The Washington times., 1904-11-06
Meridian Hill PROPERTY
Has Incurred Large
Expenses.
Much Money Also Spent
In Making Suburban
Improvements.
Roman Example Follow
ed in Removing Hol-
lows and Hills.

4 discussions OF the yvaggaman
failure. which have grown ia inter
est both iu and out OF washington
by reason of the bringing TO light
OF more ana more distressing incidents
OF sudden penury brought upon women
and children and the sweeping away of
carefully accumulated savings OF long
years Of arduous toll. the question IS
asked and reiterated. what has he
come OF the money! How has it gomez
IL Is pointed out that during the great
er part OF his business career Thomas
j.. Waggam6u has been a wonderfully
successful business man. 1t was said
o. him. during the zenith OF his Ur0s
perity, that everything he touched turn
cd TO gold He was looked upou as q
Aclr-made man who had attained mar
Vicious success in The business world
Until few days before the crash his
credit remained good an over the city
and his uucertified check was accented
even az conservative banks without fear
or hesitation And when the situation
became revealed through the action of
the Catholic University followed by sus-
piclol ln the minds of several bank on
clals. business men OF Washington could
not realize that Thomas II. WaEgauau
was a bankrupt unable 20 show values
equivalent 20 the sums iutrusted 10 his
care
In general wav it had been known
that he controlled Investments amount
ing 20 millions His private fortune was
supposed by a majority Of people 10
amount 10 much more than the total
Of these Investments. That he had been
a daring speculatCr iu land values was
lost sight of in the popular belief chat
his specularious were always success
fui His personal Endorsement across
the hack Of pEcmizsoTy note was val
ned more highly uy most of mis- clients
than the security of q deed Of trust ON
hrst class property. IL was thought 10
be am absolute guarantee that -lc uriH.
ciDal w0uld he paid and Efr. WaEEamau
allowed IL 10 be understood as secur-
Ing prompt payment of interest and g.
per ceur interest al that
Took Desperate Chance.
Ten years ago ar Waseamau might
have thrown uB his hands and. ace
ku0WIadEluE failure. met his creditors
with payment OF dollar Cor dollar.
The existing situation with its LONG
tEaH aI Iatln- and misery would
have been aEarted. He would not have
arrived at stage where investors fore
ing large sums of money upon Hfu 90
secure the high rate OF interest ua ccl-
tiuued 90 pay. with money ruling af
ana per cent gave him the power
20 sink fortunes into bad investments
iu the desperate chance Of making "a
lucky turn which would restore him 10
his FORMER position Of uueueumbaraI
wealth
Iu The speellaUaus into which h.
plunged Ge i5sI sight or the fact that.
iucrzN value iu Washington real.
The past. #Itl r.H assa1-
more slowly than Tho -c-
interest at uar cent ON
investment and the pay
s. and other necessary aN-
lis lucky turns Ia the errLy
lreer blinded him o. rerezl-
men who attempted 10 a
az le tried 90 ca-ry our
scale Add 10 thar an
hass price greater .azu
the property ana rae way.
ason out the largest elusIe|
leEitIEuatE failure
HaEsaHaau purchased block
dili be was launched upon
lt meant Inevitable failure
hat one purchase ana the|