Daily press. [volume] (Newport News, Va.) 1896-current, 1907-09-20
HAS SACRIFICED FINE SECURITIES
Compelled to Sell Some OF His Beat
Stocks in Order to Meet the Debts
Which He Contracted for the Con.
atruotIon of the Road--owns valu.
able Lands.
(by Asnoclntcd prosp.l

NEW YORK. Sept, 19.-Rcports
have boon current In Wall street for
som time that III. II. Rogers, OF the
Standard OIL Company hnd been heavi.
~ Interested In tho Tldcwatur Railroad .
project In Virginia ana that he hal
lost heavily by the investment. 'rhe
Evening Post says today that IL can
be stated positively thnt Mr.. Rogers
incurred u personal obligation In the
Underwater project much In excess OF
Tlo,OOQOO0. The o8t also Says that
the situation has been entirely cleared
up
The Evening Post said: "Connrma.
tion was obtained In Wall street today
OF reports to the effect that II. III.
Rogers was heavily Interested In tho
Underwater Railway project.
According To the stories previously
circulated upwards OF 40 per cent OF
AIR. Rogers fortune has been involved
In Tie Tidowater investment. IL was
reported today that tho personal OBJ
- ion incurred eaIiinunted 40 sfe,00G.-
U0O II can be suited positively that
the sum Is much larger than the
amount named: also that the situation
has boon entirely cleared up.
I'm order DO meet tho demands
made upon him In connection with the
construction OF the railroad. Mr.. Rcg-
ers was forced to dispose Of a large
amount OF investment stock at n sac
rillcc. During the recent decline In
prices the vicc.president of the Stan
dnrd OH Company sold glltedged
stocks, such ns Standard Oil. CONSOLE
dated Gas, Union Pacific ana st. Paul.
Friends Advised not to Build Road.
some live or six years ago. against
the advice of his friends. Mr.. Rogers
started to build In West ,irginla.
low 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
plctcd. .if'4,.- Fs
t"Qnly few months ago In order to
raise sl0000,000 frW the, Tidewater
road II. III, Rogers issued his PERSONAL
notes secured by S20,00Q,000 first
$4,000 900 dividend of interest pay
ing collateral These six per cent
notes were endorsed by ii. III. Rogers
personally.
Railroad officials, who have watch
ed the construction of the road. with
interest from the beginning. say that
the project even at this stage Is more
or less problematic. 1t Is confidently
believed, however. that with che sac
riiices already made In disposing of
high priced securities Rogers is In
position to gain his end and see the
mileage completed
Have Purchased Valuable Lands.
1T was learned some months ago
that tho Standard Oil man and his as
socatcs had bought up all the avail
able lumber and coal lands in West
virginia. These purchases amounted
TO thousands of acres and will in some
future time supply the Tldewater road
with traffic.
wv, N. Page Is president OF the Tide
water Railway. When completed the
road will extend from DeepHater, w.
Va. on the Kanawha river. 20 Sew.
|alrs Point. Va.
The authorized stock Is s35, 900 900.
The first mortgage per cent bonds.
none of which have been placed on
the market are issuablc MS follows:
$4,000 600 for the construction of the
line from Deepwatcr to Sewals Point.
fi2 miles single track For each
and all miles of single track on the
main line $4,000 bonds may be is
sued; $4,000 mile for branch lines.
and 100000 for main line second
track"
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