TRAFFIC BRIEFS

TRAFFIC BRIEFS

CONRAIL COMPLETES

BUY-BACK OF STOCKConsolidated Rail Corp. said it bought back 22.32 million of its shares - about one-third of its outstanding common stock - at $49 a share or a total of more than $1 billion.

Under a previously announced "Dutch Auction," Conrail invited shareholders to tender their shares at a price between $43 and $53. Conrail had said it would repurchase shares tendered at or below $49.

The repurchase is part of a financial restructuring announced in January. It is intended in part to increase Conrail's stock price to help ward off any unwanted takeover attempts.

MOODY'S TO REVIEW

SP DEBT RATINGS

NEW YORK - Moody's Investors Service said Tuesday it has placed the debt ratings of Southern Pacific Transportation Co. and related entities on review for possible downgrade.

Approximately $720 million of long-term debt is involved.

The review is prompted by the uncertain timing of improvement in the operating performance and the real estate sales of Southern Pacific, Moody's said.

Moody's review is focusing on prospects for improvement in the railroad's operating margins in the intermediate term resulting from management's refocus on profitability, it said.

BUILDERS TRANSPORT,

COMCAR PLAN MERGER

CAMDEN, S.C. - Builders Transport Inc. and Comcar Industries Inc. said Tuesday that they have agreed to merge. Comcar will buy all outstanding Builders stock for $15 a share.

The merger is subject to a number of conditions, including completion of due diligence, negotiation of a definitive acquisition agreement and the method for handling Builders' subordinated debentures, the obtaining of financing and the receipt of a fairness opinion by Builders.

Privately held Comcar Industries, Auburndale, Fla., is the parent of seven nationwide and regional motor carriers. Comcar, one of the nation's leading truckload carriers, has over 40 years experience in the trucking industry.

Builders Transport, headquartered in Camden, is a truckload carrier of general commodities.

GENERAL SIGNAL CLINCHES

$21 MILLION CHINA DEAL

NEW YORK - General Signal Corp., Stamford, Conn., a leading supplier of rail signal devices, has received a $21 million contract from China.

The company's General Railway Signal unit and its Chinese joint venture company, Casco Signal Ltd., are manufacturing the equipment, which will be used on the Shanghai Metro.