I. Origin of the split inventory. — Definition, 493.—The splitting date, 494. — Built-up value, 494. — Relation to pre-war valuation procedure, 495. — Objects of war-time valuation, 497. — Other war-time methods of valuation, 497. — Superiority of the split inventory, 498. — II. Development of the split inventory. — Early use of this method, 499. — Brooklyn Borough Gas case, 500. — The split inventory in the District of Columbia, 502. — The split inventory in Wisconsin, 506. — The Ashland decision, 508. — The end of the split inventory, 509. — III. The Interstate Commerce Commission and the split inventory. — The Commission's policy, 510. — The Transportation Act of 1920, 511. — The O'Fallon valuation, 512. — The source of the Commission's policy, 512. — IV. The split inventory in the Supreme Court. — The Galveston case, 513. — The Georgia case, 514. — The OTallon case, 515. — V. The split inventory in the future. — Its relation to prudent investment, 517. — Present conditions are favorable, 519. — The attitude of utilities, 520. — The attitude of the courts, 521.

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

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