Conrail, the freight railroad sold by the government last year, has significant safety problems and faces up to $2 million in fines stemming from a highly critical safety study, the Federal Railroad Administration said. The FRA said in the 800-page assessment that Conrail under-reported injuries and incidents, and that the railroad's "well-conceived safety programs are not being adequately implemented." The problems are not serious enough to shut the railroad down, FRA Administrator John Riley said. The report said many of the problems stemmed from the failure of upper-level Conrail management to provide enough guidance on safety matters to employees. In a statement from its Philadelphia headquarters, Conrail said it was reviewing the report.