New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-06-09
ERNEST T. HOOLEY FAILS.
THE WEIL-KNOWN PROMOTER AID
JUDGED A BANKRUPT ON HIS
OWN PETITION.

YIyDGED A BANKRUPT ON t1iS
OWN PETITION.
london June s--A receiving order In bankruptcy
has been issued against Ernest Terah Hooey' iof
years prominent promoter In THIS couH.iS'
prominently interested IN bicycle. land ana otne'
concerns. and who was supposed 10 DO d inu'''-i''
aonsre o.
To-day's petition in bankruptcy was maze ny III
1Iooley himself who described himself "of Berkeley
Square. London: Risley Hall. near Derby ana rap
worth Hail. Cambrtdgeshire."
Counsel for Mr.. Hooley. In the course Oh tno az
pl,cat!on for the order in bankruptcy, informed
IN. Registrar that perfect run had peeh
made on Mr. Hooley, and the latter, IN oloef
IN nrotect the general body OF his creditors ana 10
prevent his assets, which counsei safe "c!e '
large from being sacrificed by a hurried reaHzaAoi
had adopted the course OF applying lor 'o0e''
,ry order This counsel explained. WAS done only
after the most enormous sacrifices had been mace Oh
NJ uoolsy's part Counsel not prepared 10
gay whether any scheme Of settlement had been pro-
po,ed and he asserted that Mr.. Hooiey h"u "0'
personally reaped the beneht OF tho large pro"'S re
suting from his promotions In conclusion ne saiu
that Mr.. Hooley had been 'victimlzeo 10 an o"'o"'
which will be a revelation 10 the public Eventu-
aIv Mr. Hooley was formally adjudged a bankrupt
II 4. impossible at present 20 make any correct es-
innate of the liabilities OF Mr. Hooley but there ~
no doubt that they are very large II is saio uA'
actions aggregating 100000 are pending against
him and that for 900. which was SET io'
hearing tomorrow. precipitated the crisis
Mr. Hooley reached the pinnacle OF prominence III
1896 when he promoted the Dunlop Tire Company
and was supposed 10 have cleared N@So"O by that
deal alone He has since been connected Win '"o
promotion OF the Bovr1l Company and with many
bicycle companies. II is understood that none vi
the latter were profitable TO the stockholders. IN
,hs mean time, however Mr.. Hooley lived sort OF
Monte Crtsto existence bought yachts and race
horses and numerous historic country seats IN
Jafuary OF the present year he purchased the racing
cutter Britannia formerly the property OF the Prince
Of Wales from John Lawson tombstone. In 1850 ne
purchased the schooner yacht verena from the Earl
NJ Ionsdale He s a member OF number or yachI
clubs.
For months past nnancierp have predicted 'hh,
Mr. Hooley was In deep water. 1t has been wei
known that he had been unable TO fnd money l0r
the big Chinese loan which he proposed 70 no%'
when The authorities OF St Pauls Cathedral accept
% from him an. mdns M s0 aoSSy the Big
building at Pail Mall and Regeni-st., formerly the
The markets were not affected by the dramatic
downfall Of Mr. Hooley. as the news OF me Ieceiv
.4pected in the best Guarers The last attempt 10
float Hooley bills failure although 10 per cent
was offered: but II is believed that there Is con-
siderable amount Of his paper In eSsesGs Which Mil
be the SECOND ana tsro r'S shares wth whch Mr.
Hooey was connected have slumped letterly. but but
the London market da not a take nr Gfa ped
6S Mr. Hooiey was the Notation Of a Spanish loan
The espt 1oO q SEQ os @ 20 and the shares
In these concerns taken as a whole nave depfe''
eted over 10 per cent since their no'Atioh
The following sketch Of MI Hooley was printed
In a London newspaper in 1896. when he had at
tanned the greatest prominence as nnancier
II am eountryman." he declared. II hate town
,ife and hate town sharks. with their tricks and
wues I stay in London little as can, ana get
~ q O
that have to be the spot 20 manage my affairs
you would very seldom see me here am, sup
pose. the largest sheep farmer in England ana
know every OF my three hundred horses by
sight"
Mr.. Hooley was asked how he became a million
are and replied 81 cannot say that was ever
what you would call poor man. Some people /
know have an idea that one month IN back
wrong | come from family of Nottingham lace
manufacturers. and when l was twenty-two my
the rate Of not less than f2 900 year which could
be hardly called pSyeTy s'a11ed business ns az
made 10000 year. Az stock broker got mo
secured wt their Confidence and they have been The
great factors In the success OF the big schemes !
have since carried through. When ISSUE COM
pany do not rely altogether on the outside public;
my own circle controls between tl5VlV~o ana ~
a fact OF which make secret that these friends
'While in Nottingham had 10 DO with the initial
steps OF starting some companies. and ! saw that
the promoters made great profits. asked myself
why should do this work. Then a friend
brought 10 my notice Humber shares which at tnat
time despised at 519. l looked into them. was
satisfied that they had a future and bought largely
till the shares up to 24i2. Then RECONSTRUCTED
tho company making $500 out of the deal Other
cycling schemes followed. the biggest being the
Dunlop tire deal. l bought Dunlops outright FOR
f 900 90, sold them to the present company FOR TO-
0000O0 and now they are worth SI1O.0O
''In the first place, have no secrets II had
should want staff Of two hundred clerks 10 keep
my books. ] have never been able yet to keep
secret, and will / say that the promoter is
much entitled his profit ana his money Is az hon
estly earned that OF any other man. When
farmer buys cow from me-. cuts II up and resells
It a higher rate than he bought he Is entitled 10
make what he cam am when buy and sell
company / buy. say. for 100000 and sell for
f35c00o0 and tell the public straight out that am
going 10 make something for myself out OF the deal
! make II an absolute rule only to take up con-
Germ at time, and never 10 leave IL till II is really
on its legs. able to point back 10 all the
things I have been associated with and say that
there is not one OF them but to-day is in a healthy
state.
Tho principles upon which ! have acted have
been two. First, always mind my own business
and look after IL well. Then. / touch any
thing that is out Of my own line. II a
70 me and says Here is a good tip act IT, do
not listen 10 him. | confine myself 70 those things
which know and act on my personal knowledge
alone. For instance, l never speculated single
pound IN mines. for I know nothing oS them"
TRADE TOPICS DISCUSSED