New-York tribune., 1907-09-20
III. III. ROGERS WORRIED
Has Wealth Wrapped Up an Big
Virginia Enterprise.

The serious condition of the health Of H. H.
Rogers, according to reports current yesterday
in Wall Street. which there is good authority
for believing to be well founded, is largely a
result of anxiety the fortunes of the great
enterprise in the Virginias of which Mr.. Rogers
has for several years been the central figure
the Deepwater Tidewater Railroad. This sys-
tenn is known as the Nirgnan Railway
Company. n $50, 100000 corporation organized
last April as successor of the Deepwater Rail-
way Company, incorporated in West Virginia.
and the Tidewater Railway Company. incor-
porated in Virginia. OF the total length of the
two projected roads. which together are to form
as the Virginian Railway a line 443 miles In
length. extending from the kanawha River. in
West Virginia. through the rich bitumnous coal
T lines Of the New River and Pocahontas districts
to tidewater at Sewalrs Point. near Norfolk.
Va 1o5 miles have been completed from
sewalrs Point westward and this part Of the
road is in operation
1t has been from the outset an open secret
that Mr. Rogers was the head and front Of the
enternrise although his connection with 1t did
not publicly develop until February of this year
when he Endorsed $1O000,000 notes issued by a
subsidiary Of the Virginian Railway company.
Up to that time although many millions had
been exnen5ed in building the road, the public
had never been asked to subscribe dollar
The funds needed for the Deepwater Tide
water project It is said. have been practicaHy
furnished by Mr.. Rogers individually lie Is OF
course an exceedingly wealthy man. Out ac-
cordine to the reports yesterday upward Of 40
per cent of his fortune has been involved III
+he entern-ise. About s3O.000,o00 has been fur
niebed IN cash It is said. and personal LA
bility- of $40 900 600 additional has been Incurred
The sale last February to the Central Irust
Con,n,,1rv of s10O0O.0O0 s per cent participating
certificates of the Tidewater Construction COM
panv. secured by s20.0000O0 first mortgage
bonds Of the Virginia Railway Company ana
SO 600 900 dividend or interest bearing co'l"'
eraI the loan being IN addition guaranteed py
Mr. Rogers. came as a genuine surprise u ''lo
street The notes were sold at price to net
the purchaser about Ga per cent since 'ha'
.,,,o I. has been currently reported that Mr.
Rogers has been selling, during the long ana
severe decline in the stock market large
amounts of gilt edged holdings like Standaro
on Union Pacific. St. Paul and Consoldateo
Gas. and Il IS understood that the sacrlhce Oh
these holdings, for the purpose OF meeting the
demands. 50 hard to fiji in a money market as
s,-,,,ar+ as that of the last few months. of
the Deepwater- -Tidewater enterprise whlch IS
s+iu 4 considerable distance from completion
has weighed heavily GpOil iHo SfAAA'S "a ~A-'
Rogers.
The new railroad is expected 10 be completed
and in operation within few months anu
should prove profitable undertaking. II IS said
by those acquainted with the territory. tx
tcnsive terminals have been obtained at sew
aIYs Point covering five hundred and twenty
FIVE acres and, according to report, IL IS part
Of Mr. Rogerss plans TO operate hae OF
steamers and barges from the railways ter
minus to Boston. conveying the high grace
Goals of the districts traversed by the railway
TO the mills and railways Of New England IL
IS also understood that Mr.. Rogers has ac-
ouired many thousands OF acres Of coal lands
on the line of his road
The cost IT the Deepwater- Tidewater Road
was estimated about two years ago at S36.00o,-
o00 It is now probable that that estimate may
be considerably exceeded. owing partly to the
Increased cost of labor and materials. The Viz
rinlan Railway Company has an authorized
capital stock of So. 100000 and first mortgage
per cent bonds issuable follows: $33,6Oo,OoO
for the construction of the line from Deepwater
70 SewaIrs Point 443 miles: for each mile of ex-
tension Of main line. $4,000: of single track
branch lines $4,000, and of second track on
main line, $4,000.