The people's journal. (Pickens, S.C.) 1891-1903, 1896-09-03
A BIG FAILURE IN NEW YORK CITY.
THE HOUSE ESTABLISHED BY A.
Il. SVEWART

The Largest Dry Goods Concern in the
World-Fouudcd Fifty Years Ago
and Made stewards Immense For
tune.
The dry goods house OF Hilton,
Hughes X Co. Ca. II. Stewart L. Coz
has made an assignment to &. NJ.
Wright, without preference rs to
creditors.
Among the banks in Wall street the
failure is regarded as due to O gradual
decline in business. Tho firms credit
for the last five years has been badly
impaired, and it is understood that
very little if any Of the firms single
namc paper is out. The firm has beon
taking stock for several weeks past
and recently was understood to havo
received about 800, 900 which has been
used in reducing the liabilities Of the
rm. 1t Is reported that Sicgel, Coop
tr y Co. will work over the stock OF
Hilton, Hughes x Co.
The assignment was made by Albert
Is. Hilton who cOmposcs the lirm. No
statement has yot been made us to the
amount Of liabilities and assets.
All the windows show drawn blinds
in the building, which takes in the
whole block surrounding Ninth and
Tenth streets and North avenue and
for so many years has presented q
scene OF bus.lC. gave Il deserted air to
that part Of B.oaIW way.
After the close Of business in the
house. there was A conference between
MIR. Hilton and the business managers
of the various departments. The
books were gone over fully and the
exact status OF the firm WAS presented.
The conference lasted until late at
night, and at an early hour in the
morning came the decision that tho
ingly when the employees hurried 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 viii NC paid III full to and
including this day. This store will be
closed until further notice. Hilton.
Hughes X Co. George NJ. Wright,
assignee. Aug. %, 1896"
There were many grave faces among
the former employees OF the firm when
the notice was read through. Many said
it was no surprise to thcm--that 1T was
simply the confirmation OF ~ rumor
heard months ago.
Mr.. Wright WAS not AT his Otlicc
when the reporters called in tho morn
inr. In his absence the clerk WAS
questioned.
"'rhc trouble was caused by the
stringcucy in the money markct,H he
said. III was found, in Justice 10 the
creditors, that this WIS the best way
Of liuuidatiuE the affairs OF the firm.
1T is impossible to make any statement
at present. One will be issued later
in I'm Inu lar Iln I,st rnt
at liberty to say.
The following statement by Assignee
George a. Wright was given ont later
"'ArtieS in interest became satisfied
that the business wuS not making !;
profit. 1t was therefore determined {,
close it. IL was at first supposed tha
it could be done Ny IAN ordinary CLOSING
out sale without any general ass ign
mcnt.
With this end in view, Judge Hi
ton, within the last month, advance,
%2JO, 600 TO the firm on account OF mcr
Chundisc claims. He has during tn
last few years advanced very lurg
sums. He wOuli have been willing |
advance funds enough to pay all tn
unsecured claims. but in the prcScU
Strinecncy it Is more than incOnvrn
lent to raise tho amount at once
although the sum is not large, les
than S66O,O0O Thc difficulties ever
merchant aud banker knows.
as claims were pressing thrr,
seemed to be no other way to close Lh
business, with equal Justice to all crcG
TORS and preserve the property from
sacrifice, but by general assignment
without preferences.
SIT is believed that all the mcruhan
disc and general debts can be paid ii
mll out OF the sale Of the stock nnt
the collection Of the outstanding &c.
counts. The bank paper is secured
and it will. OF course, all DC paid.
"Negotations are pending for tn,
sale OF the whole stock, which, il car
ricd through, will result in tho settle
mont OF the debts in II worry short time.
Mr.. Manlcy NJ. Gillian. the genera
manager OF the concern, stated that il
was his opinion the great Broadwa,
drygoods house had closed il ,;uurs iul
good and all.
"Thc Immediate cause Of the assign
ment," said Mr.. Gillian, ''c;,n be at
tributcd to the stringcncy in the none,
market. Another cause. OF course, i:
the general depression in all lines o
business.
'lt is Il fact that a man with 81, ,OUO, O0I
in United States bonds could not bor
row more than 4 couple OF huuGrct
difficulty in securing the loans on
stock of drygoods viii. therefore, b,
appreciated"
Mr.. Gillian added that he believed
that the assets would undOuhtcdi,
exceed the liabilities. The diMicu.t t,
was to realize upon them quickly.
For more than 80 years the firm, las
known as Hilton, Hughes 4 Co.. ha
been one Of the largest in the traGc
1t was created by \. i. Stewart. an
at his death passed to his widow
When she died Henry G.. Hilton b,
came owner Of the property. Nuriou
partners have been with MIR. Hil,,
and his sons, E. }. Denning ana Joh
NJ. Hughes. The firm was rc-formr
with Albert Hilton, cX-Judgc Hilton
son, as senior partner. Some time ag
Mr.. Hughes retired and since the
Mr.. Albert Hilton has carried on tn
business as Hilton, Hughes q Co.
Hilton, Hughes & Co. conducted tn
largest retail dry goods establishment
in greater New York and one OF th,
largest in America. From the mai.
busint -. the mammoth department
store on BROAD I,.;Iv there Worp 81 lpyor