroad

New York sept 1--Reports have
been current on Wall street for sons
time that H H Rogers Of the Stand
ard Oil company had been heavily in
ject in Virginia and that he had lost
heavily by the Investment The Even
ing Post said yesterday that it can be
stated positively that Mr. Rogers in
CURED a personal obligation in the Tide
water project much in excess of So
100000. The Post also said that the
situation has been entirely cleared up
II stated:
Confirmation was obtained in Wall
street Of reports 10 the effect that H.
H Rogers was heavily interested in the
Tidewater railway project
According to the stories previously
circulated upwards of 10 Per cent Of
Mr.. Rogers fortune has been involved
in the Tfdewater investment 1t was
reported that the personal obligation
incurred amounted to S40.000. 600 1t can
be stated positively that the sum is
much larger than the amount named.
also that the situation has been en-
tirely cleared Up
In order to meet the demands made
Upon him in connection with the con-
structfon OF the railroad Mr. Rogers
was forced TO dispose of large amount
of investment stock at a sacrifice All
during the recent decline in prices the
vice president Of the Standard Oil COM
pany sold gilt edged stocks such as
STANDARD OIL NOUSOl1G6L61 Gas. Union
Pacific and St Paul
Some five or six years ago. against
the advice Of mis- friends. Mr. Rogers
started to build in West Virginia low
grade road. which would parallel the
Norfolk & Western His object was to
CORY coal and lumber TO tidewster.
The line was 10 be ~ miles long. Only
125 miles have been completed
Only a few months ago. in order to
raise 80 O00. 600 for the TIdewater road
u II RnzzrG hi
secured by SD 600 600 first mortgage
bonds. S1o.0o0.00O stock and s1g. 600 600
dividend or interest paying collateral
These 8 Per cent notes were endorsed
by H H Rogers personally.
Railway officials. who have watched
the construction OF the road with in
tense interest from the beginning say
that the project. even at this stage. is
more or less probIeuatfcaL It is con-
hdently believed. however. that with
the sacrifices already made in dispOs-
ing of high priced securities Rogers IS
IN a position to gain his end and see
the mileage completed
1t was learned some months ago
that the Standard Oil man and his as
soctates had bought up all the avail
able lumber and coal lands in West
Virginia These purchases amounted
10 thousands OF acres and viii in some
future time supply the Tldewater road
with traffic
w N Page is president Of the Tide
water railway When completed the
road will extend from Deepwater. Va.
on the Kanawha river to SewaH Point
near Norfolk Va The authorized stock
is S35. 0O0. COO The first mortgage ) per
cent bonds. none of which have been
placed on the market are issuable as
follows:
--Forty-dve million dollars for the
construction Of the line from Deepwa-
ter TO SewalI's Point IA miles Of sin
gle track For each additional mile Of
single track on the main line $4,000,
bonds may be issued. $50. 600 a mile for
branch lines and $50. eco for main line
second traCkf