reached, the author can only refer them to the rec-
ords made both before committees of Congress and
the Interstate Commerce Commission. The author's
study has forced him to the opinion that the results
of consolidation will be quite different from what
has been expected and on the whole rather disap-
pointing.

The author wishes to express deepest appreciation
for the unfailing courtesies and helpfulness of Mr.
Thomas P. Healy, Attorney Examiner for the In-
terstate Commerce Commission, and of Honorable
John E. Benton, General Solicitor for the National
Association of Railroad and Public Utilities Com-
missioners. Through their gracious coöperation it
was possible to make an examination of the volumi-
nous record and the many exhibits submitted during
the hearings. Acknowledgment is also made of the
helpfulness of Mr. John C. White, a young instructor
in economics in the University of Texas; of Miss
Tyler Lee Knight, a student in the University of
Texas, who has verified references, and of Miss
Faith Adams, who has read the proof.

WALTER M. W. SPLAWN.

Austin, Texas, October 6, 1924.

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