The Expense Study by Size of Risk [Discussion]

The expense study by size of risk undertaken by 13 stock and 5 mutual companies was one of the most significant and large-scale investigations into expenses undertaken in recent years. As such it deserves the most careful review and analysis by those concerned with the measurement of expense elements on a more scientific basis. A comprehensive outline of the historical background, methods used, and results such as Mr. McConnell has prepared is extremely valuable for study. The complete documentation with associated reports provides a convenient reference for considering this entire question and contributes importantly to the value of the presentation.