172 The Stock Market Crash—And After

Summary

To sum up: during the past half-dozen years we
have come definitely into an age of greater codperation
 between Capital and Labor, with the rapid
growth of plans whereby Labor shares in management,
 increased efficiency and enhanced health
through increased wages and participation in group
insurance. It is generally recognized by employers
that a very slight decrease in the death rate will save
scores of thousands of valuable lives. Under several
 plans medical examinations and health supervision
 are furnished to the workers at costs that are
shared equally between employers and employees.
This bettered relation between Capital and Labor
has promoted productivity and so helped the long
bull market reach its new plateau.
Employers have modified their attitude and prejudices
 quite as much as have the workers. The more
progressive employers, like Henry S. Dennison, have
built up their businesses by means of the codperative
efforts of their employees. This spirit of liberalism
is spreading among industrial managers who have
heretofore stood for autocracy rather than democracy
 in industrial management,
Eugene G. Grace, President of the Bethlehem
Steel Company, in his 1928 letter on “Prosperity and
High Wages” recognizes the importance of this
codperative principle in creating prosperity through
maintaining the buying power of workers. Mr.
Grace says: “In the last ten vears a new order has