The record-union., 1896-08-27
The Liabilities Estimated at Million
Dollars.
The Business, at One Time the
Largest and Best Known in the
Retail Trade, Was Established by
Alexander T. Stewart Seventy
Three Years AgO-The Immediate
Book Accounts Carried by the
Firm.
Firm.


Hughes & Co, the dry goods firm, as
signed to-day. The following notice
posted on the doors of the big building
at Broadway and Ninth streets, occu-
pied by Hilton, Hughes & Co., attracted
big crowd on thier way to business:
Hilton. Hughes & Co. have discon
tinued business. and made general
assignment, without preference, to
George NJ. Wright. All employees are
notified that their services are no longer
required, and that they will be paid in
full to-day and including this day. The
store will be remain closed until further
notice. If the services of any employe
are needed by the assignee they will be
notified.
Dated, August Goth.
HILTON, HUGHES & co.
George NJ. Wright, assignee"
The failure is ascribed to the fact
that the firm carried on it's books over
81 900 900 worth Of what are yet con-
sidered high-class accounts. These
creditors are we'll to do uptown peo-
pie, who make it a point of settling
their bills but once a year. Recent
pressure upon Hilton, Hughes & Co.,
and their inability to realize from out
standing accounts precipitated a crisis.
The liabilities are estimated at all
the way from 81 100000 to 81 100000.
In March last the firm, according to
Bradstreet's, claimed assets of $780,
600, and liabilities of 81 $50, 600, leav-
ing net assets of 81, 1873 900.
George NJ. Wright, assignee, made
the following statement this afternoon;
Parties in interest became satisfied
that the business was not making
profit. 1t was therefore determined to
close it. 1t was at first supposed that
this could be done by an ordinary clos
ing out sale without any assignment.
With this end in view, Hilton within
the last month advanced 500, 600 to the
firm to pay on account of merchandise
accounts. 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
it is more than inconvenient to raise
that amount al once, though the sum is
not large, less than 100000. The exist
ing difficulties every banker and mer
chant 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 a general assignment
without preference.
1T 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 carried through, viii result in set
tIement of the debts in a very short
time"
George NJ. Wright, the assignee, is a
lawyer He had no connection with the
firm, but is a friend of ex-Judge Hilton.
The firm of Hilton, Hughes & 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
1876, the firm name was changed to that
of E. ]. Denning & Co, and so contin-
ued until about five years ago. Upon
Mr.. Denning's death at that time it was
again changed, ex-Judge Hilton be-
coming senior partner, and the business
being continued under the present firm
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 hight of the season Hilton, Hughes
Co had frequently employed. including
inside and outside help, over 300
hands Recently the help had not ex-
ceeded 800. During the past four
months the staff had been constantly
reduced, the number let out 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. 1t has been considered slow in
making its payments. Within a recent
period it had come to my knowledge
that many firms had declined to sell
them goods. The liabilities, / expect.
will reach $500, ,000.'
Rhode Island Democrats.
PROVIDENCE (R II. Aug 26-The