Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-08-27
HILTON. HUGHES q CO. FAIL.
Successors to 4. +. stewart Make
General Assignment

NEW YORK. August CLIFTON
Hughes. & Co., the dry-goods hrin' as
signed to-day. The following nouee'
nosted on the doors OF the large build
ing at Broadway, Ninth, and Iehth
streets. occupied by the firm, attracted
large crowds on their way TO business
early this forenoon:
Hilton. Hughes, & co. nave ulS0on
tiuued business, and made a genera as
eIgnrnent without preferences TO George
NJ. Wright. All employees are notified
that their services are no longer r..
ouired. and that they will be paid IN luli
to-day. and including this day. me
store will remain closed until further
notice. II the services Of any employees
are needed by the assignee. they VIII
b notified" Dated August 26th.
(SigneD. HILTON, HUGHES, * 90.
GEORGE NJ. WRIGHT"
The business Of the firm was estaD-
ushed by the late A. T. Stewart III 100 20,
some time after Stewards death. In Ie'9'
The firm name was changed TO Z. j. Den
ming 4 Co. and so continued until nVe
wears AGO. Upon Denning's death AT that
time. IL was again changed, ex-Judge hli-
ton becoming senior partner, and the pusi-
ness being continued under the present
firm name. ,,-.,,
The failure is very heavy. The haDill-
ties and assets will run into the mil
lions. Every creditor, it is stated VIII ne
paid In full.
HIGH-CLAss ACCOUNTS.
The immediate cause Of the failure IS
stated TO be the fact that the firm car
ried on its books over $4,000 worth 81
what were considered high-class ac-
counts. These creditors are wel-to-do
uptown people. who make II point OF
settling their bills but once year. he-
cent pressure upon Hilton, Hughes
Co. and their inability TO realize from
outstanding accounts precipitated the
crisis
The liabilities are estimated all the
way from s. 10000 to 81 10000 In March
last. the firm, according TO Bradstreets,
claimed assets OF s. $4,000, and Liabilities
Of $4,000. leaving net assets OF Sz'lS5'cy''
George ". Wright the assignee ihaue
the following statement this afternoon
Parties I'm interest became SATISFIED 'na'
the business was not making proh''
II was. therefore. determined 10 close y
ont. IL was at first supposed that this
could be done by an ordinary closlng-odt
sale. without any general assignment.
-.
within the last month. advanced sSoO'VD
TO the firm. 10 pay on account OF mer-
chandise 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 GAINS
but in the present money stringency IL
is more than inconvenient TO raise tnat
amount at once, though the sum IS not
large-less than $4,000 The existing
difficulties every banker and merchant
knows. There seemed 10 be no other
way to close the business with equal JUS
tlce 10 all creditors. and TO preserve the
property from sacrifice, but general
assignment. without preferences.
1T is believed that all the merchandise
and general debts can be paid In fuh'
out OF the sale of the stock, and the col
lection 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. II carried
through, win result In settlement OF
the debts in very short time"