The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-08-27

NEW YORK, Aug. 2s.-Hilton,
Hughes & Co., the dry goods firm, as
signed today. The following notice
posted on the doors of the big building
at Broadway and Ninth streets. occu-
pied by Hilton, Hughes & Co., attract
ed a. big crowd ON their way 10 bust
ness:
Hilton, Hughes & Co. have discon-
tfnued, and made general assign
ment, without preference, to George NJ.
Wright.
'All employees are notified that their
services are no longer required, and
they will be paid in full today and in
Guiding this day.
1.-THE store will remain closed until
further notice. If the services of any
employees are needed by the assignee
they will be notified.
Dated August 26.
HILTON, HUGHES & CO.,
George NJ. Wright, assignee
THE CAUSE.
L
ascribed to the fact that the firm car
ried on its books over 100000 worth
of what are yet considered high-class
accounts. These creditors are well-to-
do uptown people, who make it point
OF settling their bills but once a year.
Recent pressure upon Hilton, Hughes
& Co., and their inability to realize
from outstanding accounts precipitated
a crisis.
The liabilities are estimated all the
way from s1,OOO.OOO to $1.5OO.OOO. In
March last the firm, according to
Bradstreet's, claimed assets of $685.
900, and liabilities of $780, 900, leaving
net assets Of $685. 900.
George NJ. Wright, assignee, made
the following statement this afternoon:
Parties in interest became satisfied
that the business was not making a
close 1T. 1t was at first supposed that
this could be done by an ordinary clos
ing out sale without any general as
signment. With this end in view Judge
Hilton. within the last month, advanced
$25O,000 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 to adj
vance enough to pay all the unsecured
claims, but in the present monetary
stringency it is more than inconven-
lent to raise that amount at once,
though the sum is not large-less than
100000 The existing difficulties every
merchant and banker knows.
LAS claims were pressing, there
seemed to be no other way TO close up
the business with equal justice to all
creditors and preserve the property
from sacrifice but a general assignment
without preference.
ct is believed that all the merchan-
disc and general debts can be paid in
full out of the sale of the stock and the
collection of 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, If car
RED through, will result in a settle
ment of the debts in a very short
time
George NJ. Wright, the assignee of
Hilton, Hughes & Co., is lawyer He
had no connection with the firm, but
is a friend of ex-Judge Hilton.
THE FIRM.
The firm of Hilton, Hughes e Co. Is
one of the largest and best known in
the retail dry goods trade. They did
an enormous business and when, some
days ago, rumors became current that
the firm was in financial trouble, there
was much surprise and doubts as to
their correctness freely expressed. The
business firm was established by the
late Alexander T. Stewart In 1923. Some
time after Mr.. Stewards death in 1886
the firm name was changed to thar Of
E. J. Denning & Co., and so continued
until about five years ago. Upon Mr..
Denning's death at that time 1T was
changed, ex-Judge Hilton becoming
senior partner and the business being
COuIluuSu uIuST the present IlT1n name.
The business for the last quarter of a.
century has been carried on in the
great establishment located in the
block bounded by Broadway, Fourth
avenue and Ninth and Tenth streets
During the height of the season Hilton,
Hughes & Co. had frequently employed:
including inside and outside help, over
ZOO hands. Recently the help had not
exceeded 1,5OO. During the past four
months the staff has been constantly
the number of ''let outs" since
May exceeding 400.
A representative of one Of the COM
mercial agencies was early on the
scene.
The firm" he said. "has not been
considered strong for over a year past.
It has been considered slow in making
its payments. Within a recent period