The Washington herald., 1919-01-24
Financial Neus and Stock Market Quotations

Street and in railroad affairs, found
delight In their leisure moments in
buying pictures, not speculatively,
but with intent TO enjoy them. That
was the case with c. p. Huntington,
Jay Gould, ]. p. Morgan, James J.
Hill, and President Blanchard of
the Erie Railroad, as well as others.
When these men were contemplat-
ing their pictures they appeared to
those who were privileged to see
them almost as though their nature
and their intellectual Characters
tics were changed because they be-
came absorbed, sometimes almost
trance-like, as they sat viewing
their collections. Curious freaks
from business point of view were
sometimes established in association
with picture collections. This morn
ing a close friend of Jay Gould was
reminded while reading the report
OF the sale Of Mr.. Sterling's pic
lures of an experience associated
with Mr.. Gould as a picture buyer
Of which this man had personal
knowledge.
Got Corot for Debt
An operator upon the stock cx-
change who was also a collector of
pictures became indebted to Jay
Gould to the extent of $50, 900. Finu.
ing il inconvenient to pay the debt
on tho spot he gave to Mr.. Gould
bill OF sale Of his pictures as
security. After about a year had
passed and the debt had not been
liquidated. Mr.. Gould asked a per-
sOnal friend to look at the cOllec-
tion of paintings for which he had
bill Of sale, over and make choice
of enough pictures fairly well to
represent $4,000. One of the pic.
lures was a CCrot and the collector,
who owed Mr.. Gould money agreed
| to let that go for $4,000. 1t was
/ including in the lost of paintings Mi.
Gould took over to liquidate the
debt. The picture was taken to Mr.
Gould's home and in his leisure
moments he was accustomed care
fully to study it always with ad-
miration.
After Mr.. Gould's death it was
decided that his heirs should make
selection from his collection and
having done that then the value
Of the pictures was to be taken from
their share of the estate. Edwin
Gould who was a great admirer of
this Corot. made choice of it and it
was appraised at $4,000. or S25, 900
more than the debt which it in part
served to liquidate and 100000 more
than Mr.. Gould paid for it in this
way.
Collections of pictures have served
several times when financial stress
was upon the owners TO relieve them
from that embarrassment. George I.
Seney turned over his collection of
pictures to those who were endeav-
oring to liquidate the affairs OF the
METROPOLITAN Bank. OF which Mr..
Seney was president up to thetlme OF
the barrassment of the bank. The
late Frederick d. Tappan, who acted
for the Clearing House Association,
so handled those pictures wisely and
with the watChful eye upon the pic
ture market that he was at last able
to turn in about $4,000 which
served greatly to perfect the liquida-
tion of the bank.
Another collection OF paintings
which had been secured by Mr.. John
son. who at one time was very ac-
tive in the affairs Of the Jersey Cen
trail RPilroad Company. and who met
with severe financial embarrassment.
was turned over to a committee for
the purpose of so marketing the pic
lures as to meet as far as possible
the obligations which he was under
TO various banks. These pictures
were marketed for about 81. on. 600 ac-
COrdinC to the general understanding
Mr.. Johnston was thereby relieved
and just then there came by singular
but gratifying coincidence a great ap-
probation in the quotations for Jer-
sey Central stock. whereby Mr.. John
Ston not only regained his fortune
but ut-constderabry increased it.
HOLLAND