The Dalles daily chronicle. [volume] (The Dalles, Or.) 1890-1948, 1896-08-27
BIG BUSINESS FAILURE
Hilton, Hughes & Co. Have
Assigned.
WAS \ GREAT NEW YORK HOUSE
Formerly Great A. I. Stewart
Il Company.

NEW York, Aug. 26.-Hilton, Hughes
& Company jonce A. T. Stewart & Com
pany) have made assignment to G.. NJ.
Wright. Figures are not yet obtainable
The assignment is without preferences.
Elihu Root is attorney for the assignees.
Among the banks the failure is re-
garded as due to the gradual decline of
business. The firms credit for the last
five years has been badly impaired. 1t
is understood that little of the firms
single name paper is out. The firm has
been selling stock for several weeks past,
and recently was understood to have re-
ceived about $3.50, 600, which has been
reducing liabilities. 1t is reported
siegel, Cooper & Company will take
over the stock OF Hilton, Hughes &
Company.
The assignment was make by Albert
G. Hilton, who comprises the firm. No
statement has yet been made as to the
liabilities and assets. All the windows
show drawn blinds in the big building,
taking in the whole block surrounded by
Ninth and Tenth streets, Fourth avenue
and Broadway. After the close of busi-
ness last night there was a conference
between Hilton and the managers OF the
various departments. The books were
gone over carefully, and the exact status
of the firm presented. The conference
lasted until late, and early this morning
decision was reached that the house
must close.
''The following notice was posted:
"All employees 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. (Signed), Hilton,
Hughes & Company, Geo. NJ. Wright,
assignee.
There were grave faces among the
former employees. Many said it was no
surprise to them. Wright was not at
the Office when the reporters called. In
his absence the clerk answered ques-
tions.
"The trouble was caused by the strin-
gency in the money Market he said.
'It was found that in justice to credi-
tors this was the best way of liquidating
the affairs of the firm. A statement will
be issued later in the day"
The following statement, prepared by
Assignee George NJ. Wright, was given
out later:
tParties in interest became satisfied
that the business was not making a
profit. 1t was therefore determined to
close. 1t was at first supposed this could
be done by closing-out sale without a
general assignment. With this end in
view, Judge Hilton, within the last
month, advanced $3.50. 900 to the firm to
pay en- account of merchandise claims.
He has during the last few years ad-
vanced very large sums. He would have
been willing to advance enough to pay
all unsecured claims, but in the present
striDgency it is more than inconvenient
to raise that amount at once, though the
amount is not more than 100000 The
difficulties every merchant and banker
knows. As the claims were pressing
there seemed to be no other way but TO
close the business, with equal justice to
all creditors and preserve the property
from sacrifice, but by general assign
ment without preference
1t is believed all merchandise and gem
eral 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, will result in the settlement OF
the debts in a very short time. Manley
M, Gillian, general manager of the con-
Germ, stated that it was his opinion the
great Broadway dry goods house had
closed its doors for good.
Black for Governor of New York.
SARATOGA, Aug. 26.-The Republican
convention met at 11:45. Mr.. Sheard