Yes, we hear and read it, too: Rail traffic's down, railroad revenue declined last quarter ... and last year. We also hear this: Rail is a healthy industry. Pricing is strong and operating ratios are really, really good, as independent transportation industry analyst Tony Hatch notes in his top 10 takeaways from railroad Q4 earnings, which we posted last week. Tony poses and answers the "how full is the glass?" question in context. Something of a spoiler alert: He sees some better days ahead in rail country. Read his whys and wherefores here.