CHAPTER IX 
INDUSTRIAL MANAGEMENT 
ANOTHER potent reason for the long bull market 
since 1922 is closely affiliated with that of scientific 
research and invention emphasized in the last chap- 
ter. This added reason is industrial management. 
Frederick Taylor is coming into his own today. 
Taylor, like other pioneers and inventors of the past, 
was not appreciated during his lifetime. He died 
of a broken heart, especially because the laboring 
men, the men he was trying most to help, regarded 
industrial management and stop-watches as a means 
of further “exploitation.” 
Under other names Taylor's methods and ideals, 
as developed by H. L. Gantt, Morris L. Cooke, 
Wallace Clark, Henry S. Dennison, the Gilbreths, 
and others, are coming into effect. President 
Hoover has had his Committee on the Elimination 
of Waste. We also recognize management engineer- 
ing in what is called “mass production.” Big busi- 
ness is coming to be not only tolerated but appre- 
ciated. The “Fordizing” of business is nearly syn- 
onymous with developed management engineering. 
Data pertaining to business management, obtained 
by the experts of the National Bureau of Economic 
142