The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-02-13
The Bankruptcies ef 1857.
xnssRs. rAPPAN AND M'xILLoP's cmcULA

NnBsRs. TAPPAN AND M'KILLOP'B CIRCULAR
Annexed please find q statement which We have com
piled with much from our books We believe II to
be a. accurate IS can be made. In many csses we have
been compelled TO estimate the probable amount
tha; viii be paid but we think the data upon which we
have founded our estimate sufficient TO Justify the belief
that u very nearly correct
The number Of failures VIC have not included any ex-
tensions, no matter how long, where time only asked.
Some Of these have proved failures January l. the
date 70 which our statement Is made up Neither have
included In the statement banks railroads. SC Our
during the year 1857.
Purchases made in the summer and fall Of 81 are now
maturing and further loss may be anticipated them;
but statement includes the losses on the fall pur-
chases OF b. The balance WILL doubt DO aganst the
gate loss We may state however that during January,
go failures have been reported 70 while in Janua
Since 18th September last we have had weekly ADVICE
OF failures In Great Britain and nnd that from that date
December 81 sS concerns have gone into bankrupt ~
ana over 2o0o failures have taken place The failures in
that country bave proved much an average than
those In this and We think the result of
mercial disasters will shov sound commercial
affairs In this )untry as any in the world.
BY referrngo the statement will be seen that
OF 04s firms reported books over 5000 have
failed during the year and that Of these TAI have been
total or fraudulent By total, mean where no divi-
dend will be paid to general creditors and confidential
creditors will not be paid in full The aggregate loss by
these is nearly twenty millions. From the or report
ed, deduct 74i and leaves s 2sl which will paw a dvi-
dend on Indebtedness Of $3.50 OO0-the dvi-
dend will not exceed 40 cents, and the loss will
year Of about 0oo If to this added losses by
raj roads, banks, Sc the aggregate will be very great
extent too much has been invested in railroads. in un
productive lands &c but sufficient for the late
panic bas yet TO be found IL is not for 10 attempt the
task OF setting forth the Of the great
mercal distress which has prevailed Yet country s
IN position t. recover more rapidly from such distress
than the Unted States.
Respecting the Commercial Agency, We would
state II has been in operation Is years, and
has recently extended its sphere to Great Britain
We have facilities beyond those of any similar es
adjustment and are prepared to attend TO European
business, London associate having connections n
France and Germany. More than once have been fa
vored by the Press with voluntary testimonials in IA
vor. These have come unsought part, and were
not the produc, OF oar own pen nor paid for by We
can therefore, refer them with the more satisfaction
We know is possible 10 conduct business in way TO
serve commerce, without ipjuriog the individual. We
have steadily kept this in view and the of e
been commenced against That great ia Deces
tary to avoid such suits will be seen by reading the follow
ing copy of report taken from books the be-
ing OF course, suppressed.
August, lS47, - styling himself general commits
sion merchant and dealer in foreign wines, liquors aud
seeaIs, in -, il very anxious 10 purchase goods in
New York. He will refer to -, and -, and
-. Some of these do not know him, and others
are Of the same stamp himself They represent him
as honorable and respectfully connected and are very
anxious that good report Of him should be given
by the Agency. He bought a store IN -, stock
about $40 O00 for which he gave bis notes. then pledged
the goods 10 broker for advance Of 81 oO0 raised
u 600 cash additional somehow; gave mortgage the
goods and agreed TO mortgage his New York purchases
for aid TO make them crodt He at time EN-.
ployed 10 solicit trade for - IN. He introduced
and TO them the most finished of scamps
that ever visited that any other city Let sell
to him unless he brings the gold pay for the goods and
before delivery send the gold to the assayers 10 be
Of its gebuir enese.
From the foregoing date 10 1853 sundry operations are
recorded and In 1883 his last Is obtaining s. 900 from
- Bank by means Of fraudulent check. In October,
1861 he viii be again free but just present he not
having been In October 1854 sentenced years.
imprisonment for the bank affair.
Such repors are communicated 70 principals and never
In writing.
The accuracy OF or reports has become well known,
and the care Which exercised In making investigations
has secured for the confidence Of the mercantile com
munity Assuring you OF determination maintain
the high position we have attained invita- free Of
the Agency and full investigation Of ability serve
your interests.
ErArRMYNr nr rAII Irprs rop IRh7