The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-09-20
RAILWAY BUILT by
ROGERS'S MILLIONS
Standard Oil Magnate
Obligatedin Building
Tidewater.
LARGE PORTION
OF HIS FORTUNE
Wall Street Reports That He Has
II. Spent Largely More, Sacrificing
Iigh-Class Securities to
Meet His Obliga-
tions in This
Project.

NEW YORK, September 19.-Reports
ave been current In Wall Street that
I. II. Rogers. Of the Standard OIL COM
,any. had been a large investor in the
ridewater Railway project In Virginia.
md that he had lost heavily by the
Investment. The Evening Post says
to-day that 1t can be stated positively
that Mr.. Rogers incurred personal
obligation in the Tidewater project
much in excess of $40.000,000. The
Post alao says that the situation has
/. been entirely cleared up.
The Evening Post said: -
Confirmation was obtained In Wall
street to-day of reports ID the effect
that Fl. H., Rogers was heavily In
terested in the Tidewater Railway
project
According to the stories previously
circulated, upwards OF 40 per cent. Of
Mr.. Rogers's fortune had been involved
in the Tidewater Investment. 1t was
reported to-day that the personal OBJ
legation incurred amounted to sa0.-
100000. 1t can be stated positively that
the sum Is much larger than the
amount named: also that the situation
has been entirely cleared UP.
Had to Sell stock Holdings.
I'm order to meet the demands made
upon him in connection with the con-
struction Of the raii.:oad. Mr.. Rogers
amount OF Investment stock at a sac
rifice. During the recent decline in
prices the vice-president of the Stand
ard Oil Company sold gilt-edGed
stocks. such as Standard OIL. Consolt-
dated Gas. Union Pacific and ST. Paul.
Some five or six years ago. against
the advice of his friends. NJ Rogers
started to build In West Virginia
lo. grade road. which would parallel
the Norfolk and Western. His object
was to carry coal and lumber to tide
water The line was to be 443 miles
long. Only 125 miles have been COM
pleted.
-.only few months ago. in order to
raise $4,000. 600 fora the TideWater
Road, ii. II. Rogers issued his personal
notes secured by s2o.oe4 900 first
mortgage bonds. s1G,0o0.00e stock and
s1o.0Oo.000 dividend or Understanding
collateral. These SIX per cent. notes
were indorsed by II. II. Rogers per-
sonally.
RAILWAY officials who have watched
the construction of the road with IN
terest from the beginning, say iha'
the project. even at this stage. Is
more or less problematical. 1t Is con-
fidently believed, however, that witf
tho sacrifices already made In dispos'
Ing OF high-priced securities Mr.. Ros:
trs is in position to gain his enc
and see the mileage completed.
Buys Lumber and Coal Lands.
1t was learned some months aGf
that the Standard OIL man ana ~ \
associates had bought UP all the avai,-
able lumber and coal lands IN mes :,
Virginia. These purchases amounted .
tbo,,sapds of acres, and Will In SOM
f,,ture time supply the Tidewate
Road with traffic. ~,
"w N. Page is president OF IN
n,iaewaier Railway. When completed
the m road viii extend from Deepwater
". vo.. on the Kanawha Iln1. Rlyer' Vs :
..The authorized stock is sS5,ooooel
Tbe first mortgage 5 per cent. bonds
none Of which have been placen tceiaSs ., :
.ns onn noo Tor the cons struction of tn
.aS0epSuy ;ins from peepwater zee to sewell's Pen' n,
,iona mile Of single trasR ss iasned on .nI G $50.
oos % a mile for branch lines. ana soo'
noo for main line second track.