Washington sentinel., 1898-08-13

''''AA|' vi tue 'front.' sheet OF that pros.
pectus cost between 900, ,ooo and 100.
oco. This, OF course, is not blackmail
we should call 1t decoying. 1t was Mr..
Hoolev's way Of inducing the public To
give him five millions for a thing thar
cost him little more than three. For
the moment the plan succeeded admir-
aoiy' lhe trick was done in exactly
month-and Mr.. Hooley adds, with
pride, he had never heard of the busi.
ness till he came to London"
In PLAIN English. Mr.. Hoolev bouobt
ana sold businesses with an astounding
recklessness which we suppose must
nave been accompanied by some quality
OF shrewdness that we do not discover
In ms evidence, and he succeeded.
according to his own account. bv
system OF gigantic bribery. A
variety OF the story is afforded by Mr..
Hooley's account Of his relations with
that light ol financial journalism. MFR.
Harry Marks, M. P. "Mr. Marks and
were on the most friendly terms" is the
debtors explanation OF a certain check
for .GIo,ooo.
u think he would refrain from doing
me any harm, and am sure should
refrain from doing him any HARM"
sold him &c. 600 shares in the Dun
lop before allotment for EGo,ooo in
shares or cash at my op ion, and paid
the cash. "You cannot say thar 1 TO-
900 was in payment for articles. lad
contract withMr. Marks, as with other
people. If the company had not gone
to allotment, he would have lost
money"
Therefore, we imagine, it was made
to be Mr. Marks's interest that the com.
pany should go to allotment. It's. of
course, fair to await Mr.. MarISs's explain
alton.
Standardization, July as.
In his public examination before Mr..
Register Hood, Mr.. Hooley was invited
to give sketch of his conception of the
duties of Company promoter. His
response was not lacking in a certain
rough candor, and may have IFS value.
II It opens the eyes OF investors and
spectators who risk their money on the
faith Of prospectus and nreliance on
the names ofthe people which embelIish
the front page.
How monev can be muddled away in
The gigantic chemes of company pro-
motion will be seen from Mr.. Hoolev's
statement that the gross profits in the
Dunlop issue were about sixteen or
seventeen hundred thousand pounds.
but when all claims and charges had
been satisfied the net amount left was
between one and two hundred thousand
pounds. Into the details Of this leakage
how much went to attracting peers,
how much to ''squaring" certain Jour.
nails. how much was intercepted by
financial associates-we do not propose
now to enter, We only advise the pub.
lie to study the proceedings with the
attention they deserve, and to remember
what they have read the next time they
are invited to pin their faith aud put
their money on the most notorious
promoter Of the hour.
DdfkY INeSOS-Loudon, TuIv IS.
The Eminent Director Humbug''
has seldom been shown up in so amusing
fashion as in the Bankruptcy Court
yesterday. We see that in some quar-
ters Mr.. Hooley's disclosures are des-
crlbed as astonishing" and Startling -
To anybody with eyes and ears they are
nothing OF the kind. They are simply
the old, old story, writ large. The utter
humbug OF the eminent director, and
the more or less shady manner whereby
his name is obtained to adorn the shop
window Of the company promoter have
long been known to everybody who has
looked into the business. Some
Lords are dearer than others. With
some the company director deals
directly. In the case OF others he paws
heavy fees to third party tor an intro.
duction. There is nothing, however,
new in all this. Il has all come out
hundred times before, The only novelty
in Mr.. HOoley's disclosures is the scale
on which he worked. He paid, he says,
thousands and thousands Tor the intro
duction to titled peTsonages whose
names figured on the prospectus.
There will be natural temptation TO
see in all thisspecial signs of demoraliza-
ton m the aristocracy. Do not let the rest
OF us lay any such pharisaic JUNCTION to
our souls. Certainly Mr.. Hooley's
revelations throw a lurid light on the
modern reading oil the old saying
RoblSSSs 06hgs. Nobility obIiges us TO
pay very heavy price for it, But the
eminent director humbug is not confined
to the higher classes, Sometimes il is
the religious and philanthropic decoy
that IS wanted. Sometimes (as was
openly stated some time ago) il is the =,
member OF Parliament who has "infiu-
ence with the Government. And
again: the eminent director on his part
salves his conscience with the thought
that he is we'll worth his price. But
what OF the speculative investor who
rushes IN, hoping, on his part, also to
rep where he has not sownp II is not
only the titled classes who start in the
race for wealth, new style. The love Of
ostentatiou, the haste to make riches,
no matter how, the iDsensate greed Tor
gold--these things are permeating all
OF society today, and are sapping the
foundations alike of honest living and
of sound business,
GOVERNMENT MAP WRoNe.-The
official maps Of the Government are by
the authority OF the Government de-