The Manifest

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Every issue, in reverse order. Weekly since April 16, 2026.

Issue 3
UP-NS Merger Filing Lands at STB; $2B CRISI Pot Opens; Texas Border Rail Corridors Multiply

A force older than the railroad — entropy — drives the largest merger filing in a generation, while the regulatory and capital fronts move in parallel.

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Issue 2
UP-NS Merger Filing on Track for April 30, $6.7B in Federal Rail Grants Drop, Amtrak Sues Metro-North Over NextGen Acela Access

Earnings season delivers a clear signal on Class I capital posture; federal grant dollars hit the street; passenger rail fights itself in court.

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Issue 1
Virginia Signs Two-Person Crew Law; Short Lines Seek One-Person Waivers; Shippers Push STB on Rate Transparency

The crew-consist landscape splits in real time — and the divergence between Class I and shortline regulatory posture becomes the operational fault line of 2026.

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