Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-08-26
HILTON, HUGHES & co. FAIL
It Was Deemed the Best Way of Closing
the Business.
Assignment Caused by Financial
Stringcncy-It is Believed That
the Debts Will Be Paid.

NEW YORK, August 26-The dry goods
firm Of Hilton, Hughes & Company (once
A. T Stewart & Company has made an
assignment to G. NJ. Wright.
The 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 9th and 10th streets
and 4th avenue and Broadway, and the
closed house, which for so many years pre-
sented a scene of hustle gave desolate
air TO that part of Broadway.
After the close of business in the house
last night there was a conference between
Mr.. Hilton and the managers of his various
departments. Tie books were gone over
carefully, and he exact status of the firm
was pf eser ted. The conference lasted until
late, and at an early hour this morning
there came a decision that the house mast
close Its doors.
Notice TO Employees.
Accordingly, when the employees hurried
up to the building they found on each door
this notice: "All employees are notified that
their services are no longer required, and
tfat they will be paid in full to and includ-
ing this day.
The store will be closed until further no.
tice. HILTON, HUGHES & co.
GEORGE NJ WRIGHT, Assignee.
August 25, 1896"
There were a great many grave faces
among the employees of the firm when the
notice was read through.
Many said 1t was no surprise to them
that it was simply the confirmation OF a
rumCr heard months ago.
Mr.. Wright vas not at his office when the
reporters called this morning In his alb
sence a c,erk answered questions. The
trouble was caused by the stringency in
the money market he said. 1T was
found, In justice to the creditors, that this
was the best way of liquiGating the affairs
Of the firm. 1t is impossible to make any
statement at present. One will be issued
later in the day. More than this l am not
a liberty to say.
Among the banks and in Wall street the
failure of Hilton, Hughes & Co. is regarded
as due to a gradual decline in business.
The firms credit for the last five years has
been badly impaired, and 1t is understood
that very little If any of the firms single
name paper Is out. The firm has been TAX
ing stock for several weeks past, and re-
Gently was understood to have received
about $I5o.rn. which has been used in re-
ducing the liabilities of the firm. 1t is re-
ported that Siegel, Cooper & Co. will take
the stock of Hilton, Hughes & Co.
The Assignec's Statement.
The following statement, which had been
prepared by Assignee George NJ. Wright,
was given out later:
Parties in interest became satisfied that
the business was not making a profit. 1t
was therefore determined to close ii. 1t
was at first supposed that this could be
done by ordinary closing out sale, without
any general assignment.
With this end in view Judge Hilton,
within the last month, advanced S2j0.0u0
to the firm TO pay on account of mcr-
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 claims, but in
the present stringency 1t is more than
inconvenient to raise that amount at once,
though the sum is not large, less than
$600,OU0. The difficulties every merchant
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 a general assignment without prefer
enceS.
1T is believed that all the merchandise
and general debts can be 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.
Negotiations are pending for the sale cf
the whole stock. which. if carried through,
will result in a settlement of the debts in
very short time"
Closed for Good.
Mr.. Manley NJ. Gillian, the general man.
aSer OIL the concern, VINO gave tne state
ment to the press, stated that it was his
opinion that the great Broadway dry goods
houGe had closed its doors for good and ALL
He would not confirm the statement that
the stock had been sold to a 9th avenue
house.
The immediate cause of the assign
ment," said Mr.. Gillian, can be attrib-
uted to the Stringency in the money mar
ket. Another, of course, is the general de-
preston in all lines of business. 1t is a
fact that man with s1,O000Vo in United
States bonds cannot borrow more than a
couple of hundred thousand dollars OH
these securities. The difficulty in securing
loans on stock of dry goods will there
fore be appreciated
Mr.. Gillian added that he believed that
the assets would undoubtedly exceed the
liabilities. The difficulty was to realize
upon them quickly.
Founded by A. Il. Stewart.
For more than fifty years the firm last
known as Hilton, Hughes & Co. has been
one Of the largest in the trade. 1t was
created by A. T. Stewart, and a his death
passed to his widow. When she died Henry
G. Hilton became owner of the property
After various partnerships 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 carried on the business As