Bluefield evening leader. [volume] (Bluefield, W. Va.) 1906-1911, 1907-09-20
ROGERS SAID
TO Be BITTEN
SAID To HAVE $4,000, 600 SUNK
IN THE TIDEwATER.

New York. Sept. 19.-Reports
have been current in Wall street for
some time that H. H. Rogers. OF the
Standard Oil Company, had been
heavily interested In the Tidewater
railway project in Virginia and that
he had lost heavily BY the invest
ment.
The Evening Post says today that
II can be stated positively that Mr..
Rogers incurred a personal obliga-
ton in the Tidewater project much
in excess OF $4O.OOO.OOO. The Post
also says that the situation has been
entirely cleared up.
The Evening Post said.
Confirmation was obtained I'm
Wall street today of reports to the
effect that II. H. Rogers was heav-
lily Interested in the Tidewater rail
way project.
According to the stories previous
ly circulated, upwards OF forty per
cent. of Mr.. Rogers fortune has been
involved in the Tidewater invest
ment. II can be stated positively that
the sum is much larger than the
amount named also that the situa-
tion has been entirely clesred up.
I'm order to meet the demands
made upon hiua' in - Aectio~---~with
the co.. .-=fFs railroad Mr..
. Rn~ -.t - dispose of a
-.ige amount of investment stock at
sacrifice. During tt recent de-
cline in prices the vic9Epresident OF
the Standard oil company sold
gilt-edged stocks. such as Standard
Oil, Consolidated Gas. Union Pacific
and St Paul.
Some five or six years ago.
against the advice of his friends. Mr..
Rogers started 70 build In West Vir-
ginia low-grade road, which would
parallel the Norfolk & Western. His
~oe'ect was to carry coal and lumber
30 tidewater The line was to be 443
miles long. Only 25 miles have been
completed.
0nly few months ago, in order
to raise $1O.O0O.OOO for the Tide
wateiN road, Mr.. Rogers issued his
personal NOTES, secured by 100000
600 fiSst mortgage bonds. SO. 900
600 stock and 100000 900 dividend
or interest-paying collateral. These
six per cent notes were endorsed by
III. II. Rogers personally
Railway officials who have
watched the construction OF the road
with interest from the beginning.
say that the project, even at this
stage, is more or less prob1ematic. II
confidently believed, however. that
with the sacrifices already made I'm
disposing 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
associates had bought up all the
available lumber and coal lands in
West Virginia. These purchases
amounted to thousands of acres and
will in some future time supply the
Tidewater road with traffic.
wv. n. Page is president OF the
Tidewater railway. When complet-
ed, the road will extend from Deep
water, w. Va, on the Kanawha river
to SewalIs Point. near Norfolk. va.
The authorized stock IS $35.OOO.OOO.
The first mortgage 8 per cent. bonds,
none OF which has been placed on
the market, are issuable as follows:
$4,000. 600 for the construction of
the line from Deepwater to SewalIs
Point. 442 miles single track. For
each additional mile Of single track
on the main line $4,000 bonds may
be issued; $4,000 mile for
branch lines and $4,000 for main
line second track"