The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1898-06-09
NOT A MILLIONAIRE
Promoter Hooley Worth Very Much
Less Than Nothing

| LONDON, June ga receiving order in
bankruptcy has been issued against Ernest
Terah Hooley, for years prominent as the
biggest company promoter in this country,
prominently interested in bicycle, land and
other concerns, who was supposed to
be multi-millionaire.
Mr.. HoOley reached the pinnacle of prom
inence in 1896 when he promoted the Dunlop
Tire Company and was supposed to have
cleared $12 $1,000 by that deal alone. He
has since been identified with the promo
ton of the Boyril Company and with many
bicycle companies. 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 existence,
bought yachts and race horses and numer-
Gus historic county seats. In January of
the present year Mr.. Hooley purchased the
racing cutter Britannia, formerly the prop
erty Of the Prince of Wales, from John
Lawson tombstone. During 1896 he pur-
chased the schooner yacht Vereha from the
Earl of Lonsdale. Mr. Hooley is a member
of number of yacht clubs For months
past financiers have predicted that Mr..
Hooley was in deep water.
The markets were not affected by the
downfall Of Mr.. Hooley as the news of the
receiving, while it caused a sensation, was
not unexpected in these quarters An at
tempt to float Hooley's bills was a failure.
although ten per cent. was offered, but it
is believed there Is considerable Of his paper
in existence 1t will be the second and
third-class institutions which Will suffer by
this failure. The shares with which Mr.
Hooley was connected slumped lately, but
the London market did not take much share
in the gambling.
1t has been we'll known that Mr.. Hooley
had been unable to find money for the big
lChinese loan which he proposed to float
some time ago, and there was much talk
year ago when the authorities of st. Paul's
Cathedral accepted from Mr.. Hooley a
magnificent gold communion service. With
in the last month Mr.. Hooley leased the big
building at the corner of Pail Mall and
Regent streets, formerly the Belv!dere
Club, to be used as offices.
Today's petition in bankruptcy was made
by Mr.. Hooley himself, who described HIM
self "of Berkeley Square, London. Risley
Hall, near Derby and Papworth Hall, Cam
|bridgeshire.'
1t is said that actions aggregating 81, 000,-
600 are now pending against Hooley, and
that one for $265, 900, which was set for
hearing tomorrow precipitated the crisis.
Counsel for Mr.. Hooley, in the course of
the application for the order, informed the
registrar that perfect run had been made
on Hooley, who, in order to protect the gen.
eral body of his creditors and to prevent his
assets, which were very large, from being
sacrificed by hurried realization, had
adopted the course of applying for a receiv-
ing order. This, counsel explains, was done
ionly after the most enormous sacrifices had
been made upon Mr.. Hooley's part. Coun-
sci for the petitioner further said that he
was not prepared to say whether any
scheme of settlement had BEEN proposed,
land he asserted that Mr.. Hooley had not
personally reaped the benefits of large
profits resulting from his promotions. Mr..
Hooley, counsel said, had been "victimized
to an extent which will be revelation to
the public"
Mr.. Hooley was formally adjudged bank
rupt. 1t is impossible at present to make
any correct estimate of the liabilities, but
there Is no doubt they are very large.
Among the more recent projects attempted