1907 - Rogers Coal Line Offered for Sale
NW Mailing List
nw-mailing-list at nwhs.org
Tue Mar 6 22:25:32 EST 2007
The obscure freight rate term "mill" is one-thousandth of a dollar, or
one-tenth of a cent. So, a freight rate of 3 mills per ton would be 3/10
cent per ton per mile hauled.
----- Original Message -----
From: "NW Mailing List" <nw-mailing-list at nwhs.org>
To: <nw-mailing-list at nwhs.org>
Sent: Monday, March 05, 2007 11:11 PM
Subject: RE: 1907 - Rogers Coal Line Offered for Sale
> What is meant by those rates quoted, such as 3 mills per ton?
> Don Trettel
>>From: NW Mailing List <nw-mailing-list at nwhs.org>
>>Reply-To: NW Mailing List <nw-mailing-list at nwhs.org>
>>To: nw-mailing-list at nwhs.org
>>Subject: 1907 - Rogers Coal Line Offered for Sale
>>Date: Mon, 05 Mar 2007 22:44:32 -0500
>>New York Times - March 2, 1907
>>ROGERS COAL LINE OFFERED FOR SALE
>>To the Norfolk & Western Road Before the Recent Note Issue
>>BUT THE ROAD WOULDN'T BUY IT
>>It Thinks Now It Has Saddled the Standard Oil Man With a Fine Money
>>Eater - Recent Note Issue Was a Surprise to Wall Street.
>> Control of the Tidewater railway, which is being built by H. H.
>>Rogers from the West Virginia coal fields to the seaboard at Norfolk,
>>was offered to the Norfolk and Western railway and refused by the
>>management of that road. From what was learned of the offer yesterday
>>it was made shortly before the recent sale of $10,000,000 of notes by
>>the Tidewater Construction Company, which is to finance the
>>completion of the road. It is understood, in fact, that the refusal
>>of the Norfolk and Western to consider the purchase was the direct
>>cause of this note issue, the announcement of which aroused so much
>>surprise in Wall Street because of the high interest rate paid on the
>> While Chairman Fink, of the Norfolk and Western refused yesterday
>>to discuss the offer of sale by the Tidewater railway, it was
>>admitted in authoritative quarters that such an offer had been
>>refused by the Norfolk and Western. The offer was refused not only as
>>a matter of policy adopted by the road itself, soon after Mr. Rogers
>>made known that he would parallel the Norfolk and Western from the
>>West Virginia coal fields to the seaboard, but also on account of the
>>provisions of the newly adopted Constitution of West Virginia,
>>supplementing the Federal statutes prohibiting the acquisition of a
>>parallel or competing line.
>> With the news of the offer by Mr, Rogers to sell to the Norfolk
>>and Western the line which he has been building ostensibly to compete
>>with that line and the Chesapeake and Ohio in the transportation of
>>coal from West Virginia to the Atlantic, some interesting facts
>>regarding the early stages of this enterprise were obtained yesterday.
>> Mr. Rogers, it is said, having acquired the large area of coal
>>land which he now controls in the Kanawha and New River coal fields,
>>opened negotiations with the Norfolk and Western for the
>>transportation of this coal to tidewater. Those familiar with the
>>negotiations said that Mr. Rogers wanted the coal carried at a rate
>>of 3 mills per ton mile, or about half a mill per ton mile less than
>>the Norfolk and Western's present rate.
>> Mr. Rogers, so it is said, was informed that his coal would be
>>carried at the usual rate, but for no less. His rejoinder was "I
>>shall build a road of my own to carry the coal to Tidewater."
>> The Norfolk and Western was...
>>...could afford to haul his coal more cheaply than would ever be
>>possible on the Norfolk and Western. The Norfolk and Western, however
>>preferred to see the new line built than to carry coal at a loss, and
>>Mr. Rogers went ahead with the construction of his road.
>> It is the present understanding that after four years, during at
>>least two of which work on the new line had been done on a large
>>scale, Mr. Rogers tired of his undertaking sufficiently to offer to
>>sell the line. Upon what terms Mr. Rogers was willing to sell could
>>not be learned yesterday. It is known, however, that representatives
>>of the Norfolk and Western were much surprised at the news that Mr.
>>Rogers had borrowed $10,000,000 to continue the construction of the
>>line. The inference had been drawn in Norfolk and Western circles
>>that Mr. Rogers would prefer to rid himself of the undertaking upon
>>anything like reasonable terms.
>> Having refused Mr. Rogers original proposition regarding the
>>transportation of coal, the Norfolk and Western has consistently
>>pursued the policy of leaving him to his own devices in the matter of
>>this new coal line, believing that the Norfolk and Western had in the
>>long run relatively little to fear as a result of his plan to have
>>his coal carried to the seaboard for less than the Norfolk and
>>Western was willing to take it for. In this attitude the Norfolk and
>>Western was backed up by the Pennsylvania railroad, whose late
>>president, A. J. Cassett, is said to have taken the position that it
>>would be better for the Norfolk and Western in competition with the
>>Tidewater railway to carry coal even at 2 mills per ton mile than to
>>yield to Mr. Rogers proposal.
>> It is said that Mr. Rogers, who according to some of those who
>>have followed the history of the Tidewater railway, undertook the
>>enterprise out of pique, is now discovering that in an effort to get
>>back at the Norfolk and Western he is forced, against his will, to
>>spend more money than he had expected. The road is now not more than half
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