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                                                                   Exhibit 99(3)


Interpool, Inc. Contact:                    RAOUL J. WITTEVEEN, PRESIDENT
                                            (212) 916-3264

Atlas Capital Partners LLC Contact:         MITCHELL I. GORDON, PRESIDENT
                                            (212) 916-3284

                                    NEWS FOR IMMEDIATE RELEASE


              INTERPOOL, INC. ANNOUNCES PARTICIPATION IN MERGER AND
             RECAPITALIZATION OF XTRA CORPORATION FOR $1.9 BILLION



NEW YORK, NY, June 19, 1998 -- Interpool, Inc. ("Interpool") (NYSE: IPX)
announced today that it has joined with Apollo Management IV, L.P. ("Apollo") in
entering into a definitive merger agreement providing for the recapitalization
of XTRA Corporation (NYSE: XTR) ("XTRA"). The recapitalization will be effected
by a merger of XTRA with a newly formed limited liability company that is wholly
owned by Interpool and Apollo. Interpool will make its investment through its
affiliate, Atlas Capital Partners LLC ("Atlas").

Under the terms of the agreement, at the effective time of the merger, each
share of XTRA may, at the election of its holder, be exchanged for either $65.00
in cash or a retained interest in XTRA equal to one share for every share
elected, subject to proration, so that no more than 500,000 shares of common
stock of XTRA are retained by existing holders.

The total value of the transaction, including equity and debt, is approximately
$1.9 billion. After the merger, XTRA will be capitalized with $325 million in
equity, of which $73.1 million will be provided by Interpool, representing a
22.5% interest in XTRA. Apollo will invest $219.4 million, representing a 67.5%
interest in the Company. The retained interest held by existing shareholders of
XTRA will represent $32.5 million. Chase Manhattan Corporation and Credit Suisse
First Boston have signed commitment letters to provide the debt financing
necessary for the recapitalization.
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INTERPOOL, INC.                     6/19/98                              PAGE 2


It is expected that following the merger and recapitalization, Interpool
(through Atlas) and Apollo will own approximately 90% of XTRA and the existing
shareholders will own the remaining 10%. The merger, which is expected to be
consummated later this year, is subject to customary conditions including the
approval of XTRA stockholders, the availability of the contemplated financing
and the expiration of Hart-Scott-Rodino waiting periods.

Stockholders owning approximately 44% of the outstanding shares of XTRA have
agreed to vote in favor of the merger and recapitalization.

Interpool is one of the world's leading lessors of cargo containers used in
international trade and is the second largest lessor of intermodal container
chassis in the United States. Founded in 1968, Interpool leases its containers
and chassis to over 200 customers on a worldwide basis. Interpool recently
acquired a 50% interest in Container Applications International, Inc. ("CAI").
CAI is one of the world's leading managers of container assets.

XTRA is a leading lessor, primarily on an operating basis, of freight
transportation equipment, including over-the-road trailers, marine containers,
intermodal trailers, chassis and domestic containers. XTRA leases over-the-road
and intermodal equipment throughout North America, predominantly within the
United States, to contract and common carriers, railroads and private fleet
owners. In addition, XTRA leases marine containers worldwide to steamship lines
and is a major lessor of intermodal containers and chassis.

Martin Tuchman, Chairman of Interpool, remarked: "XTRA is one of the
best-positioned transportation equipment leasing companies in the United States.
We are extremely pleased to have the opportunity to invest in XTRA. Interpool's
and Apollo's successful track records, coupled with XTRA's superb market
position, add up to a winning combination. We look forward to growing our
businesses and continuing to be a leading force in the transportation equipment
leasing industry."


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