Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1898-06-09
HO0LEY'S FAILURE.
Proceedings in Bankruptcy Against
the Great Bicycle Promoter.

JNNDON June 8.--A receiving oruei 40
bankruptcy has been issued against Fl
mast Terah Hooley for years prominent
az tho biggest company promoter III thls
country prominently interested In plcy-
c,a land and other concerns, and VINO
was supposed to be a multi-mllllonailre'
AR. Hooley reached the pinnacle OF
nronirance in 1896 when he promoted the
Dunlop Tire Company and was supposeu
to have cleared s12,50oWo by that oeal
alone He has since been identified with
the promotion of many bicycle compan-
les. 1t is understood that not any OF the
latter was profitable to the stockholders.
Meanwhile however, Mr.. Hooley lived
sort of Monte Cristo existence, bought
yachts and race horses and numerous MS
toric country seats. In January MI. HOO
lev purchased the racing cutter britannia,
formerly the property of the Prince Oh
Wales, from John Lawson tombstone.
During 1896 he purchased the schooner
yacht Verona from the Earl of Lonsdale
Mr.. Hooley is a member of a number OF
yacht clubs.
For months fnanciers have predicted
that Mr.. Hooley was in deep water
The markets were not affected by the
downfall of Mr.. Hooley, as the news of
the receiving order, while 1t caused
sensation, was not unexpected in the best
quarters. The last attempt to float Hoo
ley bills was a failure, although 10 per
ceit was offered; but it is believed there
is considerable of his paper in existence
1t will be the second and third class in
situations which will suffer by his fail
ure. The shares with which Mr.. Hooley
was connected slumped latterly: but the
London market did not take much share
in the gamble.
1t has been we'll known that Mr.. Hooley
had been unable to find money for the
big Chinese loan which he proposed to
float some time ago, and there was much
talk a year ago when the authorities of
ST. Paul's cathedral accepted from Mr.
, Hooley a magnificent gold communion
service.
Within the last month Mr.. Hooley leased
the big building at the corner of Pail Mall
and Regent street, formerly the Belvidere
club, to be used as offices.
To-day's petition in bankruptcy was
made by Mr.. Hooley himself, who de-
scribes himself "of Berkeley Square Lon
don, Risley Hall, near Derby, and Pap
worth Hall, Cambridgeshire
1t is said that actions aggrega ting ST.
| 100000 are now pending against Mr.. Hoo
ley, and that one for 1886, eco which was
set for a hearing tomorrow, precipitated
the crisis
Counsel for Mr.. Hooley, in the course
of the application for the order, informed
the registrar that a perfect run had been
made on Mr.. Hooley who, in order to pro-
tect the general body of his creditors and
to- prevent his assets, which We're very
large, from being sacrificed by a hurried
realization, had adopted the course of APP
plying for a receiving order This. coun-
sci explained, was done only after the
most enormous sacrifices had been made
upon Mr.. Hooley's part Counsel for the
petitioner further said that he was not
prepared to say whether any scheme for
settlement had been propounded and he
| asserts that Mr.. Hooley had not personal
ly reaped the benefits of large profits re-
sulting from his promotions. Mr. Hooey.
counsel said, had been "victimized to an
extent which will be a revelation to the
public"
Mr.. Hooley was formally adjudged a
bankrupt. 1t is impossible at present to
| make any correct estimate of the liabili
ties of Mr. Hooley, but there IS no doubt
| they are very large
Among the more recent projects at
| tempted by Mr. Hooley was the fotation
| of a Spanish loan.
The capitals of the companies promoted
| by the bankrupt aggregate from $50. eco eNe
| to $6o,eoo.GoO and the shares in these con.
Germs, taken as a whole, have depreciate ed
| over 40 per cent. since their fotation.