The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-08-27

C.eds Store has No Show at All and &C
the Great Store Which has Held tho
Lead for Fifty Years Goes Down in Ruin
VIII Never Open Its Doors Again, II
is Said.
New York, Aug. 26.---The dry goods
store of Hilton, Hughes & Co., (once A
T. Stewart & Coy have made an assign
ment to G. NJ. Wright The assignment
is without preferences, Elihu Root is
attorney for the assignee
Among the banks in Wall street the
failure OF Hilton, Hughes 6, Co. is re-
garded as due to a gradual decline in
business The firms credit for the past
five years has been badly impaired, and
It is understood that very little Of the
firms single name paper IS out The
firm has been taking setock for several
weeks past and recently was understood
to have received about s75o. 900 which
has been used in reducing the liabilities
Of the firm 1t Is reported that Siegel,
Cooper & Co. viii take over the stock
DE- Hilton, Hughes & Co.
The assignment was made by Albert
G.. Hilton, who comprises the firm No
statement has yet been made as to the
amount of liabilities and assets. 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 Broad
way, and the closed house, which for so
many years, has presented a scene Of
hustle, gave a desolate air TO that part
Of Broadway
After the close of business In the house
last night, there was a conference be-
tween Mr.. Hilton and the managers Of
his various departments. The books
were gone over carefully and the exact
state of the firm was presented. The
conference lasted until late and at an
early hour this morning there came the
decision that the house must close its
soors.
Accordingly, when the employees i1ur-
ried UP to the building they 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 too and includ-
Ing this day.
This store viii be closed until further
notice
(Signed)
"IILTON, HUGHES & co.
GEO. NJ WRIGHT, Assignee.
August rs. 1885,
There were many grave faces among
the former employees of the firm when
the notice was read. Many saio 1t was
no surprise to them---that 1t was simply
the confirmation of a rumor heard
months ago. Mr. Wright was not at his
office when the reporters called this
morning. In his absence a clerk ans
wered questions.
1.-The trouble was caused by the strin-
gency Of the money market" the clerk
said. at was found, in Justice to the
creditors, that this was the best way
10 liquidate the affairs of the firm. 1t is
impossible to make any statement at
present. One will be issue later in the
day. More than that am not at lib
erty 10 say
The following statement which had
been prepared by Assignee George M.
Wright was gIver out later:
Parties in interest became satisfied
that the firm was not making a profit.
1t was therefore determined to close 1t.
1t was at first supposed that this could
be done by an ordinary closing OUT
sale without any general assignment.
With ttis end in view Judge Hilton
within the last month advanced s250.000
to pay on account Of merchandise claims
TGe has during he las; few years alvanc-
ed very large sums He would have
!.een willing 10 advance enough 70 pay
all the unsecured claims. but in the
present stripgency II is more than incon-
vcnient 20 raIse that amount at once.
though the sum is not large. lesS than
f;0O. 900. The difficulties every merchant
and banker Knows.
AS ca i'm were pressing there seemed
- he M other Nas t. close the business
with equal justice TO all creditors, and
preserve the property from sacrifice,
but by a general assignment without
preferences.
ut is believed that all the merchandise
and general debts can be paid in fun
out Of sale of the stock and the col
lection of the outstanding accounts The
bank paper, OF course, is secured. and
Will all be paid.
Negotiations are pending for the
sale OF the whole stock, which is carried
through will result in the settlement OF
the debts in a very SHIT time"
Mr.. Manly NJ. CLAN, the general man
eger 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
the statement that the stock had been
sold to the big Sixth avenue house.
The immediate cause of the assign
ment," can be attributed 10 the strin-
gency OF the money market. Another
cause. Of course, is the general depres-
sion in all lines of business. il is a fact
that a man with 1000 600 in United
States bonds cannot borrow more than
a couple of hundred thousand dollars on
his 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 10
realize upon them quickly.
For more than fifty years the firm
last known as Hilton, Hughes & CO. has
been the largest in the trade. 1t was
created by A T. Stewart and with his
death passed TO his wife. When she
died Henry II. Hilton became owner OF
the property. After various partner
ships between Mr.. Hilton and his sons.
f. j. Denning and John II. Hughes. the
firm was reformed with Albert Hilton.
ex-Judge Hilton's son. as senior partner.
Some time ago Mr.. Hughes retired and
since then Albert Hilton has carried on
the business as Hilton. Hughes & Co.
HE HAS RETIRED FROM POLITICS
General Gordon Engaged In Uniting the
Sections of the Country.
Washington. D. G, Aug. 26-General
John b Gordon. United States senator
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