New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-08-13

,,, solicitors and journalists with wnom mr
,Ia.,ay has, had dealings in making Up the
-, rares' Of his various prospectuses II IS
,.s, ,esdless TO add that nearly every one
,ad hv Mr. Hoo.ey has repudiat"d the sus-
Ia, ei,her that he was hired for any nm
ro,er purpose tina; he was paid IN nara
a.h for his services in helping Mr.. HooleF 20
,.Snoss upon the credu;y Of British investors
MIRROR OF MANNERS.
7, would be inexpedient TO dismiss these
,,oy noatinees at the bankruptcy Court as
-, elbows suited 10 hot weather lhey hA'e
.,.a.r,cal interest but they also mirror the
,,ers and sordid vices of the times. iheS
,rd 10 promote reflection tinged win me Sa'''
,,non the tendencies of smart F'eie'S' ""'se
manner % life is constantly becoming H'oie ""
,-avagant In cost and less disnihed III mo'Ne'
70 Mr.. Hooley makes even remote Approach
~ the truth, he reveals evidence OF od''V' ""u
.rae,c IN exclusive circles which are supp'9ed
N be untanted by anything so vulgar as 'rau7'
xIo also laws bare the fact that many OF He
,uled figures who make so brave snow IN 80
,iotv columns are at their WITS emu 10 aS
,he,r current expenses. and are READY 10 recsi'e
commissions for introducing distinguished pe'pie
cr 20 take anything. from tl'Voo 10 i'"'""' lo'
~. se NJ their names in prospectuses OF new
7.
v.h,rc COMPANY promoting on permanent
.oc,a, basis. he would probably have introduced
-.,,a L,nd ~ n tariff or schedule OF prices. Fees
,or tntroductions 10 earls and dukes would nave
hesr regulated on Il sliding scale. and the per-
o,,is,,es ~ directors would have been fxed In
accordance with established principles Of so,ih
ooadence As II was he was incapable Of re-
.,s,,,g the opportunities OF greedy ami needy
oeople OF leisure.
~. thing is evident from his disclosures. He
.ors,dered earls the most tempting bait Tor
investors. and was not particular In his choice
NJ them Men moving in the best circles OF
Iondon society may be at a loss to under 'tahu
rho. commercial value the names OF some "f
Mr. Hooleys directors could have he Knew
how, dearly the small investor loved loro one
lord for business purposes IVES apparently az
GOOD as another. and any one with title was
drawing card In working off the shares OF an
oyer-capitaiized company.
HOoLEY IMPOSED UPON.
Mr. Hooley was undoubtedly imposed upon by
. swarm OF agents and spectators Muon oI
the money which he paid for the great Mans
IN his prospectuses never reached the nan Is
,or which IL was designed. 1t was diverted 'hto
the rockets Of solicitors. middienen and specu-
,s,ors who had found out how easy II was 10
bleed him Probably this truth VIII be appar
on, q, some remote day, when some OF the men
accused by him of sordid avarice and betrayal
of honor have full opportunity for cross-eSam-
lining him and establishing their Innocence
But whatever may be the temporary injustice
IN men Of high rank. il is undeniable that nun
areds OF thousands o. pounds were paid' 0-
rec,ly or indirectly. for the procurauon ana
hire OF distinguished names for ornamental
company boards. The defraudod shareholo RS
seem 10 have no remedy in England against
the most scandalous abuse Of public confluence
Mr. Hooley's boards Of directors were not saf'-
guards against business rismanagement' nor
guarantees Of good faith and mercantile nonor'
They were made up Of gided and perfumeo
dummies. manipulated for the exploitation OF
new and over-capitalzed companies.
J. ~. F..