The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-07-19
GEN. HJGHESS FAILURE.
Owes Banks 900. 900 or $40, OOO-Hls Real
Estate Decided to His Mother.

GLENs FALLS, n. Y, July 1s.--According
TO hints given out by his attorney, Senator
Bracket, Assemblyman Hughes is in New
York. 1t Is believed, however, that he is
in hiding in Saratoga to be near Bracket.
1t is no learned that Hughes has trans
ferred all of his real estate to his mother,
Mrs. Sarah Hughes, who resides in Easton,
Pa. The deeds were filed for record in
the Office Of the Washington county clerk
on July 10. There are four parts.
The first deed purports to have been
executed on Nov. 7, 1901, and for con-
sideration OF 81 conveys his valuable resi-
dence The second was executed on July .,
1908, and in consideration of So 900 conveys
the lot and three-story brick building
adjoining the Granville National Bank,
subject to mortgage Of $4,000. The third
deed is dated July 8, 1908. 1t conveys
lot adjoining the Farmers National Bank
in Granville. The consideration is given
as IS 600. The last deed bears date july 3,
1908, and conveys another lot, the considera-
ton being 81, 900 Whether these conveyances
will stand test in the courts is question
which NAV be passed upon later.
The banks which hold Hughes's paper
are the National and Farmers of Gran
vile, Peoples Of Salem, National of Cam
bridge. North Granville of Poultney, the
Peoples of Sandy Hill and one Rutland
bank Some of these are amply secured
by good indorsers or hold collateral. 1t
Is understood that he owes these banks
between 100000 and $4,000. His assets
are not known. His real estate in town
is estimated at $50 900, on which there is
said to be 600 in mortgages.
The new Hughes company was organized
AL .,fk nd
OF bonds were issued. So far stock and
bonds to the amount OF 900 have been
disposed of. All of this was originally held
by Gen. Hughes, and unless it has been
sold or assigned he ought to have some
SEQ 900 of stock on hand. If this could be
disposed of at par he should realize. to-
gether with his real estate, enough to more
han pay ali his indebtedness Just how
seriously his failure will affect the value
of this stock is a matter Of future develop
ment.
The Farmers and Granville National
banks, will not be seriously affected: Gen.
Hughes was director in both banks, but
held only 5, 600 of the stock OF each. The
North Granville Bank, OF which the hon.
|. V. Baker is the principal stockholder,
is a creditor, but is not very heavily m
yolved. The Peoples Bank of Sandy Hill
has Hughess note for $4,000, and Z. Il,
Paris, president of the bank, personally
holds note for $4,000.
Upon the application Of a majority OF
the directors of the Hughes Slate COM
pany, Justice Spencer. at Gloversville, to-
day appointed Ellis W. Williams OF Gran
vile receiver of the company. Mr. Wiz
liams was also authorized TO issue re.
ceiver's certificates to pay the wages OF
$50 employees due to-day. The court
also appointed Fred l. Baker Of Fort Ann
az referee TO hear the claims of the creditors,
who are enioined by the order from suing
the company. The failure Of Gen. Hughes
ma lie this action necessary. since he was
the largest stakeholder in the company.