New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-06-20
BOOLEYISM.
RISE AND FALL OF THE PRINCE OF
STOCK PROMOTERs-MORAL FOR
VANITY FAIR.
London, June II.


London. June II.
The stern. unbending moralists are merciless
I, their judgments Of the prince Of stock pro-
voters now that he has been forced into bank
-,,,tcy So long as he was a financier who was
xnown to he supported by rich clients and tilted
ns.rons and who had the reputation of being
miracle worker with companies old and new.
,bev were silent. although his exploits had
,-onsht a swarm Of professional stock promo
.ers into the field and rendered some measure Of
permanent company reform imperatively neces-
cary Now that his Juggling with millions has
onded in q crash. and he has gone down with
.be historical cry. "Blackmail.' they take up
,heir parable and deliver their homilies upon the
insensate folly OF such a career as his. The
nreaching in Vanity Fair would be more effec
tive If 1t were directed against the vices and
ovarice OF the day TO which this speculative
stock promoter has been ministering. The scape-
Goa, has been let loose in the Wilderness but the
narahle has no meaning. if he does not bear the
sins Of others.
Mr. Hooley is a Derbyshire man. in his fortieth
year He entered upon his business career at
Nottingham with snug fortune. and was
daring stock operator at twenty Speedily
no became the agent Of a large circle Of wealthy
investors. who had faith in his capacity for
managing stupcndous enterprises. His boast
was that he had always gone in for big things.
There are plenty Of men," he remarked In his
nslniest days who are ready to deal in thou
sands but they get frightened when you talk OF
millions" He had the imagination required for
onerations OF extraordinary magnitude. He pur
chased recapitalized and foated the Dunlop.
Bovrl Schweppe Humber, Singer and numerous
other companies, made immense investments in
landed property. attempted 10 establish mo-
nonoly in the Australian mutton trade and en-
tered into negotiations for a tremendous financial
deal with the Chinese Government. He went in
FOR so many big things that those who were sup
plying him with capital for fresh undertakings
became alarmed and deserted him. He has said
IN the plentude Of his power If you go hair
uay up the ladder you will find IT crowded with
competitors. If you so to the top you practically
have the field 10 yourself. He was at the top,
hut alone at n perilous height; and the ladder,
bending under its weight. was shattered
and he has fallen with the wreck.
Mr. Hooley has been a stock promoter who has
made S150OO0OO for himself and his associates
by inducing the public to subscribe TO various
enterprises Of a speculative nature. one great
coup after another gave him prestige, until he
SCARED aloft as Anancier- in-ordlnary for the
titled classes and the most fashionable and no.
torious millionaire Of the day. He never made
anv secret Of his own profits from these big
deals II he drew two millions out of the Dunlop
turnover and a mAlion here and another mill
ION there out OF an Industrial combination. the
nublic knew OF it from his own mouth. and the
paragraphers for the smart sets heraded his ex-
plots and gossipped about the fortunate patrons
who had been admitted to the ground Moor MT.
Hooley was the Napoleon OF modern nnance.
and he had apparently managed matters so ciev-
erly that he could not have a Waterloo. with
his rich and influential clientele he could always
secure judicious underwriting, and his own re-
sponsiblties ended with the fiotation OF the new
issue of the recapitaZed company. 1t was not
an easy way Of making millions, for this 1nan-
cer had to work az least sixteen hours Gay.
But how safe and scientific was the system and
how blessed were they who were admitted into
the innermost ring and had the full privileges OF
the ground floor.
There was alack. a weak point In the system.
o,d the hubble found II out. Millions were made
ny the stock promoter and his supporters. but
thev could tn.- come out Of The general puohc
which bought the shares. 1t was the oldtme
American game Of stock-watering with new
name Mr. Hooley's enterprises were sound at
bottom with moderate profits assured FOR
reasonable amount Of capital. When the capltai
was enormously expanded the prohts ala not
suffice for distribution. ana the investors "e'e
disconnected. The appetite for Hooley snares
fell off when 1t ascertained that MS promises
were not fulfilled and there steady de-
probation in values. Lists Of his companies ap-
nesred in print showing a shrinkage Of one-haf
in capital value New schemes were under
taken. but his name suddenly seemed 10 have
lost its magic and lotation was only effected
with losses even on the ground floor Whispers
were heard on the Street that his paper was
everywhere and that his credit was shattered.
At last came the day when the manipulation OF
CAPITAL aggregating S1000OOOOO was in the
Bankruptcy Court. and when his splendid resi-
deuces in town and country were In the posses
sion Of bailiffs.
Mr Hooley has his own theory OF the coi'apse
"Blackmail is what has done me- ne eHc'a'i''
He asserts that he has always acted IN the
We. s,rotgb,@orward way and has thrown his