19 October 2004 CPR and Teamsters Canada Rail Conference Reach Agreement in Principle on Contract for Train Crew Employees Canadian Pacific Railway (TSX/NYSE: CP) and the Teamsters Canada Rail Conference announced today that they have reached agreement in principle to renew collective agreements governing approximately 4,500 employees who operate trains.   The four-year agreement provides for wage, pension, benefits, work rule and productivity improvements.   "This is a well balanced agreement that will provide value for our employees and shareholders", Rob Ritchie, President and Chief Executive Officer of CPR, said.   George Hucker, Vice-President and National Legislative Representative with the Teamsters, said the agreement is the first secured with CPR since the Teamsters gained bargaining rights last year. "We are pleased to see the successful conclusion of this negotiation", Mr. Hucker said.   Ratification results will be determined over the next few months.