The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1896-08-26
Hilton, Hughes and Company of
New York Assign.
It is the Old House of A. 7.
Stewart.
COULDN'T GET MONEY,
The Firm Needed 100000 and
Couldn't Raise 1t.
The Stringency of the Money
Market the Cause.

New York, Aug. 26.-The dry goods
firm of Hilton, Hughes & Co, (Once A
T. Stewart & Coz have made an as
signment to G.. NJ Wright
The assignment was made by Albert
c.. Hilton who comprises the firm No
ptatement has as yet been made as to
the amount of liabilities and assets All
the windows show drawn blinds in the
big building which takes in the whole
block surrounded by Ninth and Tenth
streets, and Fourth avenue and Broad
way and the closed house which for so
many years has presented a scene of
hustle gave a desoIate air to that part
of Broadway.
Among the banks in Wall street the
failure of Hilton, Hughes & Co. is re-
garded as due to a gradual decline in
business. The firms credit for the last
five years has been badly impaired and
il is understood that very little if any
of the firms single name paper is out.
The firm has been taking stock for sew
era1 weeks past and recently was un-
derstood to have received about $3.50, 900
which has been used in reducing the
liabilities of the firm. 1t is reported
that Seigel, Cooper & Co, win take over
the stock of Hilton, Hughes & Co.
After the close of business in the
mouse l1tSL n1SnI there was a conference
between Mr. Hilton and the managers
OF his various departments The books
were gone over carefully and the exact
status OF the firm was presented The
conference lasted until late and at an
early hour this morning there came the
decision that the house must close its
doors
Accordingly. when the employees hur-
ried up to the building they found on
each door this notice:
All employees are notified that their
services are no longer required and
that they will be paid in full to and
The store will be closed until further
notice. [SignedJ
80 HILTON. HUGHES & co.
GEO. NJ. WRIGHT, Assignee
August IS, 1885,
Ihere were many grave faces among
the former employees of the firm when
the houce was read. Many said it was
no surprise to them-that it was siD1nIv
the confirmation of a rumor heard
months ago. Mr.. Wright was NOT at
MS office, when the reporters called this
morning In his absence a clerk an
sWered questions +'The trouble vas
caused by the stringency in the money
market" he said. 1T was found in
Justice to the creditors that tbfs 80
tne pest way of iquidating the affairs
OF the nrm- 1t is impossible to make
any statement at present. One will he
ISSUED later in the day. More than that.
am not at liberty to say"
The following statement. which had
Deen prepared by assignee George m
wright, was given out later:
, PARTIES interested became satisfied
thaI the business was not making
pr0ht It was therefore Determined to
ciose IT, It was at first supposed thai
this could be done by an ordinary
closing out sale without any general
assignment. "a
With this end in view judge Hilton
WITHIN the last month advanced $3.50. 900
~ lIlS urn 70 pay on account of mer-
S GIlahGlse claims He has during the
4eSt rev years advanced large SIMS
he would have been willing to advance
enough 10 pay all the unsecured claims
put IN the present stringency it is more
nan - l.I lIlconVenient to raise that amount
AT once though the sum is not large.
less Ihan SbOO.OOO. The difficulties of
TINS every merchant and banker knows
As cialms were pressing there
seemed TO be no other way to close the
business with equal Justice to all cred
ltofs, and preserve the propertv frO7,,
Sacrlhce, than by a general ASSIGNMENT
without preferences
1T is believed that all the v,,a,-o1,,
disc and general debts can be Maid IN
run out Of sale of the stock and the
collection of the outstanding accounts
course be paid. WI u
Negotiations are pending for the
saIe OF the whole stock which if carried
tniouSh VIII result in q settlement of
Inc debts in a very short time
Mr. Manley NJ. Gillian. the eenaral
manager OF the concern, who gave +he
statement to the press. stated tba+ If
was ms opinion that the great Broad
way dry goods house had closed it,
doors Tor good and all. He would moi
connrm the statement that the stock
had been sold to a big Sixth avenue
house. -ii' i''S
The immediate cause of the ASSIGN
ment,' said Mr.. Gillian. can be attTib
uted TO the stringency in the money
market Another cause, of course is
the general depression in all lines of
business 1t is fact that a man with
SI000OO0 in United States bonds can-
not oorroW more than couple of hun
dred thousand dollars on his securities
The difficulty in securing loans on a
stock of dry goods will therefore be an
preciated."
Mr.. Gillian added that he believed
that the assets would undoubtedly ex-
ceed the liabilities. The difFic11I+IJ ~.
to realize upon them.
For more than fifty years the firm
known as Hilton, Hughes & Co hos
peen one OF the largest in the trade IT
was created by A. T. Stewart and with
ms death passed to his wife. When
sne oled Henry G. Hilton became owner
OF tne property. After various mart
hefshlps between Mr.. Hilton and his
sons. b j. Denning and John NJ
aughes. the firm was reformed with
AADeHt Hllton, ex-uJdge HiIton's son. as
senior partner. Some time 400 RT~
Hughes retired, and since then H1l1e-+
Hilton has carried on the business as
Hilton, Hughes & Co. a
Czsr and C,zer;,,, -,