Introduction, 567. — Drifting during strict neutrality, 569. — The free registry law of 1914, 569. — A period of uncertainty, 571. — The Shipping Act of 1916, 571. — Organization of the United States Shipping Board, 573. — Formation of the Emergency Fleet Corporation, 577. — Accomplishments during the war emergency, 579. — Reorganization under the Urgent Deficiencies Appropriation Act, 579. — The shipbuilding program, 581. — Accessions of tonnage from other sources, 584. — Government control of merchant shipping, 588. — Problems since the signing of the armistice, 592. — Liquidating the government's war program, 592. — Formulating the government's peace-time policy, 596. — Underlying factors of the present shipping situation, 598. — The immediate future an experiment in government administration, 605.

I. Introduction: review of 1916–17, 313. — II. The events of 1918–19, 314. — Federal Trade Commission's award, 315. — Commission's supplemental award, approved by Circuit Court, 316. — III. Character of evidence, 317. — IV. Cost of manufacture, 318. — V. Investment, 322. — VI. Rate of profit on investment, 325. — VII. Results of Price Fixing, 326. — Difference in the awards of the Commission and Circuit Judges, 327. — Victory for Manufacturers, 328. — Conclusion, 328.