New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-08-07
TITLED "GUINEA PIGS"
,o,Ny PROMOTERS IN ENGLAND
,,,pcHAsE PEERS OF THE REALM FOR
,,cr AS DECOYS TO INVESTORS.

,c1, AS DECOYS TO INVESTORS.
49, barter and sale Of human beings
"" ,,.,.,ye in a number of Oriental and more
:. loss barbarous countries II Is eeheraN' sup
OF 10, h.yA becn entirely abolished among tn,
w. lid nations Of Europe. 1t is therefore
'' THAT startling to hear of citizens being
ST, and sold in Great Britain. and these
,,+,,s not paupers nor even members OF what
,,own as the laborng classes but peers
9" real,n possessed Of landed estates. with
'" o.,ries that go back in an unbroken line t.
a ,,ve Of The Crusades who. as members OF
~. House of Lords. constitute not only the most
&c, and ancient Legislature of the world
90. likewise the highest tribunal OF the immense
rmnjre of queen Victoria
mic may sound like romancing. but 1t is
..o,tbejess the sober truth. and any one who
a.,or,ains doubts as to the vcracity Of the as
-.,;n, need merely refer to the revelations
o,ae in the last week by the former millionaire
a company promoter. Hooley. in the course
~ his examination by the presiding Judge Of
tho Court Of Bankruptcy in London.
From his evidence. which in many instances
+. hacked up by documentary proof. it would
onnear that he was accustomed to purchase
roople Of title to act as directors Of the com
nanies which he launched. many Of which have
came To grief The value OF these titled direc-
TORS in Connection with any new-fedged COM
many is that they serve as decoy ducks to in
vestors Of the middle classes. who would not
otherwise embark their money in the enterprise.
hit who are induced to buy shares on the alto
gether mistaken impression that the peers who
fsure on the board of management have too
high sense Of honor and too keen sense Of
what is due to their name and to their illus
trious ancestry 10 stain their esCutcheons by as
socation with undertakings that are in the least
degree questionable
BROKERS' WHO DEAL IN PEERS.
In fact the barter and sale OF titled person.
ages chiefly peers Of the realm. have gone so far
that A species Of brokerage has been established
by club and society men. who act dealers in
personases with handles to their names. whom
they dispose Of to company promoters as drec-
tors Earls. for instance sold at much.
yscounts and barons at a smaller figure. baro-
nets and knights disposed OF for 500 or
500. the largest prices Of course. commanded
by the sale Of retired judges and bishops. In
fact. the presence Of bishop on the Board OF
Directors is sufficient 10 extract money from the
pockets even Of NonconfOrmist investors.
Il may Dee said that this form Of traffic has
received the sanction OF the law Of the land
About twO years ago a case occurred where n
peer broker sued company promoter for
non payment for goods which he had furnished
him in shape Of a titled director and the courts
gave judgment for the plaintiff. thus giving
legal recognition and sanction to the trade The
tive and may help to throw light Oh the vari-
Gus features Of the Hooley trial
The plaintiff was a Mr.. De Beer. n member Of
the bar. who admitted. under cross-examination
tha, he supplemented his receipts from the
Practice of law by acting as peer broker" for
company promoters. Belonging to a large num-
Der Of metropolitan clubs. he was applied ID in
the ordinary course of business by a promoter
IF the name Of Gavin to secure titled director
or his "House-to- House Cycle Cleaning and In
;urancc Company" which he had Just started
Mr. De Beer undertook in return for the sum OF
e 900 to obtain the human goods demanded
and in course Of time secured and turned over
to Gavin the Earl Of Westmoreland. When.
however he came 10 ask for the money prom
sed him. Gavin attempted to eYade payment
He did not deny the contract which he had
made - dispute that the goods were equal To
the sample But he pleaded that the delivery
Df the said goods was not made until after the
CONTRACT late Lord WestmOreland not having
signihcd his consent 10 serve as director un;ll
after the date appointed. The Court Of Queens
Bench presided over by Justice Day. found THAT
Gavin had no excuse for declining 10 pay the
money. since he had accepted delivery OF the
Earl He had the goods. and must pay the
price Judgment was therefore given in favor
Of the Plaintiff and the sanction Of one Of the
highest tribunals in the land was thus given To
the barter and sale OF peers Of the realm.