The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-08-27

NEW YORK, Aug. 26.-Thc dry goods
firm OF Hilton, Hughes & Co, once a. Il.
Stewart \ Co.. have made an assign.
mcnt to @, NJ. Wright.
The assignment was made by Albert
u. Hilton, who comprises the firm. No
statement has as yet been made as to
the amount OF the liabilities and assets.
All the windows show drawn blinds ii
fthc big building which takes In the whole
block surrounded by Ninth and Tenth
streets and Fourth arenue and Broad
way, und the closed house. which FOR SO
many years has presented n scene nt
hustle gave q, desolate air to that part
OF Broadway.
After the close OF business In the house
last night, a conference between MIR. HI
ton and the managers W his various Do
partments took place. The books were
gone over carefully and the exact status
OF the firm was presented. The oonfer>
4 ence lasted until late, and ut an early
hour this morning there came the decls-
Ion that the house must close Its doors.
Accordingly when the employees hur-
rica up to tho building they found on
each door this notice:
"hU employees are notified that their
services are no longer required and that
they VIII be paid In full to and Including
this day.
The store will be closed until turthet
notice.
HILTON. HUGHES SEQ.
GEORGE NJ. WRIGHT. Assignee"
august Is. 1896"
There were many grave faces among
the former employees OF the firm when
the notice was read through. Many said
1t was nm surprise to thcm-that 1t was
simply the confirmation OF the rumor
heard months ago.
Mr.. Wright was not ut his office when
the reporters called. y clerk answered
the questions In his absence. THE trou-
bic was caused by the %stringcncy In the
money market" he said. TT was found,
In Justice to the creditors. that this was
the best way Of llquidatIrg the affairs
Of the FIRM
The following statement, which had
been prepared by Assignee George NJ.
Wright. was given out later:
PARTIES In interest became satisfied
that the business was not making q pro-
ut. 1t was therefore decided to close X.
1t was at first supposed that this could
be done by an ordinary closing nut sale,
without any general assignment.
with this end In view Judge Hilton
within the last month advanced $3.50, 900
to the firm TO pay on acCOun; ~ mer-
chandisc claims. he has during the
last few years advanced very large
sums. Ee would have been willing to
advance enough TO pay all the unse-
cured claims but In the present strin-
gency 1t Is more than announcement 60
raise that amount at once. though the
sum Is MT large. less than $500, 600. The
difficulties every merchant and banker
knows.
A claims were pressing, there SEEM
ed to be no other way to close the BUSH
ness with equal Justice to all creditors
and preserve the property from Sacri-
flee, but by n general assignment with
out preferences.
at Is believed that all the merchan-
disc and general debts can be paid In
full out OF a sale OF the stock and the
= collection of the 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 II car
rIed through. will result in a settlement
OF the debts In. n very short time.
Nr. Henry L. Gilman. the general
manager OF the concern who gave the
statement to the press stated that 1t
was his opinion that the great Broad
way dry goods house had closed It's
doors for good and all. He would not
confirm the statement that the stock
had been sold 10 a big Sixth Avenue
house.
The immediate cause OF assign
ment." said Mr.. Gillian. "can be- at
tributed 10 the strinseucy In the money
market. Another cause Of course Is
the general depression In all lines OF
business. il IS a fact that a man with
sl.G10, 900 In United States bonds cannot
borrow more than a couple OF hundred
thousands OF dollars on his securities.
The difficulty In securing loans on n
stock Of dry goods will therefore be
appreciated"
Mr.. Gillian added that he believed
that the assets would undoubtedly ex-
coed the liabilities. The difficulty was
10 realize upon them quickly.
For more than fifty years the firm
last known as Hilton Hughes a. Com
pany, has been one OF the largest In
the trade. II was created by 4. T.
! Stewart and nj his death passed to his
widow. When she died Henry C. Hi
ton became owner OF the property. AZ
ter various partnerships between AIR.
Hilton and his sons. T.. J. DcMning aud
John VI. Hughes. the firm was reformed
with Albert Hilton. rx-JudEc lIlltOn's
son, as senior partner. Some time ago
Mr. Hughes retired and since then Al
bert Hilton has carried on the business
as Hilton. Hughes & Co.
WHAT HURTS THE FARMERS.
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