Omaha daily bee., 1907-09-20
ROGERS SINK *z*\SH
Oil Magnate Loses Forty / in
Railroad Deal. 4
HE FINANCED TTDEwATER ~
Forced to Ssll Stocks at Decline
Meet Notes.
SITUATION Is CLEARED UP
Large Portion Of Rogers Fortune
Disappears in Settlement
WHAT HE EXPECTED TO DO
Road Was TO BE Built at Low
Grade and Open Up Coal and
Lumber Fields of West
Virginia.

NEW YORK, Sept 19-Reports have
been current in Wall street for some time
that H. H. Rogers of the Stanard OIL com
pany had been heavily Interested in the
tldewater railway project In Virginia and
that he had lost heavily by the investment
The Evening Post says today that II can
be stated positively that Mr.. Rogers in
CURED a personal obligation in the tide
water project much IN excess of Ao,09O,COO
The Post also says the situation has been
entirely cleared up.
The Evening Post says:
Confirmation vas obtained In Wall
street today of reports to the effect that
II. H. Rogers was heavily interested in
the Tidewater railway project.
According to the stories previously cir.
culated upwards OF 40 per cent of Mr..
Rogers fortune has been involved in the
tidewater investment. T. was reported to-
day that the personal obligation incurred
amounted to s4o0OO,OOO. 1t can be stated
positively that the sum Is prch larger
than the amount named, also that the
situation has been entirely cleared up.
I'm order to meet the demands made
upon him in connection with the construc-
tion OF the railroad, Mr.. Rogers was forced
to dispose Of large amount OF invest
ment stock at a sacrifice. All during tho
recent decline In prices the vice president
of the Standard OIL company sold gilt
edged stocks, such as Standard Oil, Con-
solidated Gas, Union Pacific and st. Paul.
Some five or six years ago, against the
advice of his friends, Mr.. Rogers started to
build In West Virginia a low grade road
which would parallel the Norfolk & West
ern. His object was to carry coal and
lumber to tdewater. The line was to be
IA miles long. Only 125 miles have been
completed.
"only a few months ago, in order ia
!. rstee S0,0Oo,OoO for the tidewater road II
lpgers issued his personal notes Sc
GAy S2O,OtO.OO0 first mortgage bonds
III Nstock and si0OoOOOO dividend or
~ (nbying collateral. These per
were endorsed by II. II. Rogers
'o'' 'aIs ofusaul. who, have watched the
OGG a,tfoh OF the road with intense in
-euo-yfrom the beginning say that the
nzn ct, even at this stage, is more or
c-iess problematic. 1t is confidently be-
Fleved. however, that with the sacrifices
already made in disposng OF high priced
securities, Rogers is in position to gain
his end and see the mileage completed
ut 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 win in some future time supply the
tidewater road with traffic
wv. N. Page Is president of the Tide
water railway. When completed the road
will extend from Deep Water, w. Va, or
the Kanawha river. TO Sewall's Point neal
Norfolk. Va. The authorized stock is SS5
10000 The first mortgage per cen
bonds. none of which have been placed OF
the market, are issuable as follows: Forty
five million dollars for the construction O
the line from Deep Water to Sewalli
Point. 44t miles of single track. FoT eacl
additional mile of single track on the maiI
line $4,000 bonds may be issued. $4,000
mile for branch lines and $4,000 for mali
line second track"