Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-10-17
The Waggaman Failure.

The Waggaman failure has led to much
moralizing in this good town. There are
lessons in it, and to spare-lessons for both
old and young, for rich and poor, for the
experienced Spectator as for the raw
youth lingering his first savings with a
view to investment. II any person of
thinking age misses valuable instruction
after reading the story so far developed he
or she must be dull indeed.
1t must be said of Mr.. Waggaman that,
for a man of his reputation. his business
methods az confessed by himself are as
founding. The way in which money was
received from confiding people. and up to
very recent date; the way in which prop
erty titles and liens and releases have be-
come jumbled and confused; the way in
which office clerks without money RESPONSE
bility, above their salaries have at Mr..
Waggaman's instance set their names to
notes running in the aggregate into hun
dreds of thousands of dolars-all of this
and more may well arrest profound atten-
ton. The disclosure, in all of it's aspects.
is as startling as anything that has ever
been read in this latitude.
On the part of the public-of Mr.. Wagga-
mans public-we have a revelation, If not
so surprising, pathetic enough in all con-
science. Here is seen again the influence
which attaches to a name once it Is up.
1t runs like a rash. All sorts and condi-
lions of people seem to have heard of Mr..
Waggaman. and to have regarded him as a
sort of wizard. He 1t was who could make
two dollars appear where only one had ap-
peared before. Money was poured. into his
lap. Cash boxes and old stockings alike
were emptied. Huge piles. as well as little
molehills of savings, were turned over to
him. In a way he was tempted. He may
in time have come to believe himself that
he possessed magic wand and could do
wonders with shekels. If so certainly
never was man more mistaken in himself
or slower to see the pit he inevitably was
approaching.
But why should any person of experience
in business matters have been misled? Why
did not the offer Of six per cent interest
answer in itself as warning, a danger
signal? What authority was there to sup
pose that when money in the largest guam
titles was bringing elsewhere only four per
cent. and sometimes less. Mr.. Waggaman
could afford to pay six per cent? 1t was
that figure which attracted much of Mr..
Waggaman's custom to him, and 1t was
the enormous interest charge which he
could not afford to pay, and should never
nave contracted 10 pay, lnat Win OtneT
causes operated as a milestone around his
neck and finally carried him down.
Sympathy for the victims Is most prop
erly, widespread. Losses incurred in such
manner are hard to bear. Some however
make a stronger appeal than others. The
man of business who Is in the thick of the
fray every day. whose hourly study IS
money and it's uses, and who knows or
should know. any change in the direction
of the wind takes his chances in all money
matters and took it in this matter. For
the church interests involved there is the
reflection that the members of great COM
niunion will not permit its beneficent activ-
ties to be more than temporarily embar.
rassed. If embarrassed at all.
1t Is when We come to the list of the small
investors that the tragedy is found. There
dwells an agony in every item. The old
have lost the provision for their last days.
The young, upon the threshold of their
careers, have met with shock which for
years may impair their confidence in them
selves and others, and thus stunt their
growth for the part demanded in the
worlds struggle. True pathos and heart
break run up and down the column of
names, and signal at every one there re-
corded.
The tangle is appalling. and very grave
feature of it is the suggestion that there is
more to be done than the winding up Of the
estate and the distribution of what it may
WELD.