Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1896-08-26
A Big FAILURE IN new YORK
The Immense Dry Goods House of
Hilton, Hughes & Co. Collapsed
This Morning.
SFRlNGENCY OF MONEY MARKET DID 1T
Assignee Wright Makes Plausible
Showing, But Practical People will
Generally Discount His
Statement.

Stewart d Co., made an assignment TO-
day to G. M. Wright, without preferences.
Elihu Root is attorney for the assignee.
Among the banks of Wall street the
failure is believed to be due to the great
decline in business. The firms credit
during the last Ave years has been badly
i'm paired.
II is understood that little of tho firms
single name paper is out. The firm has
been taking stock for several weeks and
recently was understood to have received
about $75O,OOO, which has been used in
reducing liabilities.
It is reported that Siegel, Cooper & Co.
will take over the stock of Hilton, Hughes
d Company.
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, taking in the whole
block surrounded by Ninth and Tenth
streets, Fourth avenue and Broadway.
After close of business last night, there
managers of the various departments.
The books we're gone over carefully. The
conference lasted late, and early this
morning came the decision that the house
must close it's doors.
Accordingly when employees hurried up
to the building this morning, they found
on each door the following notice: "All
employees are notified that their services
are no longer required and that they will
be paid in full to and including this day.
The store will be closed until further no.
tice.
[Sgned] 'HILroN HUaHEs, & Go.
"GRo. M. WRIGHT, Assignee
There were many grave faces among the
former employees. Many said it was no
surprise to them. Wright was not at the
office when the reporters called. His
clerk said that the trouble was caused by
the stringency in the money market
The following statement, prepared by
Assignee George M. Wright, was givep
out later: "Parties in interest became
satisfied that the business was not max
ing q profit. 1t was therefore determined
to close it. 1t was at first supposed that
this could be done by a closing out sale
without any general assignment. With
this end in view Judge Hilton, within the
last month, advanced $25O,OOO to the firm
to pay on account of merchandise claims
He has during the last few years advanced
money enough to pay all unsecured
claims, but in the present stringency i
was more than incouvenient tt
raise that amount at once thougl
the amount ia not more thai
100000. The difficulties every mer
chant and banker knows. As the claim
were pressing, there seemed no other wa,
to close the business with equal justice
to all the creditors, and preserve tn
property from sacrifice but BY genera
assignment without preferences. 1t i
believed that all merchandise and genera
debts can be paid in full out of the sal
of the stock and the collection of out
standing accounts. The bank paper !
secured and will of course all be paid
Negotiations are pending for the sale y
the whole stock, which, If carried throogt
will result in a settlement of all debts i
very short time"
GROCER FAILURE IN PHILADELPHIA.
Philadelphia.--Pault Brown, tradin
as j. W. Brown d Co., wholesale groce
has made an assignment for the benefit o
creditors. Liabilities, 100000; assets
$4,000.