New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-06-20

TO his fate. His charity account alone had az
gregated something like s1.2,O,000; but when his
luck turned and HE affairs became desperate
the patrons whom he had enriched did nothlhg
for him. A bank which had handled S2IWOooo
OF his money sent back a check or so"
unhonored AS for the newspapers. they had
been his worst enemies. for they had black
mailed him and set his creditors against MN
He threatens to make some startling revelations
respecting the wicked way in which public bene-
factors like himself. who buy up companies for
three millions and sci Them for five millions are
bounded into bankruptcy by miscreants in the
press after they have got all the profits Of his
enterprises In Advertising He forgets in his
despair that the same newspapers which he
holds responsible for comprising his ruin made
him and armed him with power. He could never
have been the gigantic stock promoter ~ twenty
immense Industrial properties If he had not been
taken I'D by the newspapers and constantly no
ticed and advertised as the most famous million
aire Of the tme-the favorite fnancier Of the
smart SETS the confidential business adviser OF
dukes and earls the pension agent OF all the
paupers Of his shire. the underwater for any
thing under heaven. from a Chinese loan to a
mutton corner. and the giver of a gold COM
munion service to ST. Pauls to the tune, Hoo
ley. Hooley. Hooley."
Mr.. Hooley went up In blaze OF glory and
notoriety three years ago, and he has come down
like burned and empty rocket-stick: but the
public meanwhile has been looking on and APP
plauding The smart sets have patronized and
admired him, and credulous investors have been
willing to believe that a property worth three
millions could be sold for five millions with
out losses In any quarter He set the
style Of fashionable investment and specu-
laton. and it was blindy followed be
cause he was supposed TO be on good
terms with the smart people. He started with
cycle companies. and subscriptions poured in.
Any stock which he handled sold like hot cakes
Investors did not pause to consider whether the
companies were not enormously overcapitalized
and the business far In advance of any possible
market demand Cycle shares were the fashion,
and they had their run Kaffirs and Westra-
lians had had their turn Common sense, how
ever is thicker than water. HOoleyism had It's
dav and when shares in various companies Is
sued at a pound dropped to half sovereign or
three or four shillings 1t went out or style AZ
Mr. Hooley describes the catastrophe with cyhi-
cal humor he was left alone In the cart with
lawyers and process servers hanging on behinu'
He has found refuge in a bankruptcy court ana
the public has reverted TO common-sense Ousi-
ness principles.
Mr. Hooley himself denies that he is insolvent
He is a landed proprietor. owning 2'ooV acres
and assumes that unless his estates are needless
" sacrificed he will be able to pay his debts ana
have a good margin in reserve. his explanation
Of his appeal TO the courts is based on uh"'"-
ingness to continue his fight with blacKma'Ie'S
oro 70 allow the lawyers to bleed him to death.
Consequently he has shaken off the swarm OF
utieants who were bringing actions against him
remnant of his fortune and Withdrawing from
n harassing business. Whether he VII! succeed
IN demonstrating his soVcncy is an open ques-
,,on Ue WAS certainly astute in perceiving tha'
HE occuration as a stock promoter was az an
and and that those whom he had enriched had
no intention Of assisting him. Continuance III
business would have involved amending h'lH4t'"h
with disconnected investors, who held him re-
sponsible for losses due primarily to their own
credulity and folly.
Tho noralists make much OF what they de-
scribe As Mr. Hooey's audacious attempt TO nd
vertise his trade by giving gold communion
service 70 ST Paul's Cathedral and aheci inter
es. in him as a new type OF financial adventuf"r.
He has rot been either hypocritcal or original
ua has not made an osteniatious display ~ his
wealth nor has he attempted - conceal his
methods and motives. He has acted on the prn-
profit Ike any other trader or middleman.
.yyhen a farmer buys a Of me-" h" re-
marked TWO years ago. cuts II up and resells
81 al higher rate than he bought. he Is entitled
70 make what ne can and am when buy
and sell a company. buy. say FOR two millions.
and sell IL for two and half and tell the pubhc
straight out that | am going 10 make something
for myself out OF the deal He never assumed
responsibility for the conduct OF inc business
which he. bought. recapitalized AMI sold. ana
he never concealed the fact that he expected 10
pro0t heavily by his services az STOCK pro
no,er He has been singularly free from cant
and is unjusty criticised for making hand
some gift to St. Paurs for the sole purpose 81
commanding public attention and charging his
business facilities.
II is only three years ago that tho kahr circus
Vas the centre OF attraction in financial Eng
land and investors were taking leaps In the
dark Mining companies were not overcapi;al-
tod FOR that would have interfercd with the
nlans OF the leading operators. Companies with
email capital were easily managed whenever a
nool was proposed any other expedent Tor
rigging the bourse was adopted. Groups OF
speculators preferred TO keep the power IN their
own hands 20 as to send stocks up or down al
their WILL and investors were at their mercy.
Nothing was more remarkable during that
period Of speculative activity than the facility
with which syndcates combined claims ar
ranged amalgamations. and controlled groups OF
mining securities without having the companies
overcaptallzed and the stocks heavily watered.
Mr. Hooley's methods have been markedly dif-
ferent and much more straightforward II In
vestors have been duped. he has been less at
fault than the millionaire spectators In kafilrs
He bought and sold companies, overcapitalized
20 falfo moi hau cpq
after he and his associates had proited by the