Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1896-08-27
NEW YORK'S BIG FAILURE.
Assignment Made by Hilton, Hughes &
Co., Dealers In Dry Goods.
THE CRASH NOT UNEXPECTED
Its Effect on the Stock Market
Minimized.
Associated Press Dispatch BY Special wires.

Associated Press Dispatch by Special Wires.
New York, Aug. 26-The dry goods
firm of Hilton, Hughes & Co., (once A.
/. Stewart q Go. have made an as
signment to q. M. Wright The as
Segment was made by Albert B. Hill
ton, who comprises the firm. No state
ment has as yet been made as to the
amount of liabilities and assets.
After the close of business last night
there was a conference between Mr..
Hilton and the managers of the various
departments. The books were gone
over carefully and the exact status Of
the firm was presented. The confer
ence lasted until late hour and this
morning there came the decision that
the house must close its doors. Ac-
cordingly, when they hurried to the
building, the employees found on each
door this notice:
"All employees are notified that their
services are no longer required and that
they will be paid in full to and incIud-
ing this day. The store will be closed
until further notice.
Hilton, Hughes & Co.,
George NJ. Wright, Assignee. "
There were many grave faces among
the employees when the notice was read.
Many said ii was no surprise to them,
that it was simply the confirmation of
rumor heard months ago. Mr..
Wright was not at his office when the
reporters called this morning. In his
absence clerk answered questions.
1.-The trouble was caused by the string
ency in the money market" he said.
1t was found. in Justice to the credit
tors, that this was the best way of
liquidating the affairs of the firm. 1t
is impossible to make any statements
at present. One will be issued later
in the day. More than that am not
at liberty to say.
The following statement has been
issued by Assignee Wright:
/" Parties in interest being satisfied
that the business was not making a
profit it was, therefore, determined to
close it. 1t was at first supposed that
this could be done by an ordinary
closing out sale, without any general
assignment. With this end in view
Judge Hilton, within the last month,
advanced $3.50, 900 to the firm to pay on
account of merchandise claima. He
has during the last few years advanced
very large sums. lie would have been
willing to advance enough to pay all
unsecured claims, but in the present
stripgency it is more than inconvenient
to raise that amount at once. though
the sum is not large, less than $500, coo.
The difficulties every merchant and
banker knows.
"As claims were 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 assign
ment without preferences.
sit is believed that all the mer-
chandise and general debts can be paid
in full out of sale OF the stock and the
collection of the outstanding accounts.
The bank paper is secured and will, of
course, all be paid.
Negotiations are pending for the
sale OF the whole stock, which, If car
ried through, will result in settlement
| of the debts in very short time.
The stock market opened weak and
fractionally lower with the depression
influenced by shaded. London quotations
and the announcement Of the failure of
Hilton, Hughes & Co. The later OBJECT,
however, was considerably minimized
by knowledge that the firm had been
in difficulties for long time. Among
the bankers in Wall street the failure
of Hilton, Hughes & Co., is regarded
as due to gradual decline in business.
The firms credit for the last five years
has been badly impaired and it is I'M
derstood that very little, If any, Of the
firms single-name paper is out The
firm has been taking stock for several
weeks and recently was understood to
have received about $3.50, 900, which
has been used in reducing the liabii-
ties Of the firm. 1t is repurted that
Siegel, Cooper & 90. will take over the
stock Of Hilton, Hughes & Co.