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Canadian Pacific Ltd. and Consolidated Rail Co. said today they have settled their lengthy dispute over a 30-mile stretch of tracks between Buffalo and Niagara Falls, clearing the way for CP to purchase the Delaware & Hudson Railway for $25 million.

The settlement calls for CP and the D&H to be linked directly by Conrail's tracks between Buffalo and Niagara Falls. It revises all the terms that had given D&H operating rights on Conrail lines.

The agreement also gives CP an option to buy the portion of Conrail's Southern Tier Line between Buffalo and Binghamton.

I.B. Scott, CP's chairman and chief executive officer, said he expects Canadian Pacific to begin its service through the Niagara gateway in about a week and to complete its purchase of the D&H within a few weeks.

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