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PROVIDENCE & WORCESTER RAILROAD SUBSIDIARY BUYS TRACKS FROM CONRAIL IN CONNECTICUT

 WORCESTER, Mass., March 12 /PRNewswire/ -- Orville R. Harrold, president, Providence and Worcester Railroad Company (NASDAQ: PWRR) today announced that Connecticut Rail Systems, Inc. (CRSI), a wholly owned subsidiary of P&W, today acquired from Consolidated Rail Corporation (Conrail) the Middletown Secondary Track from North Haven, Conn., to Durham, Conn., (10.2 miles) and Conrail's freight service rights over segments of the Danbury Branch between Norwalk and Danbury, Conn. (24.2 miles) and Waterbury Branch between Devon and Derby, Conn., (8.7 miles) and ancillary trackage rights to reach these lines. An agreement has also been executed with the Housatonic Railroad Company to permit Connecticut Rail Systems, Inc. to operate on the Danbury Secondary Track between Devon and Danbury, Conn. The Interstate Commerce Commission (ICC) has not yet ruled on P&W's petition to control Connecticut Rail Systems, Inc. following the acquisition and therefore, pursuant, to the ICC's requirements, the stock of CRSI has today been placed in a voting trust, pursuant to a voting trust agreement approved by the ICC.
 -0- 3/12/93
 /CONTACT: Heidi J. Eddins of Providence & Worcester Railroad Company, 508-755-4000, ext. 365/
 (PWRR)


CO: Providence & Worcester Railroad Company, Connecticut Rail Systems ST: Massachusetts, Connecticut IN: TRN SU: TNM

DJ-TM -- NE007 -- 5596 03/12/93 15:01 EST
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Publication:PR Newswire
Date:Mar 12, 1993
Words:211
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