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26 evitably result, and does result, from the formation of all-powerful economic monopolies.

Let us give one more example of the power of monopolies. It is particularly easy to form cartels and monopolies when it is possible to seize all the sources of raw materials, or at least the most important. It would be wrong, however, to think that monopolies do not arise in other industries in which it is impossible to conquer the sources of raw materials.

The cement industry, for instance, can find its raw materials everywhere. Yet in Germany it is strongly trustified. The factories have formed regional syndicates: Southern Rhine-Westphalian, etc. Prices are those of monopoly: 230 to 280 marks a truckload (on a cost price of 180 marks). The enterprises give a dividend of from 12 per cent. to 16 per cent.—and let us not forget that the "geniuses" of modern speculation know how to pocket big profits besides those that they draw by way of dividends. Now, in order to drive away competition from such a profitable industry, the monopolists have recourse to sundry stratagems. For example, they spread disquieting rumours about the situation of their industry. They publish in their newspapers unsigned notices such as the following: "Investors, don't place your capital in the cement industry!" They buy up private factories (those outside the trusts) and pay them indemnities of 60, 80 to 150 thousand marks.

Everywhere monopoly clears its path without scruple as to the means used; beginning by the payment of a modest indemnity, and even going so far as to use dynamite—in the American fashion—against a competitor.