I. Introduction, 462. — Failure of railroad regulation to accomplish the larger and ultimate object of regulation, 463. — The present problems of terminal regulation, 464. — The six categories of regulation, 465. —II. Analysis of Interstate Commerce Commission's Policy, 465.—The obligations of a rail carrier to perform switching services, 466. — The obligations of a carrier to build switch connections and to charge demurrage established, 471. — The obligations of a carrier to absorb terminal charges in certain traffic not effectively controlled in the absence of separation of terminal and Une haul charges, 474. — The obligations of a carrier to permit joint use of its terminal facilities not successfully established, 480. — The legality of terminal associations established, 483. — III. Conclusion: The Strength of the Interstate Commerce Commission's Policy, 484. — The conservative interpretation of the provisions for joint use of facilities, 486. — Unsatisfactory control of terminal charges, 486. — Need of a practical policy which conforms to recent conceptions of public interest, 490