New-York tribune., 1909-04-04
II. III. ROGERSS FEAT IN
CONSTRUCTION.
Single Handed He Financed Build
ing of Trganian' RaiL1cay-No
Stock or Bonds Sold.


ana terminals TO date has been approximately $50
ooO. .6Oo not a share OF stock a bond has been
sold finance the proposition, and Tie only
ities Of the road in the hands of the public
$1,000 600 of short notes and sS.75OoOo of
equipment notes. The rest Of the financing has
been done by Mr.. Rogers personally.
The road. the construction of which begun
II 1902 runs from Deepwater. w Va. on the Kama
-ba River to SeHeils Point. Va. eight miles from
Norfolk. its total length being 443 miles. The
Sewers Point terminal. where the opening
monies took place comprises six hundred acres Of
land with a waterfront of three thousand feet
Hero there has constructed steel superstruct
,,re rendered pier thousand feet long. which
* able to accommodate colliers with carrying
cspacity Of ten thousand each, of which the
company viii have feet of ten twelve.
NJ EXPENSE has been spared to make the Yir-
r5rfan Railway one Of the finest pieces OF railroad
construction in this country The heaviest rails
have been used throughout the roadbed IS rock bal
7ss.e6 tho bridges Of the heaviest and best
struction and will safely accommodate trains haul
ing four thousand tons Of coal Curves have been
eliminated al tremendous expense, and the road is
-o+ only the most direct but also the lowest grade
-os6 from, the West Virginia coal fields tide
water The maximum grade in West Virginia Is
less than per and the average FOR the entire
length is about l per cent
7 VAS Mr Rogers's ambition build the road
entirely from his own resources. and he would no
5o,,h have succeeded in doing If il had not been
<o- -br derresson in the market in the spring
n 1907 and the panic that followed in october Of
thar year which forced him to employ q large por
ZION of his funds that would have otherwise gone
into his road in meeting the demands made upon
him from numerous sources as result Of the de-
mora zation that set in
NJ. Rogers-s decision to build low grade rail
road RI his own from the West Virginia coal fields
where he had acquired extensive properties. tide
water was due. is said 10 the refusal OF the
Norfolk & Western 10 transport is coal 20 the sea
board al what M Rogers considered an equitable
price Those familiar with the negotiations say
that he was Informed that his coal would be car
ried Al tie usual rate. but for no less. His reply
Uas. y shall build a road OF my 10 carry the
ccal 10 tidevater-' And build IT he did. and that
too without giving up his interest in any Of his
other enterprises.
A. rhc outset Nj. Rogerss business associates
cid not look favoraby upon his plan To build a
railroad and he received neither encouragement
nor offers of financial assistance from them. Even
his closest friends advised against the scheme. but
Nr. Rogers not 70 be turned from his purpose.
srd when these declined TO help him he an
rounced intention of going it alone Building
= railroad without issue Of stocks and bonds
was without precedent in railroad history. but MI
Rogers does let lack Of precedent st@nd IN MS
way when he makes up his mind 10 do something
He went ahead and organized company called
the DeeFHater Railway Company which was char-
,ered to build railroad from Deepwater, ". Va
south the Virginia line. distance Of lli
miles. This company capitalized at only
eaapl7 which Hever. incT eased--
Aftc- his road was almost completed Mr- Rog-
ers formed another company. called the Tidewater
Railway Company. chartered TO build line from
the terminus Of the former road TO tideWater AT
seTeIls Point Va. about Two hundred and thirty
miles Work on this second road was pushed
rapidly. and by February. 1907. it was more than
half completed. Up to this tine Mr. Rogers has
financed the project personally. but its tremendous
absorption Of cash. in addition 10 the demands
made upon him by his other enterprises, finally
F.- -Sc-a
to carry on the work Before doing so, however,
he Is understood TO have disposed OF a large
amount Of his high grade investment securities At
sacrifice.
Mr Rogers first public borrowing for his road
was in the nature Of a 100000 short term note
issue carving high rate Of interest. which was
put cut IN February 1907. II had not been gener-
sllv known before this time who was back Of the
road, which commonly called the DeepwateT-
Tidewater. with the floating Of Mr. Rogers $
personal notes for such large amoent the story
leaked out that he the who had been
putting the money to build the line, and in
tsrest in the project at once became international
Because Of the high rate Mr. Roges had TO pay
for this loan began TO circulate that
re in financial difficulties and would be forced
10 sell the road. the Norfolk Western being men
toned the most probable purchaser Although
the interests hack of that road denied that they
had any intention OF taking the property of Mr
Roge-ss hands reports Of his financial embar-
, rsssrneat continued 10 circulate. and it said
that onward Of 20 per cent Of his fortune was in
volved in the project His breakdown in the sum
mer Of 1907 and his temporary retirement from
active business attributed in well posted cir
cles 70 have been due 10 worry over the financing
Of his road.
But in spite OF I'll health and regardless OF criti-
csrn and the high price he was obliged TO pay for
money. Mr. Rogers continued to push the work 10
completion. Then came the panic, with all its at
tendant evils but It required more than panic 10
swerve Mr. Rogers from his purpose. and although
the stringency OF the money market and the great
additional demands made upon him forced him TO
half the work for awhile, It was soon resumed and
went steadily until the road vas completed
The $1,000. 900 which Mr.. Rogers had borrowed in
the spring Of 1907 did not, however. prove suncient
70 finish the road. and in May. 1908. he was again
forced appeal 10 the public for money this time
for 81 900 600, which he obtained by issue or
notes running for longer period and carrying
lover rate OF interest than the preceding issue
Ten million dollars OF the proceeds OF this new
note sale used TO retire the old notes, and the
balance has been more than enough 10 finish the
construction OF the road. The only borrowing
since then has been through issue OF $4,000
eouipment notes to provide additional equipment
for the road including 1900 all steel fifty ton coal
Cars costing about $4,000.
In March. 1907. about month after he made his
hrst loan Mr.. Rogers consolidated his two roads,
the DeepWater and the Tidewater, into one sys-
'ena under the OF the Virginian Railway. The
road is capitalized s3sopoco, and has author
lied bond issue S3s 10000 None OF these secur
ines Is outstanding with the exception OF S15ee,-
es OF the stock which was given a bonus with
the s7oo0oo note issue. II. H. Rogers is president
OF the road and holds most Of the stock. The
ether officers Raymond Du Puy. e-presdent
sne general manager. and James Clarke, secretary
and treasurer
While the road was constructed primarily to
transport coal from the rich bituninous coal fields
q West Virginia. the territory which II traverses
Is rich in farm land and should afford diversified