New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-11-14

Mr.. Hooley has indeed become a financial Ish
mael whose hand is raised alike against friend
and foe. titled client and confidential clerk
\ city editor who has been implicated this week
has resigned his post. on the theory that like
Cesars wife. he should be above suspicion; but
he is undoubtedly en- Innocent victim who has
been wantonly attacked. prominent business
man who has had no connection whatever with
Hooleylsm has been publicly branded as bribe-
taker when his name was mistaken by the press
writer's for another which was whispered from
the witnesses lips. The campaign OF defamation
goes from the witness box. and peers. mem
bers Of Parliament princes of finance, specula-
tors, investors and journalists all exposed in
turn They can write letters of denial and hire
solicitors to look after their interests. hut under
the existing bankruptcy law they cannot obtain
adequate protection redress. They cannot in
stitute libel actions. and they have no means OF
crosse examining their accuser and Of vindicating
their regulations without protracted delay. The
law enables vindictive and embttered bank
rupt to assail anybody who has ever prohted in
any way by business TRANSACTIONS with him.
The fate of Mr.. Martin ID. Rucker. of cycle
company fame. deters any former associate from
attempting to influence Mr.. Hooleys testimony.
He was charged the bankrupt's Information
with seeking TO bribe the witness to suppress,
falsify his testimony In regard to monetary
transactions with the directors Of the Humber
company. Mr. Justice Wright has enforced what
is regarded az a lenient penalty for what was
by Mr.. Fuckers own admissions n grave indis-
erection. He has been fined goo and costs which
is nominal punishment for a cycle millionaire.
Mr.. Justice Wright has stated plainly that if he
had accepted Mr. Hooleys own version Of the in
cident he would have been forced TO sentence
Mr. Ruckcr TO prison for attempting to procure
false evidence by bribery. This is d warning
which Mr.. Hooley's former confederates IN stock
promoting shrevd enough TO heed. He will
be allowed to testify as he likes and there VIII be
no further efforts to control or silence him. or
even 10 induce him to tel the truth as Mr.
Fucker averred was his own object in approach
ing him. Mr.. Hooley has indeed been dropped
10y all his former acquaintance as a dangerous
man with whom it is unsafe TO have any
personal relations.
One effect Of Hooleysm Is already noticeable
in financial circles Not only is it impossible to
induce titled personages to allow their names to
be used on the front page of a prospectus. hut it
is impracticable to float industrial compa-
MES on any terms. Enterprises of this kind
have fallen into disfavor since the Hoolcy dis
closures and loud complaints heard in the
street over Inc depressed market lOI new ISSUES
Financiers and solicitors tell me that sound un-
dertakrgs representing legitimate business in
terests and honorable methods Of stock-prOmot-
ing go begging whenever they are put on
the market This is because Hooleyism. with its
scandals has discredited and tainted entirely
proper and regular agencies for recapitalizng
business concerns Of admitted value. As is
frankly admitted in the Street. the bottom has
fallen out Of stock-promoting and only consols
and rails are respectable" Meanwhile Mr. Hoo
ley IS settling his old scores in his own way. He
Is a singular study Of moral obliQuity in what
was Acknowledged AS high finance. He seems
utterly incapable Of perceiving that there was
anything immoral or improper in bribing and
purchasing agents who might be useful in pro-
noting his nary ends He only fret
and fume because others have prospered. where
d he himself is a bankrupt. l. y. i.