New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-06-17
HARD TIMES FOR BUILDERS.
A BIG OPERATOR EMBARRASSED.
MERRITT, THE WEST SIDE CONTRACTOR ASKS AID
PROM HIS CREDITORS.

MERRITT, THE WEST SIDE CONTRACTOR ASKS AID
FROM HIS CREDITORS.
William J. Merritt, one of the largest builders on
the West Side has asked his creditors to help him
through in his big operations at seveny,third-st and
West End-ave. He has been building about sixty
houses principally in the vicinity OF West End-avc.,
sovcnty-tLird. Seventy fourth and sevcny-fhh sts
I'm which, it IS said, he had about 100000 cash IN
vested, and building loans for over 100000 lie
was assisted largely by Francis NJ Jencks, president
Of the safe Deposit Company of New-York, W. f. d.
stokes and Others, who have loaned him. it is said,
upward of 81 100000 taking first mortgages on the
property.
Mr. Merritts troubles are attributed to the strikes
Of year ago, when he boycottcd by the Central
Labor Union. This put back his building opera
tons nearly year, preventing him from completing
I'll his houses in tlmc 10 place them on the market
tis snring Tie boycott It was said at the time In
volved pccuniary loss to Mr.. Merritt of at least
$4,000 besides delaying his building operations
Finding that he could not complete all his buildings
with his own resources. he has asked his creditors to
assist him in finishing them He has accordingly
organized the Scventy-third Street Build
ing Company with six Of his creditors
as incorroraiors, the capital STOCK being
placed at s25O,OOO The incorporatOrs are william j.
Merritt Albert T. Scott, decorator; Dr. Franklin f.
Robinson. Orln D. Pearson, tiles: Robert Edwards,
electrician: Robert 4. HOLSTER, Mr. MerrittS former
PARTNER. and Louis c. Mcrz, house trimmings Dr.
Robinson has been chosen president, anu t"eh'y-lou
o. tho houses have boon transferred TO the company
subject to mortgages of S757, 400, the consideration
being S25OCOo.
Some of the creditors object TO going in any deeper
unless tho capitalists who arc said to have Deeh
hacking Mr.. Merritt also go in with the creditors.
One Of the creditors said yesterday that he was going
10 stop work at unless some of the rich men
would assis, Mr.. Merritt Another creditor said he
thought Mr. Merritt would get through all right, as
there was a general desire TO help him. Ono of his
largest creditors said that Mr. Merritt had 23 for
every II that lie owed, and he did not doubt that ne
would pull through The first creditor to take ac'ion
against Mr. Merritt was the New-York Lumber and
Wood Company. which on Friday entered mechanics
liens for s3O41 on fortyonc houses at seventy-thrd
81. and West End-avc
At the Office OF McssIs. Jencks & Stokes NO. 140
Broadway C. T. westcott. their attorney, who looks
after their interests with Mr. Merritt, refused to say
anything about Mr. Mcritt's affairs. lie admitted that
MessS. Jencls & stokes had loaned Mr. Merritt large
sums Of money mortgages.
Mr. Merritt has boon IN tho building business for a
number of years. His first largo operation was erect
ine a of twenty six Queen Anne houses in Ninety
hfhst., from Ninth Tenth aves., most Of which he
disposed of in the spring OF 1887 In building these
It was said he had the assistance Of Messrs Stokes
Jencks HIS next big venture was In purchasing
property al West End-avc sevcntythrd and seventy
fourth SITS, about year ego. for which tho building
loans aggregated over 100000. and the Improvements
were estimated to cost nearly 100000
In the last two years he also interested In build
Ing operations IN Nlnety-thiTd, Ninety-sixth, ono
hundred and seventh. One-hundrni and twelfth, One
hundred and thirteenth and One-hundred ana four
toenth sis, the Wcst Side. Although tho title 10
The property was I'm Mr. Meuitts name, he has hah
Two partners until recently, Robert a. HOLSTER and
GEORGE II. Titon. under the firm name OF W. D.
Merritt d Co. Both had been employees before nc
iOOA them into the firm Mr.. HOLSTER Withdrew OH
Apll ,, taking out IL Is said about SJOOOO, repre-
sented principally by the factory property at NO
l02 West OnC-hundred- and-twenty SeVehtR-st M
Illion withdrew on June ID. H., a.,
- Although carrying on such large operations INC
firm had no rating at Bradstrosts'. The statement
q the firm January / last showed ten houses at
Seventy ffth-s ard West End-a valued at $780,
coo, mort gagged for S207 900; $4,000 cash invested
II thirty houses being crcctod az eeNehty-tMr1-s';
and West End ave, which when completed would
be valued al 81 100000; $4,000 cash invested In
twenty-five lots I'm Ninety -third-st, between Ninth
aud Tenth ayes two lots at One hundred and forty j
secondst. and Edgccomb- ave-, valued at $4,000,
nOn2aged for $4,000 house ana IOt in one hundred
and twenty firstst.. near Fourth ave-. valued at
$1,000, mortgacod for $1,000. Besides building on
his own account Mr. Merritt was also building IL is
hild-st and West End-ave.. and for w. T. ID. Stokes
s Seventy fifth and seventysixth SITS. and West End
ave
John D. Halloren who IS building flve-story BRICK
tenement house I'm Ono hundred and twenty ninth ST.
near sixthave.. and another I'm One hundred and
eeiteenth-St. near FOurth-avc., has become fnan-
taly embarrassed, and IS unable 10 complete his OPP
tfstions Tho cost Of both operations with the land
was estimated at about $4,000 Some Of the credit
ox have secured their claims by fling mechanics
Hens for over 50 600 each Of The houses. James
Nafnc3 has been appointed trustee IL Is said that
ihe creditors have agreed 10 complete the One-huD-
aled and elghtcenth-st. house. which is nearly fin
lshed