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Rail News: Short Lines & Regionals

Transit Rail completes $2.5 million investment in New York Regional Rail

On Wednesday, New York Regional Rail Corp. (NYRR) announced Transit Rail L.L.C. invested another $400,000 in the transportation holding company, completing a $2.5 million investment plan. In February 2004, Transit Rail agreed to purchase about 2,500 shares of NYRR stock.

"Over the last year, the successes we've accomplished have been a direct result of the steady faith that Transit Rail has had in making it's investment in NYRR," said Executive Vice President Donald Hutton in a prepared statement. "The company has used these proceeds to reduce its liabilities and to settle legal issues."

NYRR also announced subsidiary New York Cross Harbor Railroad increased 2004 carloads 50 percent to 3,406 units compared with 2003. Proceeds from Transit Rail helped fund track improvements, which played a role in the traffic increase, NYRR officials said.

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More News from 1/21/2005