THE FIRST SECTION OF THIS PAPER GIVES A CAPSULE OUTLINE OF THE ANTECEDENTS OF THE GUN CONTROL ACT - PRIOR FEDERAL LAWS REGULATING FIREARMS TRAFFIC AND SOME OF THE LEGISLATIVE PROPOSALS THAT AFFECTED THE SHAPE OF THE 1968 LAW. PART II BRIEFLY ANALYZES THE ACT ITSELF, SHOWING HOW PRIOR FEDERAL LAW WAS ALTERED AND HOW THE ALTERATIONS WERE THOUGHT TO SERVE REGULATORY ENDS. PART III PRESENTS DATA ON THE IMPACT OF THE LAW, FOCUSING ON THE SO-CALLED 'SATURDAY NIGHT SPECIAL' BAN AND THE EFFORT TO AID STATE AND LOCAL GUN CONTROL EFFECTS BY REDUCING THE FLOW OF FIREARMS FROM LOOSE-CONTROL TO TIGHT-CONTROL STATES. PART IV DISUCSSES SOME OF THE BROADER IMPLICATIONS OF THE STUDY. (AUTHOR ABSTRACT)