Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-09-10
Labor Chief Says New Forms
of Relationship Are
Necessary.


co. 'nu"d From First FaCn.)
forms Of Industrial life demanded nov
principles
Power as used today in rroa, FAC
tories enables employers % have a,
their command productive force
many times greater than the num-
Der OF men employed. Because great
masses ~ machinery COS, much
money. tn" mon"y.lendcr has be
come most importsn. factor. Tho
monnN-lendsr is clden Times was
rather a small rEurs, in the indus
trial world. though power in tho
polltica! world Today no has hc
come tho investor in stocks and
tonds and 10y dccrces he has come
It. be the most potent and powerful
heurc IN determining Industrial poi
icies Had the change come sud
denly 10 should realize and appre-
c'ats ~" score ofaris power much
more than No DO after slow and
gradual evolutionary process.
When bankruptcies occur the 20.
oeivershio takes charge and orer-
ht%s the olant or business in the
interest Or tho investors and the
creaifors-in 'ho interest Of finance.
That. as well as anything. shows
the Importance that attaches 70 great
ilnanclal power in modern 'rdurtrv.
Money accumula-es through rroe,
In one FORM or another. ana is passed
along BY inheritance Investors, IA
they are called seek always 10 In
vest so as 10 secure tho hirhes. rat.
OF return. seldom. II ever. do .hev
seek 10 invest FOR tho purpose 81 PRO.
cucinG the greatest amount ~ ser
vice
An rnfcclInx Code.
Finance IN industry has. 10 all
!Htents and purposes. been sat IN
as power distict from tho rower
OF human effort. Those who in
vest rroa; sums OF money have
sought 10 weave about finance set
OF standards and principles idon-
fiiN-se separate aud different from the
standards and principles applying to
human beings. Few persons would
ne willing personally to compel the
starvation OF other persons. yct IL
nance may cause that starvation
without bringing condemnation anon
those who possess the financial
power Investments finance may
be so manipulated rs TO cause rroat
misery To large numbers and there
Is code Of ethics To sanction this
conduct. Corporations arc set IN as
persons OF an entirely impcrsonal or
nonhuman character. yct having NOR.
rights and powers than human he-
inGs; and those financial corporations
may conduct themselves as no human
bong would dare TO. because Of these
SEPARATE codes OF ethics and stand
ards.
The Demand far Dividends.
The power hrourh; to human as.
-'hr"uGh steam and electricity ana
machinery is dominated nv high IL
nance High finance. seeking tho
niEh"Si rat" OF return. socks ever to
determine policies Of conduct for tho
establishments in which il is Invested
Ranking houses In wall street duini-
nate and even olcct tho boards Of iii
rectors ot great industrial and trans
portatior establl shmonLs these i'm
.1urn select managers to suit the bank
Ing control. and .h%se IN turn are
compelled 10 set ~ policies Ia suit,
the banking control Labor policies
I are among the most Important poli-
Tcies IN industry. Labor policies set
up 10 suit = banking control which is
intent primarily upon tho rates uf in
,t-rest ami dividends. aud which must
Nhavc interest aud dfyii.nds. frcqicnt-
~, on watcr"d stock and a pyramid
of hond issues, must he made IN VIC
iauon ~ TIN" hest interests 81 tho.
muititud" of workers and the masses
OF the people. and as often as pos
s!hlc without their consent
There "" arrive at tho roo, Of
today's important Industrial contro-
Nnrsies, particularly true In tho rail-
road, mining and textile controvcr
sies Inert CAPITAL has heon seeking
10 Impose It's impHrious demand FOR
divSicnds upon the living multitude 81
human beings who do tho work ana
consume the produrt
Service BEFORE Front.
The essontia! thing ia to reverse
Proh, today Is 'i1laGSd first and scr
vice second. Scrv!c. must he made
paramount and proht must follow as
a result OF service. Human needs OF
workers may then he considered Of
primary Importance IN the determi-
nation o. labor pollctes. management,
viii h- freed ~ It's creates, burden.
and cooperation for ever-incrcasing
ana ever-im1rovinG production Will
be possible TO tho fullest degree
Labor looks for that time, and strives
ardently TO speed It's coming
Considering. as No have been.
the relation ~ todsy's labor rroh-
lem" 70 causes and remedies there
are many ih'urS % tax" into account
The dominant. Immediate root caisc
81 the occurring Industrial disputes or
naEnitut" Is Tho domination OF in
dustry hy h'ch Anauc"
There are many collateral dlHicul-
ties There ere many qualifications
No the genera! state ~ affairs com
ing under tho general heading 81 in
dusirsl discomfort and Industrial
dispute"
New Relationship Srccn.nry.
Development OF modern INDUSTRY