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PITTSBURGH, CHARTIERS & YOUGHIOGHENY RAILWAY TO BECOME WHOLLY OWNED SUBSIDIARY OF CONRAIL

 PHILADELPHIA, Dec. 8 /PRNewswire/ -- The Pittsburgh, Chartiers & Youghiogheny Railway (PC&Y) will become a wholly-owned subsidiary of Conrail (NYSE: CRR) with the repurchase of 50 percent of its stock currently held by P&LE Properties Inc.
 Conrail has held the other 50 percent interest in the PC&Y, and will be the only remaining shareholder after the purchase is complete.
 Service to PC&Y customers will not be affected by the transaction. Conrail will not exercise control until the Interstate Commerce Commission approves the transaction. PC&Y interchanges a majority of its traffic with Conrail.
 PC&Y is a Class III railroad performing intermediate and terminal service, operating in the Pittsburgh area between Neville Island, McKees Rock, and Carnegie, Pa. PC&Y and Conrail share short stretches of right-of-way on the southwest side of Pittsburgh.
 P&LE Properties Inc. is the successor to the Pittsburgh & Lake Erie Railroad Company.
 Conrail, with headquarters in Philadelphia, operates a rail freight network in 14 Northeastern and Midwestern states, the District of Columbia, and the Province of Quebec.
 /delval/
 -0- 12/8/93
 /CONTACT: Andrea L. Just or Robert L. Libkind of Conrail, 215-209-4594/
 (CRR)


CO: Consolidated Rail Corporation; Pittsburgh, Chartiers & Youghiogheny
 Railway; P&LE Properties Inc. ST: Pennsylvania IN: TRN SU: TNM


MJ -- PH016 -- 1893 12/08/93 16:03 EST
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Publication:PR Newswire
Date:Dec 8, 1993
Words:218
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