172 The Stock Market Crash—And After 
Summary 
To sum up: during the past half-dozen years we 
have come definitely into an age of greater codpera- 
tion between Capital and Labor, with the rapid 
growth of plans whereby Labor shares in manage- 
ment, increased efficiency and enhanced health 
through increased wages and participation in group 
insurance. It is generally recognized by employers 
that a very slight decrease in the death rate will save 
scores of thousands of valuable lives. Under sev- 
eral plans medical examinations and health super- 
vision are furnished to the workers at costs that are 
shared equally between employers and employees. 
This bettered relation between Capital and Labor 
has promoted productivity and so helped the long 
bull market reach its new plateau. 
Employers have modified their attitude and preju- 
dices quite as much as have the workers. The more 
progressive employers, like Henry S. Dennison, have 
built up their businesses by means of the codperative 
efforts of their employees. This spirit of liberalism 
is spreading among industrial managers who have 
heretofore stood for autocracy rather than democ- 
racy in industrial management, 
Eugene G. Grace, President of the Bethlehem 
Steel Company, in his 1928 letter on “Prosperity and 
High Wages” recognizes the importance of this 
codperative principle in creating prosperity through 
maintaining the buying power of workers. Mr. 
Grace says: “In the last ten vears a new order has