CHAPTER X 
LABOR’S COOPERATIVE POLICY 
ANYTHING which increases the nation’s produc- 
tivity will tend to be reflected in a bull market. 
A reason for rising stock prices closely associated 
with the growth of management engineering, dis- 
cussed in the last chapter, is that of the new policy 
of the labor unions. This new policy is increasingly 
sympathetic with management and has largely re- 
nounced the policy of limitation of output. There- 
fore it has contributed to increasing production, 
which is reflected, among other ways, in increased 
dividend earnings of common stock. The record of 
greatly reduced strikes and labor disputes during the 
years since 1922 speaks eloquently of one powerful 
factor of the long rise of the stock price level. 
In his address on “Modern Trade Unionism” be- 
fore the Harvard Union (published by the American 
Federation of Labor. Washington, D. C., 1925) 
William Green, President of the American Federa- 
tion of Labor, said: 
“The Trade Union movement has been passing 
through that period when physical controversies and 
the tactics of force were most effective; it is now in a 
period when its leaders must seek the conference 
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