The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-08-27
HILTON. HUGHES a co. FAIL.
They Succeeded to a. T. Stewards
Big Dry Goods Business.

New York, Aug. 2-Hilton. Hughes &
Co, the well-known dry goods firm. as
signed to-day.
The following notice, posted on the doors
Of the large building on Broadway and
Ninth and Tenth streets. occupied by Hi
ton, Hughes & Co, attracted large crowds
on their way to business early this fore
noon:
Hilton, Hughes & CO. have discontinued
business and made a general assignment
without preferences to George N. Wright.
All employees are notified that their SER
Vices are no longer required and that they
will be paid in fun to-day and including
this day"
The store will remain closed until fur
ther notice. II the services of any en-
plOyes are needed by the assignee, they Will
be notified.
DATED Aug. 18th.
Hilton. Hughes & Co.
George M Wright"
The business Of the firm was esta ablished
by the late A. T. Stewart in 1923. Some
time after Stewards death in 1876, the firm
name changed to +. ]. Denning & Co. and
SO continued until FIVE years ago. Upon
Denning's DEATH at that time it again
changed. ex-Judge Hilton becoming senior
partner, and the business continued under
the present firm name The failure is very
heavy. The liabilities and assets VIII
run into the millions. Every creditor, Il
is stated, will be paid in full.
The immediate cause Of the failure IS
stated to be the fact that the firm carried
on its book over S1,0OO0O0 worth OF what
are yet considered high class accounts.
These creditors are weil-to-do uptown
people, who make It a point of settling
their bills but once a year Recent pres
sure upon Hilton, Hughes Co, and their
inability to realize from outstanding ac-
counts precipitated a crisis.
The liabilities are estimated all the
way from $1,000,00O to Sl.500,OOO. In
March last the firm, according to Brad
streets. claimed assets Of S3.360.0O0, and
liabilities Of $1,2S0OOO, leaving net assets Of
81, 1873, 000.
George NJ. Wright assignee, made the
following statement this afternoon; Par
ties 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 any ordinary closing out sale without
any general assignment. With this end
in view Judge Hilton, within the last
month. advanced $25O,O00 TO the firm to
pay on account OF merchandise claims. He
has during the last few years advanced
very large sums. He would have been
willing 10 advance enough to pay all the
unsecured claims, but in the present mon
etary stringency 1t is more than ineonven-
lent to raise that amount at once, though
the sum Is not large-less than 100000.
The existing difficulties ~ 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
a general assignment without prefer
. 10 ha1f ell
chandise and general debts can be paid
in full out OF the stock, and the collection
of the outstanding accounts. The bank
paper is secured and win, of course all
be paid.
Negotiations are pending for the sale
of the whole stock which, If carried
through, will result IN a settlement Of the
debts in q very short time"