Los Angeles herald., 1907-09-20
ROGERS LOSES
$40, 900, 600
MAeNATE FINDS VIRGINIA ROAD
DEAR
SELLS eILT-EDeED STOCKS TO
LIoUIDATE
Line to Be 444 Miles Long Has Been
Constructed for Only 1876
During Several
Years
Rv Associated Press.

BY Associated Press.
NEW YORK, Sept. 1s.-Reports have
been current on Wall street for some
time that II. H. Rogers of the Standard
Oil company had been heavily interested
In the Tidewater railway project in Vir-
ginia and that he had lost heavily by the
investment
The Evening Post says today that II
can be stated positively that Mr.. Rogers
incurred a personal obligation In the
Tidcwater project much in excess OF S4O,
100000. The Post also says the sltuation
has been entirely cleared up.
The Evening Post says: :,
Confirmation was obtained in wall
street Of reports to the effect that II. n
Rogers was heavily interested In the
Tidewater railway project. According 70
the stories previously circulated upward
of 40 per cent of Mr.. Rogers fortune mas
been involved in Tidewater in8estment.
1t was reported today that the personal
obligation incurred amounted to $40,-
100000. 1t can be stated positively that
the sum is much larger than the amount
named and also that the situation has
been entirely cleared up.
In order to meet the demands made
upon him in connection with the con-
struction of the railroad Mr.. Rogers was
forced to dispose of large amount OF
Investment stocks at sacrifice. AL
during the recent decline in prices the
vice president of the Standard Oil COM
pany sold gilt-edge 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 start
ed to built in West Virginia low grade
road which would parallel the Norfoih
& western His object was to carry Goa
and lumber to tidewater. The line was
to be 444 miles long.
Only 125 miles have been completed
A few months ago in order to raise
600 for the Tdewater road II. ii
Rogers issued his personal notes secured
by s2o,O0O,OOO first mortgage bonds, $4,000
900 stock and $4,000, 900 dividend or inter-
est paving collateral. These per cent
notes were indorsed by H. H. Rogers
personally.
Railway officials who have watched the
construction of the road with intense In
terest from the beginning say that tht
. .project even at this stage Is more OF
less problematical. 1t is confidently De
lieyed however, that with the sacrince'
alresiy made in disposing of high grad
{ (, Securities Rogers Is In a position. to gail
his end and see the mileage completed
1t was learned rome months ago tina
the Standard OIL man and his associates
had bought up all the available lumber
and coal lands in West Virginia. Thes'
purchases amounted to thousands of acre!
and will at some future time supply tine
Tidewater road with traffic.
w. N. Page Is president of the Tide
water railway. When completed the road
will extend. from Deep Water, w. Va.
on the Kanawha river to SewalPs point
near Norfolk, Va. The aulnorized stock
is s35, 100000. The first mortgage per cent
bonds, none of. which have beer placed
on the market, are issuable as follows
$500 900 for the construction OF the line
from Deep Water to Sewall's point, Az
miles of single track. For each additiona
mile of single track on the main line SO, ,00(
bonds may be Issued, $4,000 mile fol
branch lines and $4,000 for main line Sec
ond track.