s," pages 465-6,
476.

[42] See W. C. Mitchell, "Gold, Prices, and Wages under the
Greenback Standard," page 10.

[43] See W. C. Mitchell, "Business Cycles," page 132, Chart
13. See also F. W. Taussig, "Results of Recent
Investigations on Prices in the U. S.," in _Yale Review_,
Nov., 1893.

[44] Mitchell writes with reference to the 1890-1910 period
that "on examining the figures for separate industries, one
finds there is less variety of fluctuation than in commodity
markets. But still considerable differences appear between,
say, cotton mills and foundries, or building trades and shoe
factories. However, no industry escaped a reduction of wages
after 1893, and none failed to register a large advance
between 1894 and 1907," page 132, "Business Cycles." See
also for 1914-1919 data, Research Report Number 20 of the
National Industrial Conference Board on "War Time Increases
of Wages."

[45] W. C. Mitchell, "Business Cycles," pages 468-9.

[46] W. C. Mitchell, "Business Cycles," page 483. The
increased cost of labor arises from many causes besides the
increase of wages. The less efficient workers receive fuller
employment; extra rates are paid for "the tired labor of
overtime"; there is likely to be an increase in the rate of
labor turnover due to the rapidity of wage movements and the
ease of getting a job; and lastly it is said that work is
carried out with less energy when the workmen are secure in
their employment. Mitchell goes so far as to write that
"labor is a highly changeable commodity--its quality
deteriorates as its price rises" (pages 476-7), "Business
Cycles." See also J. C. Stamp, "The Effect of Trade
Fluctuations on Profits," _Journal of the Royal Statistical
Society_, July, 1918.

[47] See Research Report No. 20, National Industrial
Conference Board, "Wartime Changes in Prices." See also the
controversy between the railways and railwaymen arising from
the difference described by J. N. Stockett, Jr., "Arbitral
Determination of Railway Wages," pages 107-8: "In
determining the increase in railway wages for the purpose of
ascertaining whether wages have kept pace with increasing
prices the question arises as to whether wages mean earnings
or rates. The railways maintain that the cost of living
argument is fundamentally directed to the establishment of
the proposition that earnings have not kept pace with the
increase in the price of commodities, and therefore wages,
in connection with the cost