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The two terms are completely interchangeable in U.S. practice. In Canada, railway is the more common name for the corporate title. U.S. corporate titles often switched from one to the other to differentiate a company post-reorganization without having to change what the common (that is, public) name. At present, most Class Is in the U.S. are railways, but that's just coincidence. <br /> <br />There are only three corporate titles that are "Rail Road" (two words) that I'm aware of: Long Island, Indiana, and Strasburg. Undoubtedly there are others.
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