Show clovi ial fy scott dauan released by western newspaper union first credit reporters IF F YOURE accustomed to buying it on time instead of paying cash for it you can thank two brothers named tappan for that convenience for your ability to buy it on time depends upon your credit rating and tappan were the first credit reporters they established that business just years ago their doing so was one of the results of the panic of 1837 the first great financial disaster in america arthur and lewis tappan were natives of massachusetts in 1814 they established a dry goods business in boston importing most of 0 their goods from england they were very successful and accumulated a large fortune then they branched out and in 1827 became silk merchants in new york and financial sponsors of button manufacture under the name of arthur tappan and co for 10 years they prospered in new york but when the panic of 1837 hit the country among its first victims were the Tap pans their failure was the result of the freez ing of hundreds of thousands of 0 dollars owed them by country merchants although they re dished their business within 18 months this disaster gave lewis tappan an idea ile he realized that the method of granting credits to country merchants often on forged letters of introduction was not only unreliable but out of date true a few of the 11 3 big american importers had individual credit reporters and others cooperated to hire one but the expense of sending a credit reporter into the west and south was too great even for a group of imp importers ort ers so he proposed the establishment of a mercantile agency the function of which was to serve as a central office of credit information this information for matlon would consist of the contributed tri buted experiences experience of the leading importers commission houses wholesalers and bankers which bep would uld be supplemented by the reports of correspondents appointed in every community after their disastrous experience with the old slipshod methods of extending credit au all of these bustness business men were quite willing to listen to Tap pans proposal so the first credit reporting agency was opened in new york on august 1 1841 and was a success from the start soon two young men came into the company who did a great deal to develop the credit reporting business they were benjamin douglass the son of a west india trader who joined the firm in 1846 and robert graham dun of ohio who came in 1854 in 1859 young dun purchased full control of the company and the retired from the business to devote their time to the various philanthropies and social reforms in which they were interested meanwhile john M bradstreet had established a similar credit reporting company in 1849 for 85 years the two companies were competitors then in 1933 the bradstreet company arid and R G dun and company were merged to form the famous combination of dun and bradstreet which has become synonymous with the word credit in 1859 1959 when dun bought out the Tap pans the first credit reference book was published and it contained names the 1941 blue book its descendant lists names of commercial enterprises in different communities moreover it is published six times a year and nd is the largest publishing venture of its kind in the world it is interesting to note that among tho the early correspondents of the he pioneer credit reporters were four future presidents abraham lincoln ulysses S grant grover cleveland and william mckinley the were also journalists and reformers they started the new york journal ot of commerce in 1828 and arthur tappan founded the emancipator an antislavery anti slavery organ in 1833 both were ardent abolitionists arthur tappan frequently aided ded fugitive slaves in their flight northward and he be rescued william lloyd garrison editor of the liberator when he was imprisoned in dal bal he waa president of the american antislavery anti slavery society and C contributed 1000 a month to its support tor for several years |