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 insisted
 on limitation of output and the quantities of
goods available for wages and profit. The “make
work” policy of labor, just as the monopolistic restrictions
 of employers seeking to extort higher
prices, had kept wages lower than they would otherwise
 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 organized
 labor. It meant that at the close of its first
century, the employees of the Baltimore & Ohio
Railroad had helped contribute to organized American
 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