The evening times., 1896-08-26
HILTON, HUGHES { CO. FhL
Great New York Firm Goes to
the Wall. @9'"
FOUNDED BY A. I. STEWART
Assignment Due to Stringency of
Money Market and Contraction of
Trade-Assets and Liabilities Ex-
pected to Run Into the Millions
Employees Paid In Fun.

New York, Aug. 26.-Hilton, Hughes &
Co.. the great dry goo1s firm, assigned to-
day.
The following notice posted on the doors
OF the big building, Broadway and Ninth
and Tenth streets, occupied by Hilton,
Hughes * Co, attracted u big crowd on
their way to business early this forenoon:
Hilton, Hughes & Co. have disc ontinued
business and made a general assignment,
without preferences, to George NJ Wright.
"All employees are notified that their
services are no longer required, and that
they Will he paid in full today and including
this day.
''The store will remain closed until
further notice. II the services OF any EN-
plcyes are needed by the assignee they will
be notified.
Dated August &c.
HILTON, HUGHES & COMPANY.
George II. Wright
STATEMENT THIS AFTERNOON.
George NJ. Wright, the assignee OF Hill
ton. Hughes & Co., is a lawyer. He had
no connection with Hilton, Hughes & Co.,
but is u friend OF ex-Judge Hilton.
Mr. Wright will give out Statement in
reference To the assignment this afternoon
u is said that the assignment was due 20
the stringency OF the money market and
contraction OF trade. Business had COM
pletely fallen off, and it was deemed adj
visable to make the assignment in order to
protect all creditors. Every creditor, it is
said, will be paid in full.
The firm of Hilton. Hug ghes & 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, ru-
mors became current that the firm was in
financial trouble, there was much surprise,
and doubts as to their correctness were
freely expressed.
The business OF the firm was established
by the late Alexander T. Stewart, in Is23.
In that year he opened a small store On
Broadway and commenced the business,
which grew to be the urost extensive estab-
lishment in the world.
Some time after Mr.. Stewards death in
1876 the firm name was changed to that OF
E. j. penning & Co., and so continued until
| about five years ago. Upon MI DeHning 5
death at that time it wasagain changed ,ex-
Judge Hilton becoming senior partner and
the business being continued under the
present firm name.
LIABILITIES ARE MI LIONS.
The business for the last quarter of CEN
lishmeDt located on the block bounded by
broadway, Fourth avenue and Ninth and
Tenth streets.
The failure is very heavy one, and the
liabilities and assets will run into the
millions. '''''
When the fifteen hundred or more en-
ployes reached the store this m orDing. hsy
ere startled to discover tie blinds down
and three or four policemen standing on
the streets fronting the store. The only
balm for the feelings OF the excited shop
girls, who eagerly discussed the situation.
was that they would be paid in full. inClud-
ing today. The majority OF TIE employees
took their misfortune stoically. but sev-
eral broke down.
The saieswomen went home after few
minutes wait, but nearly all the male
help renained. They jamnIed tic sidewalks
and many who tried to gain the portals
were driven back by the policemen. Busi-
ness men coming down towl. attracted by
the crowd. got off the cars to learn tie
particulars. .... ...
During the height OF the season Hilton.
Hughes Co. had frequently employed.
including inside and outside help. over
5000 hands. Recently the help had not
exceeded 1.5OU. During the past four
months the staff had been constantly re-
duced. the number let OUT since Mdy
exceeding 400. --''-
representative OF one Of the commercial
agencies was early onthe scere
The firm he said, has not been con-
sidered strong for over a year past. 1t
has been considered slow in making its
payments. Within recent period il had
| Come to my knowledge that many firms
had declined TO Sell them goods. The liza
biliues, expect. will reach 100000"