Word: railroads
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Dates: during 1980-1989
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Foreign bonds are riskier because it is difficult to force payment or arrange settlements. The Wall Street firm Carl Marks & Co. is still fighting a class-action suit against the People's Republic of China to recover losses from Hukuang Railroad bonds issued by the imperial Chinese government in 1911. Last year a U.S. district court in Alabama ordered China to cough up to U.S. bondholders the unpaid principal plus the interest that has been mounting at 5% annually, a total of $41.3 million. Marks also has two suits against the Soviet Union involving $75 million in dollar-denominated...
Even if the court actions fail, some of the paper still has value. A Hukuang Railroad bond for 20 gold pounds ($96) that is in good condition is worth from $50 to $100 as a collector's item...
...city of Itoigawa we caught a primitive local that followed the Fossa Magna, that grand cleft dividing interior Japan, up into the Hida range. The train chugged upcountry, passing through hot-spring villages where station names were no longer in Roman letters, passing the jade mines at Kotaki. The railroad paralleled the Himekawa, a river that seemed to flow granite, so stony and gray...
...restaurant can cost around $10; a first-class double room in Vienna with bath and breakfast costs about $100, but is not even half as much in the provinces. The Austrians have developed a variety of "hobby vacations," ranging from a course in engine driving on a narrow-gauge railroad to auto racing with formula Fords. Village festivals include Tyrolean wrestling matches, boatmen's jousting on the Salzach River, and the special day when the cattle are driven down for the winter from the high Alpine pastures. The festivities are invariably accompanied by the oompah of local brass bands...
...resources. Since the mid-1970s, huge new deposits of iron, manganese, nickel, copper, bauxite and gold have been discovered deep in the Amazon basin. To exploit this mineral wealth, the Brazilians have launched a mammoth development scheme, called the Carajas Project, that includes dozens of mines, a 550-mile railroad and a giant dam on an arm of the Amazon, all to be completed by 1990. The cost will be staggering: $61 billion. But the eventual income from the project, estimated at $14.6 billion annually, may be worth the initial expense...