Berk, in Alternative Track finds a reduction of 27 percent, but lumps the reorganizations before 1893 with those afterwards.

Albro Martin, Railroads and the Equity Receivership, 685-709.

William Z. Ripley, Railroads: Finance and Organization (New York: Longmans, Green, 1915), 402-3.

James W. Ely, Railroads and American Law (Lawrence: Univ. of Kansas Press, 2001), 177-80.

William G. Roy, Socializing Capital: The Rise of the Large industrial Corporation in America(Princeton: Princeton Univ. Press, 1997), 108-9.

Gerald Berk, Alternative Track: The Constitution of American Industrial Order, 1865-1917(Baltimore: Johns Hopkins Univ. Press, 1994), 47, 51-55, 65.

Stuart Daggett, Railroad Reorganization (Boston: New York: Houghton, Mifflin, 1908), 356-57.

Tufano, Business Failure, 20.