  The gauge invariant loop variable formalism and old covariant formalism for
bosonic open string theory are compared in this paper. It is expected that for
the free theory, after gauge fixing, the loop variable fields can be mapped to
those of the old covariant formalism in bosonic string theory, level by level.
This is verified explicitly for the first two massive levels. It is shown that
(in the critical dimension) the fields, constraints and gauge transformations
can all be mapped from one to the other. Assuming this continues at all levels
one can give general arguments that the tree S-matrix (integrated correlation
functions for on-shell physical fields) is the same in both formalisms and
therefore they describe the same physical theory (at tree level).
