Birmingham state herald. (Birmingham, Ala.) 1895-1897, 1896-08-27
HEAVY CRASH IN DRY GOODS
Hilton, Hughes & Co. Forced
to Discontinue.
SUCCEEDED A. T. STEWART
S
Carr vsToo Many People Who Settled But
Once Year.
=
+ SBlLlTIES OVER A MILLION DOLLARS
ssirhey Are Expected to Pay in Full-Ths
Business Was Improbable and Judge
SUCCEEDED A. T. STEWART
sBluTIES OVER A MILLION DOLLARS
1rhey Are Expected to Pay in Full-Ths
Business Was Improbable and Judge
Hilton Got Tired of Put
ting Up.

New York, Aug. 26.-Hilto1, Hughes &
Co.. the dry goods firm, assigned today.
The following notice, posted on the doors
of the large building at Broadway and
Ninth and Tenth streets, occupied by Hill
ton, Hughes g. Co., attracted a large
crowd on their way to business early this
forenoon:
Hilton, Hughes & Co. have discon-
tinued business and made a general as
signment, without preferences to George
M. Wright All employees are notified that
their services are no longer required, and
that they will be paid in full today and
including this day. The store will remain
closed until further notice. If the SER
vices of any employees are needed by the
assignee they will be notified.
DATED August 26
HILTON, HUGHES & co.
GEORGE NJ. WRIGHT
The business of the firm was estab-
lished by the late A. T. Stewart in 1929
Some time after Stewards DEATH in 1876
the firm name was changed to e. j. Dem
ming q Co., and so continued until five
years ago. Upon Denning's death at that
time 1t again changed, Ex-Judge Hilton
becoming senior partner, and the busi-
ness being continued under the present
firm name.
The failure is very heavy. The liabili-
ties and assets will run into the millions
Every creditor, 1t is stated, will be paid
in full.
The immediate cause of the failure is
stated to be the fact that the firm carried
on its books 81 900 worth of what are
considered high class accounts. These
creditors are well to do uptown people,
who make 1t point of settling their bills
but once year. Recent pressure upon
Hilton, Hughes & Co. and their inability
to realize from outstanding accounts pre-
cipitated crisis.
The liabilities are estimated all the way
from $1;000,000 to $1,500,000. In March last
the firm, according to Bradstreets,
claimed assets of $3,363,000 and labili-
ties of $1,23O,000. leaving net assets of
50, ts5000
George M. Wright. assignee, made the
following statement this afternoon.
Parties in interest became satisfied
that the business was not making d
profit. 1t Yves therefore determined to
close it up. 1t was at first supposed that
this could be done by an ordinary clos
ing-out sale without any general assign
ment. With this in view j. NJ Hilton,
within the last month, advanced $250,000
to the firm to pay on account of merchan-
disc 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 monetary stringency
1t was more than inconvenient to raise
that amount at once, though the sum Is
not large-1ess than 100000. The exist
ing difficulties every merchant and bank
er knows.
"As claims were 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
general assignment without prefer
ences.
1T Is believed that all the merchandise
and general debts can be paid in full out
of the 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
of the whole stock, which, If carried
through, will result In settlement OF the
debts in a very short time