The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-06-09
PROMOTER HOOLEY BANKRUPT
ENGLISH FINANCIER WHO CUT
a WIDE SWATH.
Promoted Companies Aggregating
Sixty Millions In Capitalized
to Float Loan For Spain.

London, June S.-A receiving order in
bankruptcy has been issued against Err
nest Terah Hooley, for years prominent
as the biggest company promoter in
this country, prominently interested in
bicycle, land and other concerns, and
who was supposed to be a multi-mil-
lionaire.
Mr.. Hooley reached the pinnacle of
prominence in 1896, when he promoted
the Dunlop Tire company, and was sup
posed to have cleared 81, 500, 600 by that
! deal alone. He has since been identi-
| fed with the promotion of the Boyril
company, and with many bicycle COM
! panieS. 1t is understood that not any
of the latter were profitable to the
stockholders.
In the meanwhile, however, Mr.
Hooley lived sort OF Monte Cristo eX-
istence, bought yachts and race horses,
and numerous historic country seats. In
January of the present year Mr. Hoeley
purchased the racing cutter Britannia,
formerly the property of the Prince of
Wales, from John Lawson tombstone.
During 1896 he purchased the schooner
yacht Verena, from the Earl of Ions
dale. Mr.. Hooley is a member of a
number of yacht clubs.
For months past financiers have pre-
dicted that Mr.. Hooley was in deep
water.
1t has been we'll known that Mr..
Hooley had been unable to find money
for the big Chinese loan which he pro-
posed to float some time ago, and there
was much talk a year ago when the
authorities of st. PauPs cathedral ac-
cepted from Mr.. Hooley magnificent
gold communion service.
Within the last month Mr.. Hooley
leased the big building at the corner of
Pail Mall and Regent streets, formerly
the Belvidere club TO be used as Of
fees. ~
1t is said that actions aggregating
S2,000,000 are now pending against Mr..
Hooley, and that one for $265, 900, which
was set for hearing tomorrow, pre-
cipitated the crisis. iS
Counsel for Mr.. Hooley, in the course
of the application for the order, in
formed the registrar that a perfect run
had been made on Mr.. Hooley, who, in
order to protect the general body of
his creditors, and to protect his assets,
which were in danger of being sacri-
feed by a hurried realization, had
adopted the course of applying for a
receiving order. This was done only
after the most enormous sacrifices had
been made upon Mr.. Hooley's part.
Counsel for the petitioner further said
that he was not prepared to say
whether any scheme of settlement had
been propounded, and he asserted that
Mr.. Hooley had not personally reaped
the benefits of large profits resulting
from his promotions Mr.. Hooley, coun- /
sci says, has been victimized to an ex-
tent which would be a revelation to the |
public r ~ .IiEC
It is impossible at present to make ]
any correct estimate of the liabilities
of Mr. Hooley, but there is no doubt /
they are very large: Among the more /
recent projects attempted by Mr.. |
Hooley was the floating of a Spanish |
loan.
The capital of the companies pro-
NOTED by the bankrupt aggregate from
$50, 100000 to s65, 100000, and the shares
in these concerns, taken as a whole,
have deprecated over 40 per cent since
their fotation