The new industrial revolution and wages

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Monograph

Identifikator:: 1804651486

URN:: urn:nbn:de:zbw-retromon-193069

Document type:: Monograph

Author:: Lauck, William Jett http://d-nb.info/gnd/173237126

Title:: The new industrial revolution and wages

Place of publication:: New York

Publisher:: Funk & Wagnalls

Year of publication:: 1929

Scope:: ix, 308 S.; graph. Darst.

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter II. Pre-war principles and methods

Collection:: Economics Books

PRE-WAR PRINCIPLES AND METHODS 37 during this period served to absorb and conceal the in- creases in operating revenues, and not only constitute a present drain upon the operating performance of the transportation companies, but will continue in the future to absorb revenue. (c) After the panic of 1893, and the reorganization of a number of Western Railroads which had been forced into the hands of receivers by that financial catastrophe, a tendency toward the consolidation of independent lines into large systems became very pronounced. The move- ment progressed so rapidly that at the present time a comparatively few independent Railroads control the entire Western transportation industry. Of the ninety- eight Railroads engaged in the present Arbitration, prac- tically eighty are controlled by thirteen independent, pro- prietary systems. A few bankers, by their control of the avenues of credit and the market for the sale of securities, by becoming reorganization managers of cer- tain Railroads and forming voting trusts, by acting as fiscal agents, and by the purchase of stock, have finally secured control of the Western Railroad situation. These banking institutions are, in turn, through interlocking directorates and stock ownership, controlled by two dis- tinct financial groups—the Morgan group and the Rocke- feller group. It truly may be said, therefore, the Morgan and Rockefeller interests dominate the entire matter of financial control over the economic interest and advance- ment of locomotive Engineers and Firemen and other employees. This has a two-fold aspect: the potential control of working conditions and compensation. of em- ployees, as well as their general economic welfare and progress, is in the hands of these two groups of affiliated banking interests; and railway presidents are made and unmade by these dominating financial interests, and the fundamental policy required of them is to develop as large an earning power as possible in order to produce market value for securities and to pay dividends on

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