Here's a little background on the formation of Merrill Brothers & Co relating to Stuart Lindsley in particular that is found on pages 880 and 881: http://books.google.com/books?id=S5E-AA ... ll&f=false
From what I am seeing in the Newark business directories, The Merrill Shops at 20-22 S Park, Montclair, NJ existed in 1925 separately initially from the Merrill Co as a gift shop with Daniel R Merrill as the proprietor. By 1928, both Joseph M and Daniel R Merrill are listed at The Merrill Shops and the address was 28 S Park. After that I find only Daniel R Merrill listed there.
The Merrill Co is listed in Newark, New Jersey until at least 1932 with Joseph M Merrill as the president and Daniel R Merrill as the secretary/treasurer which suggest to me that the The Merrill Shops were a retail outlet for the company? The last listing that I can find for The Merrill Shops is also 1932.