The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-08-16
COROTS FOR R. R. CHR0NOS.
A SWAP IN SECURITIES UP IN
THE WALDORF REG ION.

Owner Of the Pictures Says They're worth
More Than tho Bonds He Traded Thetn
For and Ho wants Them Back-In Fact,
He Sues the President Of the Railroad.
William 0. Cole, dealer in securities at
% West Thirty-third street. has now begun
an action In the Supreme Court against
Albert N. Hoxie Of Boston, president Of the
Arkansas, Missouri and Kansas Railroad
Company, to recover q number Of valuable
paintings, including two by Corot, which,
as THE Sun recently noted, he says Hoxie
got from him by misrepresentation.
Mr.. Hoxie was at the Grand Union Hotel
when Mr.. Cole met him last April. Eventu-
ally they went to Mr.. Coles lodgings, which
are above his place Of business. There
he had collection OF paintings Of which
he was very proud. They talked art and
investments Mr.. Ho1ie, according to
Mark Charles Pratt Of 100 Nassau street.
told Mr. Cole that he knew Of no better
investment than the per cent first mort
gage fifty year bonds OF the Arkansas
Missouri and Kansas road. He said the
issue was authorized to raise money to con-
struct line from Joplin, Mo-, TO Chanute
Kan, and that goodly portion Of the road
had been constructed and was ready for
the ties and rails. The complaint says
that Mr.. Hoxie told Mr.. Cole that the bonds
were selling freely at o6 and 81. that enough
money to cover the interest for the first
two years had been deposited with the
First National Bank Of Chanuta as trustee
and that enough money to finish the road
had been provided. the company having
contracted with responsible bankers for q
fund OF 100000.
Hode was g delighted with Mr.. Coles
art collection that he offered to take some
Of the paintings in payment for railroad
bonds. Cole says he gave, Hoxie sixty
paintings for 2s0 Of the bonds Of the rail.
r rHSa The The paiatings' he says, INCLUDED
BY Dankmeyer; Soup de soleii,' BY Monti-
CELL; "A Dutch Peasant by De Zwart;
Sunset. by Rousseau; .Souvnir," by
Jaque; 'River Soene,' By Rousseau, valued
at = 900; Willows and Sheep IN a Field
BY Mauve, and 'Early Morning. by Blake
esvins the bonds with &r. cols. Whesn.
interest day came around and Mr.. Cole
tried to collect on his bonds no interest
was Forthcoming. the coupons being re-
no money had been provided for the pay
ment Of interest. He discovered, too, ne
says, that 'goodly portion Of the road
had not been constructed, that the bonds
had not been selling freely at o5 and o.
and that necessary funds for the construo-
ton Of the road had not been provided.
MIR. Cole and his lawyer went hotfoot on
the trail Of Mr.. HoAe and the pictures.
They found, they say, that Ho1ie had
disposed Of some Of them for real estate
In New jersey and that the rest were In
New York. Mr.. Hoxie went to Mr.. Cole,
apparently aggrieved at his distrust, and
offered to return the stored pictures to him
II Mr.. Cole would return a proportionate
amount Of the bonds. He said he wanted
to get ship and that he could trade the
bonds for it, What he wanted with the
ship and why Mr., Cole didn't return the
bonds and get what remained Of his art
treasures Is not explained, but Cole did not
and he Is going on with the suit
Some OF the pictures are said to be at
the Liberty Storage Warehouse and others
are in the hands OF Fifth avenue dealer.