Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1896-08-26
MORE BUSINESS TROUBLE.
Hill Hughes & Co., hsW York,
Forced 10 Assign.
- iringsncy OF tht Money market
che ,susc OF the
failure.

i,sw YOnK, Aug. 29.--Hllloa
Hughes n Go. (onco A. r. stewart =
Co.. have made Au assignment to q.
NJ Wight Figures are not yet oh.
tainRblr.
Tbs assignment IL without prefer.
ence. Elihu Riol is attorney for the
assignee.
Among tho banks the failure IL u.
gardoi ~ duo 10 the gradual decline
OF the business. The FIRMS credit tue
last I'VE ysnts has bten badly im.
paired. The firm haa been taking stock
several weVka aud recently was under.
tiocd TO have received about $40 900
which has been used IN reducing the
llhblliiite. IL " reported that Siegei,
Cooper & Go. viii take over tue stock OF
Hilton Hughta q %.
The assignment was made by Albeu
q. Hilton who comprises tho firm. No
statement has yet been made ~ 10 Ina
biliIlts aud assets. All the windows
showed drawn blinds In the big build.
iug, taking IN Whole block sur.
rounded by Ninth anu Tenth streets,
Fourth avenue aEd broadway. Aitef
the clone Of business last night
thefe vas q conitraaSS between Hill
ton anu tho mantgera OF tho vafl-
QUO departments. the books were
gouo ovsr carefully aud the exact status
presented. The conference lasted
until lato and early this morning the
conclusion was TeacheJ that the house
must close. The following notice wGs
pesiec; "All employees are notified
that their services arc not required
anu that they will be pail In iull TO
and Including this day. Tue store
VIII be closed until iuTtber notice.
tSigned.) HILToN, HUunEs a Co.
GU. NJ. WHlU,fb
Aisisnnr."
i.vre were many grave faces among
the former employees. Many said II
was no surprise 10 thtm Wright was
not at the office when the reporters
called. 10 his ABSENCE tho olurk az.
swered questions. "rhe trouble was
caused by the sIringency In the money
Market" he said. at wHe found, In
Justice TO the crrditofs thHt this was the
best way Of liquidRting the iliirs OF
the finn. A sAlement will be iiauei
later IN the day.
This following statement prepared by
Assignee George NJ. Wright was given
out later;
"rhe parties In interest became salts.
fed that tho business was not making
any pront. IL was therefore deter.
mined 20 close II. IL was at first sup.
posed this cJuid be- doue by n CLOSING
out tale without any general assign.
ment. With this end Ia view, JUICE
Hilton within the last month alvanc d
$3.50, 900 TO the firm TO pay ON account
OF merchandise claims. He has dur.
ing the last lew years advanced vsry
large sums. He would have been
willing TO advance enough TO pay all
unsecured claims but Ia the PIE sent
slrinRsncy II IL moro than iDconven.
lent TO raise that amount NJ
once, though the amount II not
more than 100000, difficulty
that every merchant and banker
know. As the olAims we're pressing
there seemed b bp 40 other way than
10 close the bu'lnesf, with equal Justice
20 oil creditors, anJ preserve tue
property from sacrifice by q general as.
signmont without preferences.
alt 10 believed that all merchandise
ana general debts can he paid Ia iull
out OF the sale Of the stock and collee.
ton OF outstanding ACCOUNTS. The bank
paper IL secured and will, Of course, all
bp paid.
"Negotiaions are pending for tic
salr Of tho whole eionk, which, u
carried through, viii Totult Ia settle.
menl VI the aebis la very shorl
time"
Marley NJ. Gillian, general manager
Of the concern, stated that II was his
opinion that the great broadway dry
goods houss had cloeed It's doors for
cool