Pieter - stock agencies were equipped to handle a wide range of subject matter and clients in a manner that few individual photographers were, who often had to travel. Websites didn't exist. And clients in big markets like NYC wanted to assess original chromes atop light boxes with their own eyes at familiar and trusted locations. There were a few magazines that had their own stockpiles of images to choose from, from preferred photographers. And the better agencies certainly didn't ream their contributors, or else they wouldn't get serious work. My own brother got over $4,000 for one-time rights to publish a particular 4X5 image or another, which was a helluva lot of money back in the mid-60's. I wouldn't be surprised if lower fees and shoddier business practices arose once 35mm images became more commonly accepted; but still, it wasn't an outright crash in stock income like now with still digital stock imagery. I don't know anyone making a living at that.