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nydus/Other People's Money, and How the Bankers Use ItPublic

Louis D. Brandeis provides an analysis of the American money trust and the concentration of industrial power. The text examines the business developments and financial practices that emerged following the advancements in steam and electricity.

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Table of Contents

CHAPTER X THE INEFFICIENCY OF THE OLIGARCHS

A REMEDY FOR TRUSTS

Albert Sonnichsen, General Secretary of the Coöperative League, tells in the American Review of Reviews for April, 1913, how the Swedish Wholesale Society curbed the Sugar Trust; how it crushed the Margerine Combine (compelling it to dissolve after having lost 2,300,000 crowns in the struggle); and how in Switzerland the Wholesale Society forced the dissolution of the Shoe Manufacturers Association. He tells also this memorable incident:

“Six years ago, at an international congress in Cremona, Dr. Hans Müller, a Swiss delegate, presented a resolution by which an international wholesale society should be created. Luigi Luzzatti, Italian Minister of State and an ardent member of the movement, was in the chair. Those who were present say Luzzatti paused, his eyes lighted up, then, dramatically raising his hand, he said: ‘Dr. Müller proposes to the assembly a great idea—that of opposing to the great trusts, the Rockefellers of the world, a world-wide coöperative alliance which shall become so powerful as to crush the trusts.’”

COÖPERATION IN AMERICA

America has no Wholesale Coöperative Society able to grapple with the trusts. But it has some very strong retail societies, like the Tamarack of Michigan, which has distributed in dividends to its members $1,144,000 in 23 years. The recent high cost of living has greatly stimulated interest in the coöperative

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