“ In Great Britain and some European countries trade protective societies, composed of merchants and tradesmen, are formed for the promotion of trade, and members exchange information regarding the standing of business houses. ”

“ These societies had their origin in the associations formed in the middle of the 19th century for the purpose of disseminating information regarding bankruptcies, assignments and bills of sale. The mercantile agency in the United States is a much more comprehensive organization. It came into existence after the financial crisis of 1837. Trade in the United States had become scattered over a wide territory. Communication was slow, and the town merchant was without adequate information as to the standing of many business men seeking credit. ”