1 July 2004 CPR, Norfolk to Share Track, Freight, Yards Canadian Pacific Railway Ltd. (CPR) has signed a series of deals with U.S.-based Norfolk Southern Railway Corp. (NSR) that will see the railways share tracks, freight haulage and yard services across their U.S. Northeast operations.   The agreements follow a restructuring plan announced a year ago by CPR, a unit of Canadian Pacific Ltd.   Their aim was to increase freight volumes and profit while at the same time reducing costs, the Calgary-based company said.   "This agreement with NSR opens up a new opportunity to move our northeastern U.S. franchise into a position of profitability," CPR president and chief executive officer Rob Ritchie said in a statement.   The deal - described by the companies as a "memorandum of understanding - will result in CPR closing its yard operations in Buffalo and shifting all freight marshalling to the Norfolk Southern yard there.   And NSR will be able to shift its yard operations from Binghamton, N.Y., to CPR's yard in East Binghamton.   Both companies will haul each other's freight on certain routes. That will allow CPR to garner higher revenue and, and in turn provide NSR with a shorter route to Quebec and the Maritime provinces.   Financial terms of the deal were not disclosed.   "On first look, this appears to be a positive move for CP Railway to boost profitability in its eastern operations down into the US northeast and Midwest... The question is, how much of CP Railway's revenues will be impacted by these operations?" Robert Fay, an analyst at Canaccord Capital Corp. in Toronto, said in a research note to clients.   He said shareholders may also be viewing the deals as "a precursor to a sale or merger" of CPR's eastern operations with NSR, noting that while CPR doesn't disclose precise financials for its regional divisions.   Its eastern operations are less profitable because of lower volumes and intense competition with the trucking industry and Canadian National Railway Co.   CPR shares closed down 16 cents at $32.75 yesterday on the Toronto Stock Exchange.