Grundriß der allgemeinen Volkswirtschaftslehre: Verkehr, Handel und Geldwesen. Wert und Preis. Kapital und Arbeit. Einkommen. Krisen, Klassenkämpfe, Handelspolitik. Historische Gesamtentwickelung

The new industrial revolution and wages

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Multivolume work

Identifikator:: 1887156356

Document type:: Multivolume work

Author:: Schmoller, Gustav von http://d-nb.info/gnd/118609378

Title:: Grundriß der allgemeinen Volkswirtschaftslehre

Place of publication:: Berlin [u.a.]

Publisher:: Duncker & Humblot

Year of publication:: 1900-

Collection:: Economics Books

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Volume

Identifikator:: 1887256288

URN:: urn:nbn:de:zbw-retromon-242253

Document type:: Volume

Author:: Schmoller, Gustav von http://d-nb.info/gnd/118609378

Title:: Verkehr, Handel und Geldwesen. Wert und Preis. Kapital und Arbeit. Einkommen. Krisen, Klassenkämpfe, Handelspolitik. Historische Gesamtentwickelung

Volume count:: 2.1904

Place of publication:: Berlin [u.a.]

Publisher:: Duncker & Humblot

Year of publication:: 1904

Scope:: X, 719 S.

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Multivolume work

Structure type:: Chapter

Title:: Drittes Buch. Der gesellschaftliche Prozeß des Güterumlaufes und der Einkommensverteilung

Collection:: Economics Books

182 INDUSTRIAL REVOLUTION AND WAGES distributed as bonuses to the underwriting syndicates or to the holders of securities. 2. Railroad debts as a rule were not paid. Old obligations were refunded into new issues, and fixed charges accumu- lated and increased. 3. Proper reserves for depreciation of property and equip- ment were not set aside from current earnings. 4. As the costs of materials and supplies advanced, the net income of the railroads declined. You are familiar with that situation. Prior to the war, with these requirements as to fixed charges and as to the payment of securities which had been issued in an unwar- ranted way, with the costs of operation and materials and supplies advancing, the net income of the railroads constantly declined. 5. As the result of this situation, the margin of safety of railway net income over fixed charges was so reduced that railroad securities could not be sold, and railway credit was impaired. The attempt was made to have freight rates ad- vanced, but the increases were not sufficient to offset the tendencies which had been developing for a number of years. 6. The final outcome of the financial management of the railroads prior to the war came in 1917, when the entire in- dustry collapsed because of the unusual pressure placed upon it. Operating and mechanical officials, because of the absorption of earnings arising from financial mismanagement, had been forced to defer much-needed improvements on ac- count of a lack of funds or credit, and had been compelled to permit the physical deterioration of the equipment and prop- erties of the railway companies. As a consequence, the trans- portation industry was unable to withstand the unusual strain which our entrance into the war imposed upon it. 7. Altho the employees were debarred from a fair partici- pation in earnings, labor costs of operation steadily declined up to 1914. Despite the physical exploitation of the railroad properties by those in financial control, labor and other costs were kept at a low level by the efforts of operating and me-

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