The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-08-27
SENSATIONAL FAILURE
BIG DRY-GOODs Firm OF HILTON,
HUGHES 4 co. GOES UNDER.
Well known as Successors Of A. II.
Stewart & Co.-LiabiIities Heavy
n Assfgnee's Statement.

NEW YORK, Aug. 26.-The dry goods
firm Of Hilton, Hughes & Co. (once A.. T.
Stewart & Col. this morning made an as
signment to George NJ. Wright. without
preferences. Elihu Root is attorney for the
assignee. The assignment was made by
Albert b. Hilton. To-day all the windows
showed drawn blinds in the big building.
which takes in the whole block surrounded
by Ninth and Tenth streets and Fourth
avenue and Broadway. and the closed
house, which for SC many years has pre-
scented a scene of hustle. gave a desolate
air to that part OF Broadway
After the close of business in the house
last night 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 hurried TO the building they
found or each door this notice: "All en-
ployes are notified that their services are
no longer required. and that they will be
paid in full to and including this day. The
store will be closed until further notice"
There were many grave fears among the
former employees OF the firm when the no.
tice was read. though many said IL was
no surprise to them-that il was simply the
confirmation Of a heard months ago.
The following statement. repaired by
assignee George NJ. Wright, was given out
to-day: Parties in interest became salts
fed that the business was not making a
profit. 1t was therefore determined to
close 1t. 1t was at first supposed that this
could be done by an ordinary closing out
G0t0 trhnrY ~ A-A.
With this end in view. Judge Hilton, within
the last month. advanced $3.50. 900 to the
frm to pay on account OF merchandise
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
s~tringency ii was more than announcement
TO raise that amount at once, although the
sum is not large. less than 5000. 0O0. The
difficulties every merchant and banker
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 by a general assignment without pref
erences- 1t Is believed that all the mer-
S n ana gsnerst ueo.s can ne PAID In
lection of outstanding accounts. The bank
paper Is secured. and will. OF course. all
sale of the whole stock. which. IL carried
through. gill result in a settlement of the
debts IN a very short time
Mr.. Manley Nj. Gillian. the general man.
ager Of the concern. who gave the state
ment to the press. stated that IL was his
opinion that the great Broadway dry goods
house had closed its doors for good and all.
He would not confirm the statement that
the stock had been. sold TO n big Sixth-ave-
nue. house. The Immediate cause OF the
assignment" said Mr.. Gillian, can be at
tributed TO the s~tringency OF the money
market. Another cause. OF course. is the
general depression in all lines OF business.
IL L. "a fact that a man with 81. OO0. 900 in
United States bonds cannot borrow more
than 500. 900 on his securities. The difficulty
In SECURING loans on a stock of dry goods
will therefore be appreciated" Mr.. Gillian
added that he believed that the assets
would undoubtedly exceed the Liabilities.
The difficulty was TO realize upon them
quickly.
cline I'm business. The FIRMS credit for the
last five years has been badly impaired, and
n Is understood that very little, IL any. of
the firms single name paper Is out. The
nrm has been taking stock for several
weeks past. and recently was understood
10 ave received about $4,000. which has
been used I'm reducing the liabilities OF the
Arm. IL Is reported that Sicgel. Cooper a
Co. will take over the stock OF the failed
Arm
For more than fifty years the firm known
as Hilton. Hughes x Co. has been one of
the largest in the dry goods trade. 1t was
created by A. Il. Stewart, and at his death
q. Hilton became owner OF the property.
After various partnerships between Hilton
aud his sons. r.. j. Denning and John NJ.
Hughes. the firm was reformed with Albert
p. Hilton. ex-Judge Hilton's son. as senior
partner. Some time ago Mr.. Hughes re-
tired. and since then Albert Hilton has car
ried on the business as Hilton. Hughes q
"