Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-12-22
Sale of Waggaman Collection
of Art.
TERMS OF AGREEMENT
UNPROTECTED AND UNRESTRICT-
ED SALE IN NEW YORK.
Conference Held Today Regarding the
Duties of Appraisers Of
the Estate.

Justice Anderson of the Supreme Court
OF the District of Columbia today approved
q contract entered into by II. Rozier Du-
lany, trustee of Thomas E. Waggaman
bankrupt. and the American Art Associa-
ton of New York for sale of the "Wag-
gaman art collection" The approval was
given because it-appeared to the court that
a sale of the art collection under the terms
of the contract Will be for the best inter-
ests of the creditors OF Mr.. Waggaman.
By the terms of the contract the associa-
ton agrees to sell the Waggaman collec-
ton at absolute. unrestricted and unpro-
tected sale between January % and Feb
ruary 10 next at its art galleries. No. @
East 23d street, or at Mendelssohn Hall,
New York city. The association is to re-
ceive 10 per cent of the gross proceeds of
the sale as compensation. In addition.
Trustee Dulany agrees to pay the disburse-
ments incurred by the association, in all
not to exceed 5l2 per cent of the gross pro-
ceeds Of thea sale. The disbursements will
be for advertising. printing. carriage and
the like.
Trustee Dulany explained to the court
that he was convinced as the result of in
quiries. that the association mentioned has
liner display galleries and a larger list OF
regular buyers and better facilities gener-
ally for the sale of so large and so valua-
BILE an art collection than any other firm,
association or corporation in the United
States. 1t is added that the terms of he
contract the usual and customary terms
of such sales. and are the best for the
interest of the bankrupts estate that 1t
could be reasonably hoped to procure.
Conference Held Today.
A conference between Mr., Andrew Y.
Bradley, referee in bankruptcy in the
Waggaman litigation, and the trustee, Mr..
II. Rozer Dulany, was held today in
reference to the proposed work of the ap-
1t is not believed that a great deal of the
appraising can be accomplished until the
close of the holidays.
A title company is nDw engaged In
examining the title of the Waggaman
property, and Trustee Dulany said today
he could not determine upon any particular
line of policy until a report in this matter
Is made to him.
Several sad stories of the small creditors
of Thomas E. Waggaman are coming to
light at this time, when the investors find
that as a result of the disastrous failure
their holiday pleasures will be necessarily
abbreviated owing to the loss of their
savings.
A young woman who had, by depriving
herself of luXuries and some necessities
saved a few hundred dollars to provide
comforts and a home for her aged mother
in her declining years, and who had in
vested the savings with Waggaman at
per cent, illustrated the feelings of many of
the small creditors of the bankrupt today
when, referring to the length of time which
will probably ensue before payments are
commenced, she said:
My mother is aged and feeble now, and
| fear she will die before the Waggaman
matter reaches the point where l will re-
ceive a portion of my heard-earned
savings"