This volume is a presentation of the doctrinal and practical aspects of the problem of judicial control over administrative boards and commissions. For the purpose of example and to present a stereoscopic view of the development of administrative justice in the United States, the two preeminent and independent commissions of the Federal government charged with the regulation of trade and transportation are treated in some detail. Separate chapters are devoted to the Interstate Commerce Commission from its inception in 1889 and to the Federal Trade Commission from its beginnings in 1914, with particular reference to the relations of these commissions to the courts during the decade from 1920 to 1930 in order to disclose the nature of the judicial control and the measure of authority allowed the administrative bodies.

Primarily this volume may be considered to be a financial history of the post-war decade, or at least a history of those financial forces which influence the course of the bond market. It studies movements in the bond market as part of the general economic mechanism, a point of view which involves consideration of Federal Reserve policy, the course of business activity, gold movements, the short-term money market, the stock market, and Treasury policy. Furthermore, it takes into account certain other elements that were important at particular times, such as the position of the United States on international accounts, the relations of the Federal Reserve Board and the Federal Reserve Bank of New York, and the psychological temper of the financial world. The movements of prices of first and second grade bonds and the changes in the volume of different kinds of new bond issues, such as refunding issues and corporate, foreign, municipal, and Federal government issues, are studied in detail.