The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-06-09
Failure of a Promoter Who Is Said to
Have Made $IO,OOO,O0O in Three
Days and $5O,OOO,OOO in a Year.
SPENT MONEY RIGHT AND LEFT
BOUGHT YACHTS, HORSES AND HIS
TORIC ENGLISH COUNTRY SEATS.
Probably the Worlds Greatest "NapO-
as Promoter of Bicycle Companies.

LONDON, June S.-A receiving order in
bankruptcy has been Issued again Ernest
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 multi-milionaire
Mr.. Hooley reached the pinnacle of prom
inence In 1896, when he promoted the Dun
lop Tire Company, and was supposed to
have cleared $1,000 600 by that deal alone
He has since been identified with the pro-
motion of the Bowel Company and with
many bicycle companies. 1t is understood
that not any of the latter was profitable TO
the stockholders. In the meanwhile how
ever, Mr.. Hooley lived a sort of Monte
Cristo existence, bought yachts and race
horses and numerous historic country seats.
In January of the present year Mr.. Hooley
purchased the racing cutter Britannia, for
merly the property of the Prince of Wales,
from John Lawson Johnston. During 1896
he purchased the schooner-yacht Verena
from the Earl of Lonsdale Mr. Hooley is a
member of number of yacht clubs. Fer
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
II,
was not unexpected in, the best quarters.
The last attempt to float Hooley bills was
failure, although 10 per cent. was offered,
but it is believed that there is considerable
of his paper in existence. 1t will be the
second and third-class institutions which
will suffer by his failure. The shares with
which Mr.. Hooley was connected slumped
latterly, but the London market did not
ia Ike much Sha i'm tho nob1a
1t has been well known that Mr.. Hooley
lad been unable to find money for the big
Chinese loan which he proposed to float
some time ago. and there was much talk a
year ago when the authorities of st. Paul's
Cathedral accepted from Mr.. Hcoley mag
nificent gold communion service. Within
the last month Mr.. Hooley leased the big
building at the corner of Pail Mall and Re
gent street formerly the Belvidere Club, to
be used as Offices ~ egm>r
To-days petition in bankruptcy was made
by Mr.. Hooley himself, who describes him
self as of "Berkley square, London, Risley
Hall, near Derby. and Papworth Hall, Cam
bridgeshire." 1t is said that actions aggre
eating 100000 are now pending against
Mr.. Hooley, and that one for S265,C00, which
was set for a hearing tomorrow. precipi-
tated the crisis. ys,fgr Tar r,y~,.
Counsel for HpoleY. in the course of the
application for the order, Uniformed the reg
istrar that perfect run had been made on
Mr.. Hooley, who, in order to protect the
general body of his creditors and to prevent
his assets, which were very large, from
being sacrificed by a hurried realization,
had adopted the course of applying for re-
ceiving order. This, counsel explained, was
done only after the most enormous sacri-
fees had been. made upon Mr.. Hooeys
part. Counsel for the petitioner further
said that he was not prepared to say
whether any scheme of settlement had been
propcunded, and he 5asserted that Mr..
Hooley had not personally reaped the ben
efits of large profits resulting from his pro-
motions. Mr.. Hooley counsel said. had
been '.victimized to an extent which will be
a revelation to the public"
Mr.. Hooley was formally adjudged bank
rupt. 1t 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 promoted by the bankrupt
aggregate $50, oO0, OG0 to $65. 000, and the
shares in these concerns. known as whole,
have deprecated over 40 per cent since their
f1otaton.