The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-02-22
M'YICKAR, GAILLARD
REALTY co. FAILS
Successor Of Van Rensselaer,
Cruger Agency Said to
Owe 100000.
PRACTICALLY NO ASSETS
Bankruptcy Of New York Sccu-
rity Concern Blamed
for Troubles.
PRACTICALLY NO ASSETS

A petition. In bankruptcy was filed in
the United States District Court yester-
day against the McVickar. Gaillard Realty
Company Of ~ broadway. the successor
Of the Van Rensselaer, Cruger Real Es-
tate Agency. founded In 1895. According
to Walter NJ. Goldsmith. attorney for
the petitionins creditors, who has also
been retained BY . number Of the other
creditors. the Arms liabilities will exceed
Sl00.0
The failure was by no means Q sur.
prise. owing to the firms connection with
the defunct New York Real Estate Sc
curity Company.
Ever since the latter concern failed on
November %. 1914. owing moro than 3a.-
100000 on bonds. &l7.oo0.0o0 on nrst and
second mortgages and about 100000 in
interest and taxes on its various proper
ties there have been rumors that the Me-
Vickar. Gaillard company. which acted az
Its agent. would also collapse, inasmuch
a. It had been deprived OF a yearly in
come of at least 100000.
The McVickar. Gaillard company bought
and sold as we'll As managed all the
properties OF the New York Real Estate
Security Company. which at the time Of
the latter concerns failure included So
parcels of real estate In Manhattan. The
Bronx and Westminster. Sixty-nve Of
these parcels were improved with office
buildings and high class apartment houses.
Ordered Repair Work.
Ali the repair work done on the I'm
proved properties was ordered by the Nc
Vickar. Gaiiiard company. so that when
ka In fai Iad ha ira ct nr =
turned to the McVickar. Gaillard COM
pauy for payment. Many mechanics' liens
nled against the New York Real Estate
Security Company mentioned the Nc
Vickar. Gaillard company as having con-
tracted for the work done. The latter
concern contended that II was not liable
for these claims.
William f. q. Gaillard. president OF the
Mcvickar. Gaillard company. was also
president Of the New York Real Estate
Security Company. Iegare Walker IL
treasurer Of the former concern. HyIand
p. Rice and Oliver b. HILL formerly offi-
GERS Of the company. resigned before the
occurrence Of the recent events leading
up to these proceedings" according to
their attorney. Merle !. St. John.
The petitioning creditors are Hammer &
Fredericks. plumbers Heights Plumbing
Supply Company. the Atlas Window
Shade Company and the Mason Manufac-
turing Company. They say that the COM
pany admitted its insolvency by making
preferential payments to some creditors
The McVickar. Gailiard company was
engaged in the real estate brokerage bust
ness exclusively and never bought or sold
real estate for itself. It's predecessor, the
Van Rensselaer, Cruger Agency. was
founded by the grandfather OF the late
9. Van Rensselaer, Cruger. comptroller OF
Trinity Corporation.
Has Capital 81 100000.
The present concern was incorporated
on March {, 1904, with y capital OF $50. 600,
which was increased to 100000 In 1907.
Henry w. McVickar was the first presi-
dent When he died IN July. 1905, he
was succeeded by william r. q. 0aiIIard.