The Roanoke daily times. (Roanoke, Va.) 1895-1897, 1896-08-27

New York, August 26.-The dry goods
firm of Hilton, Hughes g. Co., successors
to A. Il. Stewart & Co., has made an as
Segment TO G. NJ. Wright
Tho assignment was made by Albert B.
Hilton, who comprises the firm.
All the windows show drawn blinds in
the big building, which takes in the
whole block surrounded by Ninth and
Tenth streets and Fourth avenue and
Broadway, and the closed house, which for
so many years.presented scene of hustle,
gave desolate air to that part of Broad
way.
After the close Of business last night
there was n conference between Mr.. Hill
ton and the managers of his various de
partments The books were gone over
carefully and the exact status of the firm
was presented The conference lasted
until late and at an early hour this morn
ing there came decision that the house
must close its doors.
Accordingly when the employees hurried
to the building they found this notice on
each door: "All employees are notified
that their services are no longer required
and that they will be paid in full to and
including this day. The store will be
closed until further notice. IS
Among the banks in Wall Street the
failure is regarded as due to gradual de
cline in business. The firms credit for
the last five years has been badly i'm.
paired and it is understood that very lit
tie if any of the firms single name paper
is out The firm has been taking stock
for several weeks past, and recently was
understood to have received $3.50 600,
which has been used in reducing the liza
bilities of the firm.
The following statement, which had
been prepared by Assignee George NJ.
Wright, was given OUT
Parties in interest became satisfied
that the business was not making profit.
1t was, therefore, determined to close it,
1t was at first supposed that this could be
done by ordinary closing out sales, with
out any general assignment.
"With this end in view Judge Hilton,
within the last month, advanced $3.50, 600
to the firm to pay on account of merchan-
disc claims He has during the last few
years advanced very large sums. He
would have been willing to advance
enough to pay all the unsecured claims.
but in the present stringency it is more
than inconvenient to raise that amount
at once, though the sum is not large less
than 5000, 600. The difficulties every mer-
chant and banker knows.
"As claims We're pressing. there seemed
to be no other way to close the business,
with equal justice to all creditors and
preserve the property from sacrifice but
by general assignment without prefer
ences
1T is believed that all the merchandise
and general debts can he paid in full out
of a sale of the stock and the collection
of the outstanding accounts. The bank
paper is secured and will, of course, all be
paid.
NsNaUotia A.
of the whole stock, which, if carried
through, will result in settlement of
the debts in very short time"
Manley NJ. Gillian, the general man
ager of the concern, who gave the state
ment to the press, stated that it was his
opinion that the great Broadway dry
goods house had closed its doors for good
and ALL
1.-The immediate cause of the assign
ment, said Mr.. Gillian, ''can be attribu-
ted to the stringency in the money mar
ket. Another cause, of course, is the
general depression in all lines of business
1t is a fact that man with 81 600, 600 in
United States bonds cannot borrow more
than couple of hundred thousand dol.
lars on these securities The difficulty in
securing loans on stock of dry goods
will, therefore, be appreciated.
Mr.. Gillian added that he believed that
the assets would undoubtedly exceed the
liabilities. The difficulty was to realize
upon them quickly. For more than fifty
years the firm known as Hilton Hughes
q Co , has been one of the largest in the
trade. 1t was created by a. T. Stewart,
and at his death passed to his widow
When she died. Henry G. Hilton became
owner of the property. After various
partnerships the firm was reorganized,
with Albert Hilton, eX-Judge Hilton's
son, as senior partner. Some time ago Mr.
Hughes retired and since then Albert Hill.
ton has carried on the business as Hilton,
Hughes s. Co.