"In 1895, Bangs & Co. [a book auction house] announced it wold hold yearly sales of unashamedly dead inventory, and most of the large [publishing] houses appeared glad of the opportunity, but the venerable auction house itself went in bankruptcy in 1903. Disposing of inventories was still a problem, but it gradually became the business of the Syndicate Trading Co. and other cheap book specialists." (Tebbel II:106).

This company was headquartered at 120 Franklin Street corner West Broadway in 1891. It also had offices in Manchester, England; Paris, France; Chemnitz, Germany; and St. Gall, Switzerland. It's president was A. Swan Brown. (Grateful thanks to Derek Jones for sharing a dated letter with this information in its letterhead).