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The authors interviewed 874 employees at all organizational levels in a midwestern utility company about their experiences on and off the job, and made detailed observations of work activity. They discuss psychological effects of mergers, growth, and technological change, organizational policies, interpersonal relations on the job, and other phenomena. From these data they evolve concepts relating work experience to mental health; they feel that emotional illness can be minimized by applying these concepts in business and labor administration, and suggest that studies of this sort form a basis for progress.