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On April 8, New York Regional Rail Corp. (NYRR) announced investor Transit Rail L.L.C. purchased an additional $250,000 in company stock. In February, Transit Rail acquired 500 shares for $500,000.

The holding company plans to use the proceeds to help fund improvements to New York Cross Harbor Railroad's track, bridges and barges. The first phase of the project is scheduled to be completed by May 1.

"[The] capital improvement initiative is intended to improve reliability and service," said NYRR President Wayne Eastman in a prepared statement.

The company also plans to spend $120,000 to purchase two locomotives New York Cross Harbor now leases. NYRR already paid $60,000; the remainder is due by August.

"Approximately $83,000 of accounts payable as of Dec. 31, 2003, for engine rental will be forgiven," said Eastman.

NYRR owns and operates New York Cross Harbor — the harbor's only rail-float barge operation — and trucking firm JST.