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Rh menace to the existing capitalist institution is past may be gathered from the following statement from a speech delivered before the Quill Club of New York by Mr. Paul Morton, President of the Equitable Life Insurance Company:

"The real object of a labor union should be the true and ultimate welfare of labor, of the employer, and of the country in which it does business. I am a great believer in organized labor, but it is a big mistake to misdirect itself by attempting to bring a good man down to the level of a poor man. Its aim should be to encourage the man who wants to work and who is efficient, and to undertake to educate the inferior man to become as good as the best and thereby increase the production of its organization as a whole. Personally, I think it should stand for and not discourage piecework. Organized labor and organized capital should both stand for efficiency and do everything possible to create wealth. I am sure there is no sensible man who will not entirely approve of a labor organization which has efficiency as one of its chief reasons for existing. Without co-operation between labor and capital we cannot meet the competition of the world."—Outlook, January 7th, 1911.

As a commentary on the above the following extract from the speech of Warren S. Stone, Grand Chief of the International Brotherhood of Locomotive Engineers, is interesting. The speech was made at the last meeting of the Civic Federation on January 12th, 1911:

"Let me warn those who are attacking labor unions that they are attacking the greatest bulwark standing today between property rights and a wave of anarchy like that of the bloody commune which will sweep over the land if the radical spirits get control of American labor."—New York Call, January 13, 1911.

When the greater capitalist finds approval for the craft union it is obvious that the latter can no longer be regarded as a very serious protagonist of labor.