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Earlier this year, Federated Financial Corp. of America Inc. created Federated Railways Inc., a wholly owned subsidiary that aims to serve regional and national transit-rail agencies’ capital needs for new and used passenger cars and locomotives.

In early 2004, the company purchased 51 passenger cars, which are expected to be delivered in late 2004 and early 2005. Federated Railways officials are considering whether to place three additional car orders, and acquire railroad maintenance and consulting companies.

The company plans to offer short- and long-term passenger-car leasing programs, and consulting services for passenger-car acquisitions, component specifications, fleet sizing and passenger-car maintenance programs.