[Federal Register Volume 63, Number 94 (Friday, May 15, 1998)]
[Notices]
[Page 27121]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-12819]


-----------------------------------------------------------------------

DEPARTMENT OF TRANSPORTATION

Surface Transportation Board
[STB Finance Docket No. 33592]


Providence and Worcester Railroad Company--Corporate Family 
Transaction Exemption--Connecticut Central Railroad Company

    Providence and Worcester Railroad Company (P&W) and Connecticut 
Central Railroad Company (CCCL),1 Class III railroads, have 
jointly filed a verified notice of exemption. The exempt transaction is 
a merger of CCCL into P&W.
---------------------------------------------------------------------------

    \1\ CCCL is a wholly owned subsidiary of P&W. CCCL operates in 
the State of Connecticut, and P&W operates in the States of 
Connecticut, Massachusetts, Rhode Island and New York.
---------------------------------------------------------------------------

    The earliest the transaction can be consummated is May 12, 1998, 
the effective date of the exemption (7 days after the notice of 
exemption was filed).
    The proposed merger is intended to provide more efficient service 
to shippers. Moreover, because of P&W's multiple connections to other 
carriers, it can provide customers on CCCL's lines with price and 
source competition not previously enjoyed by them.
    This is a transaction within a corporate family of the type 
specifically exempted from prior review and approval under 49 CFR 
1180.2(d)(3). The parties state that the transaction will not result in 
adverse changes in service levels, significant operational changes, or 
a change in the competitive balance with carriers outside the corporate 
family.
    Under 49 U.S.C. 10502(g), the Board may not use its exemption 
authority to relieve a rail carrier of its statutory obligation to 
protect the interests of its employees. Section 11326(c), however, does 
not provide for labor protection for transactions under sections 11324 
and 11325 that involve only Class III rail carriers. Because this 
transaction involves Class III rail carriers only, the Board, under the 
statute, may not impose labor protective conditions for this 
transaction.
    If the verified notice contains false or misleading information, 
the exemption is void ab initio. Petitions to reopen the proceeding to 
revoke the exemption under 49 U.S.C. 10502(d) may be filed at any time. 
The filing of a petition to reopen will not automatically stay the 
transaction.
    An original and 10 copies of all pleadings, referring to STB 
Finance Docket No. 33592, must be filed with the Surface Transportation 
Board, Office of the Secretary, Case Control Unit, 1925 K Street, N.W., 
Washington, DC 20423-0001. In addition, a copy of each pleading must be 
served on Heidi J. Eddins, Esq., Providence and Worcester Railroad 
Company, 75 Hammond Street, Worcester, MA 01610.
    Board decisions and notices are available on our website at 
``WWW.STB.DOT.GOV.''

    Decided: May 8, 1998.

    By the Board, David M. Konschnik, Director, Office of 
Proceedings.
Vernon A. Williams,
Secretary.
[FR Doc. 98-12819 Filed 5-14-98; 8:45 am]
BILLING CODE 4915-00-P