Transmission across the septal junctions of the segmented giant axons of crayfish is accounted for quantitatively by a simple equivalent circuit. The septal membranes are passive, resistive components and transmission is ephaptic, by the electrotonic spread of the action current of the pre-septal spike. The electrotonic spread appears as a septal potential, considerably smaller than the pre-septal spike, but usually still large enough to initiate a new spike in the post-septal segments. The septal membranes do not exhibit rectification, at least over a range of +/- 25 mv polarization and this accounts for their capacity for bidirectional transmission. The commissural branches, which are put forth by each lateral axon, make functional connections between the two axons. Transmission across these junctions can also be bidirectional and is probably also ephaptic. Under various conditions, the ladder-like network of cross-connections formed by the commissural junctions can give rise to circus propagation of impulses from one axon to the other. This can give rise to reverberatory activity of both axons at frequencies as high as 400/sec.