Word: rail
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Dates: during 1970-1979
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...Rail Revival...
...ailing railroads of the U.S. Northeast sometimes seem to come along more regularly than the trains that run on them. But the one that emerged from Washington last week could well become a reality. Drafted by the U.S. Railway Association, a federal agency created last January by the Regional Rail Reorganization Act, it would perform costly and radical surgery on the deteriorating rail system that stretches over 17 states in the Northeast and Midwest...
Faster Service. The Railway Association promises that its long-awaited plan would transform what it calls "a transportation disaster unparalleled in the nation's history" into a self-sufficient system within this decade. Under the plan, a private but federally backed company called Consolidated Rail Corp. (Conrail) would carry out the largest corporate reorganization in history: it would take over and consolidate the operations of the bankrupt Penn Central and six other troubled roads. Conrail would lop off about 30% of the combined roads' rail network, unless affected states could come up with 30% of the required subsidies...
...tunnel was estimated at $2 billion. Today the figure has risen to more than $4.5 billion. Although the construction was being financed by private French and British consortiums, the two governments had agreed to guarantee all loans obtained by the two tunnel companies. Moreover, a high-speed rail connection between the tunnel and London would have cost Britain $885 million. For a nation struggling with a 19% inflation, the project started to look like a fiscal albatross...
Mishra, in fact, was easily the most unpopular man in the Indian government-not only because of the corruption charges, but also because he had successfully used strong-arm measures last year in breaking a national rail strike. At week's end, a crowd of government employees in New Delhi initially refused to express formal grief at the news of Mishra's death. Only after the main speaker, Jayaprakash Narayan himself, remonstrated with the group and declared that "no sane person can tolerate" such acts of terrorism did the audience reluctantly support the traditional resolution of condolence...