The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1898-06-08
A MONTE CRISTO
Promoter HOOley Goes Into
Bankruptcy.
Made $12,5OO,OOO on Single
Enterprise.
HE OWNED BRITANNIA
Bought Yachts and Horses
Right and Left.
Was Supposed to Be Multi
Millionaire. g.
HE OWNED BRITANNIA

London, June S.-A receiving order in
bankruptcy has been issued against
Ernest Terah HooIey for years prom
inent 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-
Honaire.
Mr.. Hooley reached the pinnacle of
prominence in 1896 when he promoted
the Dunlop tire company and was sup
posed to have cleared So, 100000 by that
deal alone He has since been identi-
fed with the promotion of the Bovri
company and with many bicycle COM
panies. 1t is understood that not any
of the latter was profitable to the stock
holders. In the meanwhile, however,
Mr.. Hooley lived a sort of Monte Girls
to existence, 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 John Lawson
tombstone. During 1896 he purchased
the schooner yacht Verena from the
Earl of LOnSdale. Mr. Hooley is a
member of a number of yacht clubs.
Ihe markets We're not affected by the
uoWnfaII OF Mr. Hooley. as the news Of
the. receiving order, while it caused a SEN
SdJlOns was not unexpected IN these quar-
ters- An attempt to float Hooley's bills
was a failure, although 10 per cent was
offered, but it is believed there is consid-
efabIe OF his paper in existence. 1t will
be the second and third class institutions
shares with which Mr. Hooley was con-
nected slumped latterly, but the London
markets did not take much share in the
1t has been well known that Mr.
Hooley had been able to find money
for the big Chinese loan, which he pro-
TO
was much talk a year ago when the
authorities of st. Paul cathedral ac-
cepted from Mr.. Hooley a magnificent
gold communion service.
Within the last month Mr.. RooIey
leased the big building at the corner
of Pail Mall and Regent streets form
erly the Belvidere club, to be used as
offices.
Today's petition in bankruptcy was
made by Mr. HoOley himself who
describes himself, of Berkeley square
London, Risley hall, near Derby and
HapwOrth hall, Cambridgeshire.'
1t is said that actions aggregating
$2O0O,OO0 are now pending against Mr..
Hooley and that one for $3.50 600 which
was set for a hearing tomorrow precipi-
tated the crisis.
Counsel for Mr. HooIev in the course
of the application for the order, in
formed the registrar 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 We're very large, from being
sacrificed by a hurried realization, had
adopted the course of applying for q
receiving order. This, counsel explain
ed, was done only after the most enor-
nous 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, counsel said, had been
''victimized to an extent which will be
a revelation to the public
Mr. Hooley was formally adjudged
bankrupt 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 Span
ish loan.
The capitals of the companies pro-
NOTED by the bankrupt aggregate from
$60,000,00O to S65, 100000 and the shares
In these concerns, taken as a whole,
have deprecated over 40 per cent since
their fioatation.