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 39 of Locomotive Engineers and Firemen and other em- ployees, has been afforded by an analysis of the dividend disbursements of only fourteen companies during the past fiscal year—a subnormal period of industrial depres- sion. These companies alone were found to have paid dividends in 1914 on fictitious stock issues amounting to $43,167,599. This does not account by any means for all of the excess stock of Western Railroads which are engaged in these proceedings, but only for a number of representative and illustrative cases. A comprehensive estimate would also have to take fictitious bond issues into consideration. If the future outlook were also considered; hundreds of millions of dollars of fictitious capitalization would be discovered which has not as yet received remuneration but which may become a drain 1pon operating revenues. [t will be noted that the claim was made that the net gains secured from the increased productive efficiency of railway engine and train crews, as well as from the invest- ment of new capital, from managerial efficiency, and from government land grants, had been improperly absorbed or dissipated by railroad financial management, and, as a consequence, neither employees, travelers nor shippers had received a fair participation in these productive gains. The overturning of the existing financial structure and man- agement of the railroads was not advocated, but the demand was made for the granting of a just share to em- ployees in revenue gains arising from their increases in productive efficiency before further corporate distribution of funds was permitted. The representatives of the railroads replied to this argu- ment by the counter-claim that decreases in costs of opera- tion had been made possible by increases in capital invest- ment, and improved facilities had lessened rather than increased the physical labors of employees. From this it

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