New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-09-29
IMPORTANT RAILWAY MOVEMENTS.

IN
rsc ,,,,r,, THE OIL ACKNOWLEDGEMENTS
p,rNoRs ABOUT COMMODORE YANDERBHr-A
p.upoID IFARING-HoUsE--THE ERIE LOAN
For some time past there has been nutter
among the oil producers of Pennsylvania growing ou
OF An alleged inequality In the rates OF leeignt anu
other There had been contracts between the oil
nrodncers and reners and the railroads. whereby the
principal oil distributing centers were maze common
points" of shipment to New-York, etc. The freight
from these points to the city was 81 S5 per bar
rel on crude petroleum. and u 20 ON refined Tusve
was an exception from its location and was not made
common point" hence its dealers paid 80 cents
o barrel 10 transport their oil to common
point at which the above mentoned rates look
effect. Notwithstanding this contract there were
considerable efforts among Shippers 10 ootaln
better rates and TO certain extent these attempts
were unsuccessful The result was great dissatisfaction
with respect to the rates. and finally the railroads were
asked n fix rate which would be equitable and as far
m possibe satisfactory to all concerned To bring about
this result however, not easy, as the different In
terests involved made 1t matter OF debate fInaiy
meeting OF the oil and others Interested was held
on Saturday In the Office Of j. H. Rutter General Freight
Agent of the New.York Central and Hudson River Rail
road and it agreed that the rate for the transpOr
taon of refined oil should be 81 90 per barrel from the
shipping points to this city, but that the railroads
should settle with the Western companies and pay the
rates for carrying the crude oil TO the place OF refining
IL was reported yesterday that Commodore Wander
bilt had determined TO withdraw from all his response
BILE official relations with his railroads within the next
three months Later in the day 1t stated that he
WAS seriously H. 1t was even asserted that he had died.
and that the flags the Grand Central Depot were at
balfmast Vanderbilt stocks declined on the strength
of the rumor but not very heavily it generally
believed that they we're true but intended for
effect Inquiry Of william III. Vanderbilt ELECTED the
information that II Commodore Vanderbilt intended TO
retire from his official positions he had kept the matter
very secret as no one knew anything about H. IL was
probably started because he had retired from Wast
some time ago and had not gone back Commodore
vanderbilts health continues remarkably good Inc
flags AT half-mast on the Grand Central Depot were
raised out OF respect for the late Mr.. Buckhout'
Mr. Vanderbilt stated that 1.-The quadruple tracks were
now being rapidly and that in snort time they
would be complete aud ready for the reception OF
through trains When they were ready they would
probably be thrown open for the reception 0I business
without any ceremony or Formally.
The general freight agents OF re different railroads
throughout the United States are about hold their
regular convention for the purpose OF balancing
accounts discussing measures relating TO their general
interests, and. II possible TO devise measures Tor the
creation of railroad clearinghouse facilitate the
business OF all Concerned At the conclusion OF their
convention the delegates Will be entertained by the
New-YOrk Central Railroad Company win an excursion
around the barOOT details OF which viii be arranged
by General Freight Agent Rutter OF that company
John A. G. Gray. "a director OF the Enc Railway, mas
been in England time for the purpose ot negOat
ING the loan which exPresldent Watson failed to do
satisfactorily. 1t is understood that negotiation Oi
second consolidated mortgage bonds has been ELECTED
in London sufficient fund floating debt and leave
the Company a cash footing tbs second eons0li-
drted mortgage is nonnaliy sioVOOON OF Whch slO,-
100000 reserved against the cOnyertDes OF same
amount or the remaining s3OOOOeOOi IL WAS supposed
than half s5,Co0OO, had been placed by Mr. Watson
six months ago. but troubles which then came upon
Erie compelled the repurchase OF AL out about sliUOUO
The present negotiation therefore, begins after only
s7OOo Of The second consolidated mortgage has Deeh