162 The Stock Market Crash—And After 
increased use of machinery should utimately double 
or triple the real wages and earnings of labor. 
The tragedy of the past has been in the opposition 
of so many misguided labor leaders, who have in- 
sisted on limitation of output and the quantities of 
goods available for wages and profit. The “make 
work” policy of labor, just as the monopolistic re- 
strictions of employers seeking to extort higher 
prices, had kept wages lower than they would other- 
wise be. 
Baltimore & Ohio Plan 
The success of the plan of codperation between 
management and men on the Baltimore & Ohio 
Railroad, backed by organized labor, is particularly 
noted in Recent Economic Changes as typical of the 
increased “tempo” of activities during the past seven 
years. When at the centenary of this railroad in the 
fall of 1927, it ran its “Tom Thumb” locomotive, a 
reproduction of the first one built in America, this 
observance had a special meaning for American or- 
ganized labor. It meant that at the close of its first 
century, the employees of the Baltimore & Ohio 
Railroad had helped contribute to organized Ameri- 
can Industrialism an invention of superior efficiency, 
quite as significant as that of the steam locomotive. 
Daniel Willard, president of the road, testified at 
a meeting of the American Civic Federation to the 
value of this plan, stating that it was “useless for 
the road to spend $250,000,000 on improvements