Life, 1912-11-28 · page 18 of 44
Life — November 28, 1912 — page 18: what you’re looking at
What you’re looking at
This page critiques railroad industry inequality through commentary on railroad magnate **H.B.F. Yoakum's** claims in *World's Work* magazine. **The Argument:** Yoakum argued railroads deserved special consideration because they paid $1 billion yearly to 1.7 million employees (averaging $590/year). Life's response: that's not generous—it's the *minimum*. **The Satire's Point:** Life exposes the real disparity: while employees receive one-third of gross receipts, stockholders and bondholders receive one-sixth—yet do no actual work. For every $2 workers earn, owners pocket $1, despite merely owning (the "not overly arduous task of being an owner"). **The Cartoons:** - Top: "The Lookout"—appears to be science-fiction satire (unrelated to main article) - Bottom: "The Star Witness"—depicts a courtroom breach-of-promise suit, likely illustrating broken promises to workers or the public **Context:** This reflects Progressive Era criticism of railroad monopolies and wealth inequality—questioning whether mere ownership justified such outsized profits.
📄 Transcribed text from this page (OCR, searchable)
Machine-transcribed from the original scan — historical spelling and the odd misread are preserved.
The Lookout: & STRANGE PLANET TWO VOINTS TO STARBOARD Owning and Working M* LB. F. YOAKUM, railroad magnate, writing in Morld’s Work, claims special consideration and immunity for the railroad industry because it “disburses” more than a billion dollars a year to its 1,700,000 employees. We are glad to know that the railroads are paying their employees regularly, but that’s not the point. The point is, are the employees earning this billion? The average amount to cach is five hundred and ninety dollars yearly, which seems far from exorbitant On the other hand, the railroad in- dustry “disburses” over half a_Dil- lion dollars yearly to stock and bond- holders. How about that? Every time the employees get two dollars, the stock and bondholders get one dollar. The point js, do these stock and bondholders carn this money? The employees get a third and the stock and bond- holders get a sixth. Sixteen and two-thirds per cent. of the gross receipts looks like pretty big pay for the not overly arduous task of being an owner. THE STAR WITNESS E. 0. J. IN A SUIT FOR PREACH OF PROMISE comicbooks.com