Fanny Kemble’s Train Trip

Frances Anne Kemble was a British actress who achieved considerable fame subsequent to her 1829 appearance in a production of Romeo and Juliet. I recently ran across her description of an experience she had in 1830, when she became one of the first people to ride on the newly-constructed London & Manchester railway line. Railway travel was then as exotic as space travel is now…arguably more so. Fannie’s escort for the trip was none other than George Stephenson, the self-taught engineer who had been the driving force behind the line’s construction.

She was impressed with the experience of railroad travel (“You can’t imagine how strange it seemed to be journeying on thus, without any visible cause of progress other than the magical machine, with its flying white breath and rhythmical, unvarying pace, between these rocky walls, which are already clothed with moss and ferns and grasses”) and with Stephenson (“the master of all these marvels, with whom I am most horribly in love”) She offers an interesting analysis of the roles of government vs the private sector in the creation of this railroad (“The Liverpool merchants, whose far-sighted self-interest prompted them to wise liberality, had accepted the risk of George Stephenson’s magnificent experiment, which the committee of inquiry of the House of Commons had rejected for the government. These men, of less intellectual culture than the Parliament members, had the adventurous imagination proper to great speculators, which is the poetry of the counting-house and wharf, and were better able to receive the enthusiastic infection of the great projector’s sanguine hope than the Westminster committee.”) The relevant section of her memoir is here.

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The Global War Against Israel, Now in Oakland

A coalition of leftists and Islamists blocked access to piers in Oakland which had been designated for offloading of a container ship owned by the Israeli firm Zim Lines. The local longshoremen refused to cross the “picket line” and perform their job of unloading the vessel. There was nothing particularly controversial about the ship’s cargo: this was clearly an economic action directed at the entire country of Israel.

Follow the link above to learn the identities of the organizations involved in this–organizations that the San Francisco Chronicle referred to as “peace and labor groups.”

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Truck Drivers and Capacity Estimates

This article suggests that the trucking industry may soon face a serious driver shortage…that although capacity to handle increased freight may appear to be there based on the number of trucks available, it isn’t really, because there is no one to drive them. Some laid-off drivers have certainly gone on to doing other things, and federal regulations for the qualifications of commercial drivers have become more stringent.

This is interesting to me as a railroad investor since it suggests an additional factor helping to move long-haul freight from road to rail. More generally, though, it points to limitations in the accuracy of capacity estimates for the overall economy. When economists look at the available capacity of the trucking industry, as part of their capacity estimates for the overall economy, I doubt that they are looking at the impact of prospective driver shortages. This kind of thing matters, because these capacity estimates are used to project the potential for future economy-wide price increases.

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So Long, LORAN

On Monday at 2000 GMT, the U.S. Coast Guard terminated the transmission of the LORAN-C radionavigation signal, marking the end of a system which has been an important factor in maritime navigation (and, to a lesser extent, air navigation) for more than half a century. The termination of LORAN was based on budget considerations and on the conclusion that LORAN’s functions have been supplanted by GPS. I’m not totally sure that this was a good decision.

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