Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-11-17
FIX BOND OF TRUSTEE
Action of Waggaman Credit
ors Yesterday Afternoon.
PLACED AT 100000
DECISION REACHED THROUGH
COMPROMISE.
Appointment of Mr.. George Truesdeu
and Action Regarding Bond Certi-
fed to Bankruptcy Court

fed to Bankruptcy Court
After considerable discussion and con-
trover-y the Waggaman creditors, py
COMPROMISE agreement at their meeting yes
terday afternoon at the city hall, fixed the
bond to be given by Mr.. George Truesdeil.
the recently elected trustee. at $loo,oOo'
This result was accomplished after argu-
gument by those attorneys who favored
making the amount of the bond s'o.ooo ana
others who declared the sum should be
made much greater.
To the evident disappointment of the at
torneys Mr. Truesdell was not present at
the meeting. the explanation being made
that while his baggage had reached his
home the former Commissioner had not
vet reached the city, but was expected to-
day. Mr.. Thomas f. Waggaman was on
hand early, as has been his practice since
Referee Andrew Y. Bradley notified him to
be present at the sessions of his creditors
At the close of each meeting Mr.. Wagga-
man invariably approaches the referee,
and. with a respectful salute. asks if he
may be excused.
When adjournment was taken 1t was
agreed that the next session shall be held
in the grand jury room at the city hall,
At this session 1t is proposed that the ex-
animation of Thomas e. Waggaman will
begin, and unusual interest therefore at
taches to the meeting.
AT the beginning of yesterdays session
Referee Bradley made formal announce
rnent of the election of Mr.. George Trues-
dell as trustee of the Waggaman estate
He then called upon those present who
had voted at the previous meeting to come
forward and sign the report, which will
be submitted to the court In bankruptcy.
Mr. r. Golden Donaldson was the first at
torney to sign the list. While the attor-
neys were signing the paper Mr.. 3. F.
Leighton moved that the bond of the trus-
tee be fixed at $4,000.
Motion to Postpone Overruled.
Attorney Sullivan objected to fixing the
amount OF bond until Mr.. Truesdell could
be present, and he made motion to that
effect. In overruling the motion, Referee
Bradley said:
IF Mr.. Truesdell does not care to accept
the trusteeship with the bond it imposes.
whatever the amount, 1t is his privilege
to decline 1t.
Then. turning to Attorney Leighton, he
asked:
Mr.. Leighton. do you think $4,000 is
enough?'
The amount can be increased at any
time If necessary" replied Attorney Leigh
ton.
Il move" said attorney away back
III liie room, Indl the amount De maze
$4,000. II we should make it $4,000 and
then increase the sum at any time cheer
full howl would go up
Attorney c. c. Cole said in fixing the
amount of the bond the creditors should
take into consideration the amount of
money the trustee would receive from the
estate of the bankrupt The rents will
be>the only money handled by the trustee
for some time. These are now being col
lected by the marshaIs office and aggre-
gate about $500 per month. The trustee
will not be receiving any other money I'M
I'll some of the Waggaman property is
sold, and that apparently will not be soon.
Mr.. Cole spoke of the greater amount of
premium which would have to be paid ON
a large bond. and argued that whether this
premium is to be paid by the estate or the
trustee, the expense should be kept at a
minimum figure. The trustee he added.
sEculd not be required to give bond in ex-
cess OF the actual requirements of the
case.
sold within the next six MONTHS" he con-
Guided. and IL there Is we can require an
other and larger bond. 1t seems to me
that $4,000 is ample"
Attorney Joseph d. Sullivan In fayoring
10000 bond. stated that the premium
on bond OF $4,000 would be $40 per
year.
Attorney F. L. Siddons said the final bond
should be fixed at once to prevent embar-.
rassment In the future. He claimed there
was always more or less unpleasantnesS
about increasing the amount of bond. In
some cases when the suggestion of an in
crease was made there had been unpleasant
indications behind it.
The art gallery will be sold" said Mr.
Slddons. according TO indications. and will
bring from $4,000 to 100000. unless ali
reports are untrue. The amount of the
bond should therefore be larger We had
better settle this matter now. unless we are
an utterly hopeless to the outcome of
these sales. The bond should be Sl5O 600
Mr.. William +. Mattingly said the almost
unanimous vote by which Mr.. Truesdell was
elected the sole trustee of the Waggaman
estate illustrated that the creditors had
full faith in his honesty and ability to
manage the affairs of the bankrupt Should
larger sums come into the hands of Trustee
Iruesdell he would himself agree to an in
crease in the sum OF the bond At this
time. Mr.. Mattingly thought $4,000 to be
sufficient.
There is no use. necessity or propriety at
this time. he concluded Ito fix an ex-
cessve bond"
Ability and Integrity Not Considered.
Referee Bradley. in giving his reasons
for suggesting that a bond of $50 900 was
not sufficiently large said:
Mr.. Truesdells honesty and integrity
and ability do not enter into the matter.
The bond should bear some relation to the
value of the estate. 1t seems to me the
bond under any circumstances should be
much larger than $4,000"
Attorney Siddons proposed that the at
torneys get together and agree upon a
compromise between the smallest and larg-
est sums named. $4,000 and $4,000, re-
spectlvely
After a short conference an attorney
stated that those present had agreed upon
100000
Unless there is objection" declared the
referee, Il shall consider the amount
unanimously fixed at the figure named"
There being no objection, Mr.. Bradley an
nounced that next Tuesday he will certify
the election OF Mr.. George Truesdel as
trustee and the amount of the bond as
100000 TO the District Supreme Court,
holding the bankruptcy court, for APP
prevail. In accordance with request made
by the court.
Therefore" added Mr.. Bradley "the ap-
prevail or dlsapproval does not rest with
the referee. but with the court in bank