Abstract

False Cooperatives and a $15,000,000 Shell-Game

The Cooperative Society of America, a colossal venture in frenzied finance, was adjudged bankrupt by Judge Evan A. Evans in the United States District Court in Chicago, on October 6, 1921. Newspaper reports indicate that the liabilities of the society were $15,000,000 and that the assets seizable by the receiver do not amount to more than $50,000. It appears that whatever assets remained had been transferred to another company, The Cooperators of America, managed by virtually the same trustees who control the bankrupt concern. Cooperators have realized that without some such bureau of information, which is ever alert to safeguard the consumer, the cooperative movement will be the prey of frenzied financiers.