New-York tribune., 1885-07-24
TERMS VIRTUALLY SETTLED
WAITING AN OFFICIAL ANNOUNCEMENT.

IMPORTANT CONFERENCE OF THE PENNSYLVANIA
CENTRAL INTERESTS
It is understood that IT is only aquestion Of few
days when the terms of the settlement between the
New York Central and the Pennsylvania Railroad in.
terests will b, officially announced. The negotiations
have proceeded without hitch and they are believed
to have reached stage where only the execution oi
matters details is required for their completion.
high railroad officer, who is familiar with the condition
the negotiations said yesterday that progress
had been made than at any previous time and he
thought that the settlement would pro- obaby be
nounced by next Monday.
meeting of the subscribers in the syndicate for
building the South Pennsylvania Railroad will be held
in this city to-day when the tel agreed upon will
probably be ready for ratification 1t also expected
that the next nstanent the subscriptions, which is
due on August 10, will be indefinitely postponed. The
officers of the syndicate have been confident of
favorable termination of the negotiations for the trans
fer of the property to the Pennsylvania that call for
this instalment was issued at the usual time. few
days ago. 1t is understood that the most important
points in the proposed settlement agreed to at
meeting Of the principal parties in interest at the
Grand Central Station yesterday The morning was
speut in consultation between George B. Roberts.
president of the Pennsylvania Railroad, President
Depew, of the NewYork Central. J. Pierpont Morgan.
Of Drexel. Morgan & Co, ii. Mex. Twomby. treas
urer of the South Pennsylvania syndicate. and several
prominent investors In the South Pennsvlyana and
Beech Creek Railroad enterprises. Francis L. SetsOn.
Of Bangs Stetson also present. Mr.. Stets0n be-
came counsel for the Nickel Plate Railroad when the
failure Of Grant Il Ward disclosed the fact OF the ex
eDsve re-bypohecation Of the bonds of the company
by the firm. The result of the conference with
held but ia believed that at it the various agree
ments which have been under consideration were put
in shape for formal execution. A special train at
2:30 p N. carried Mr.. Depew. Mr. Morgan and Mr.
Twombly, TO Saratoga for hnal consultation with
William II. Vanderbilt.
A circular said to be issued by General George j.
Magee TO the stockholders of the Beech Creek Clear
field and Southwestern Railroad has been sent 10 the
stockholders giving in detail the terms odered by the
Pennsylvania Railroad. which have been outlined IN
ThE TRIBUNE. They are rs follows: The purchase
OF go per cent of Beech Creek stock by the Pennsy
yana. with guarantee OF per cent. sent annually.
bonds representing the cost of construction OF the
road taxes. legal charges etc. not to exceed $1,000
600 The Pennsylvania also agrees to make q traihc
contract with the Clearied Buminous Coal Company
which organized by the owners Of he Beech Greek
road BY this plan the Beech Creek stockholders will
receive net 40 per cent in bonds 40 cent in Beech
Greek stock and 40 per cent Ceareld Coal.stock
making ~ .4+0 for each 81 900 investment in the
Beech Creek enterprise.
DECREASE IL PENNsYLvANTAS EARNINGS.
PHILADELPHIA, July 23.-The statement OF
the business OF all lines OF the Pennsylvania Railroad
Company east OF Ptsburg aud Eric for June, 1885, as
compared with the same month in 1884, shows a de-
In gross earnings OF $i7O.536; Increase in cx
psnses OF 0i6 and decrease in net earnings Of $1T3
5-2. The six months of 1885, compared with the same
period OF 1884. show decrease IN gross earnings of
81 Ol3656 decrease In expenses of Si2l pa and
decrease in net earnings OF Sl.592,3s2. All lines west
0f Pttsburg and Erie for the months OF 1855 show
In meeting all liabilities of $ss6,00S. being an
increased deficiency compared with the same period
of 1854 OF sl2l,lj3
The directors OF the Northern Pacific Railroad Com
pany held long meeting yesterday, which was mostly
devoted 10 routine matters The lease OF the Oregon
Railway ana Navigation Company To the Union aud
Northern Pacific Railroads Jointly unanimously APP
proved after had been discussed section by section