OTHER PEOPLE’S MONEY
AND HOW THE BANKERS USE IT
OTHER PEOPLE’S MONEY
AND HOW THE BANKERS USE IT
BY
LOUIS D. BRANDEIS
NEW YORK
FREDERICK A. STOKES COMPANY
PUBLISHERS
Copyright, 1913, 1914, by
The McClure Publications
Copyright, 1914, by
Frederick A. Stokes Company
All rights reserved
FASCo March, 1914
v
PREFACE
While Louis D. Brandeis’s series of articleson the money trust was running in Harper’sWeekly many inquiries came about publicationin more accessible permanent form. Even withoutsuch urgence through the mail, however, itwould have been clear that these articles inevitablyconstituted a book, since they embodied ananalysis and a narrative by that mind which, onthe great industrial movements of our era, is themost expert in the United States. The inquiriesmeant that the attentive public recognized thathere was a contribution to history. Here was theclearest and most profound treatment everpublished on that part of our business developmentwhich, as President Wilson and other wisemen have said, has come to constitute the greatestof our problems. The story of our time is thestory of industry. No scholar of the future willbe able to describe our era with authority unlesshe comprehends that expansion and concentrationwhich followed the harnessing of steam and electricity,the great uses of the change, and the greatviexcesses. No historian of the future, in my opinion,will find among our contemporary documentsso masterful an analysis of why concentrationwent astray. I am but one among many wholook upon Mr. Brandeis as having, in the field ofeconomics, the most inventive and sound mindof our time. While his articles were running inHarper’s Weekly I had ample opportunity toknow how widespread was the belief amongintelligent men that this brilliant diagnosis ofour money trust was the most important contributionto current thought in many years.
“Great” is one of the words that I do not useloosely, and I look upon Mr. Brandeis as a greatman. In the composition of his intellect, oneof the most important elements is his comprehensionof figures. As one of the leading financiersof the country said to me, “Mr. Brandeis’sgreatness as a lawyer is part of his greatness asa mathematician.” My views on this subjectare sufficiently indicated in the following editorialin Harper’s Weekly.
ARITHMETIC
About five years before the Metropolitan TractionCompany of New York went into the hands of a receiver,Mr. Brandeis came down from Boston, and in a speech atCooper Union prophesied that that company must fail.viiLeading bankers in New York and Boston were heartilyrecommending the stock to their customers. Mr. Brandeismade his prophecy merely by analyzing the publishedfigures. How did he win in the Pinchot-Glavis-Ballingercontroversy? In various ways, no doubt; but perhaps themost critical step was when he calculated just how long itwould take a fast work
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