The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1898-06-08
HIS BOOM DEFLATED.
Promoter Hooley Of Great
English Bicycle Deals a
Bankrupt for Many
Millions.
[By Gable to The Associated Press /

LONDON, June s. 1S9S.--A receiving or
der in bankruptcy has been issued against
Mr.. Ernest Terah Hooley, for years
prominent as the biggest company pro-
moter in this country, prominently in-
terested in bicycle. land and bovril con-
Germs, and who was supposed to be a
multi-millionaire.
Mr.. Hooley reached the pinnacle of
prominence in 1886, when he promoted the
Dunlop Tire Company, and was supposed
to have cleared s12,500o0o by that deal
alone. He has since been identified with
the promotion Of the BovFilf Company
and with many bicycle companies. 1t is
understood that not any of the latter were
profitable to the stockholders.
In the meantime however, Mr. Hoo
ley lived sort of Monte Christie exist
ence, bought yachts and race horses and
numerous historic country seats In
January of the present year Mr. Hooley
purchased the racing cutter Britannia
formerly the property of the Prince of
Wales. from Mr.. John Lawson john
ston. During 1896 he purchased the
schooner-yacht Verena from the Earl of
Lonsdale. 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 well known that Mr.. Hoo
ley had been unable to find money for
the big Chinese loan which he proposed
to float some time ago, and there was
much talk year ago when the authori-
ties of st. Paurs Cathedral accepted
from Mr. Hooley a magnificent gold com
munion service.
Within the last month Mr. Hooley
leased the big building at the corner of
Pail Mall and Regent street, formerly
the Travellers Club, to be used as offices.
Today's petition in bankruptcy was
made by Mr.. Hooley himself, who de-
scribes himself "of Berkeley Square, Lon
don, Risley Hall. near Derby, and Pap
worth Hall, Cambridgeshire.''
1t is said that actions aggregatfng 81
100000 are pending against Mr.. Hooley,
and that one for s265, COO, which was set
tor hearing tomorrow. precipitated the
crisis.
Counsel for Mr.. Hooley, during the
course of the application for the order,
informed the Registrar that a perfect
run had been made ON Mr.. Hooley and
the latter, in order to protect the general
body of his creditors, and to prevent his
assets, which counsel said were very
large, from being sacrificed by hurried
realization, he had adopted the course of
applying for receiving order. This, coun-
sci explained, was done only after the
most enormous sacrifices had been made
upon Mr.. Hooley's part.
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.
Counsel for the petitioner further said
he was not prepared to say whether any
scheme of settlement had been propound-
ed and he asserted that Mr.. Hooley had
not personally reaped the benefit of the
large profits resulting from his promo
tions.
In conclusion, counsel said Mr.. Hooley
had been "victimized to an extent which
will be a revelation to the pub2e
Eventually, Mr. Hooley was formally
adjudged a bankrupt. Among the more
recent projects attempted by Mr. Hooley
was the fotation of a Spanish loan
The capitals of the companies promot-
ed by the bankrupt aggregate from $780,
0D0, 600 to $4,000 600 and the shares in these
concerns, taken as whole, have depreci-
ated over forty per cent. since their fota-
fiop