Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-10-13
VALUE OF THE ASSETS
Lawyers Opinions Regarding
Waggaman's Estimate.
THE ART COLLECTION
SAID TO BE WORTH NOT EXCEED
ING 100000
Referee Bradley's Office Besieged by
Attorneys Interested and by
Friends of Investors.

Lawyers who have been retained by cred
itors of Thomas E. WaggamGn today con-
| tinued to express grave doubts about the
value of the bankrupt's assests The
amount that could be realized on the Wag-
gaman- art collection is a favorite topic OF
conversation among those directly inter-
, ested in the affair. None vep.ured the
opinion that the marketable value of the
collection exceeds $4,000.
"Of course, Mr.. Waggaman is the only
person who could tell what was paid for
the collection, but he probably will not
tell" remarked a member of a firm of
attorneys representing a creditor to a
large amount. 1T is impossible for me to
imagine any one believing that 1901 900,
the amount named by Mr.. waggaman.
could be realized for it. understand that
an expert from New York who recently
viewed the collection at the instance of a
local attorney tentatively said that the
same was worth about 100000"
An Alleged Gift.
There is an interesting story connected
with the Waggaman art collection About
year ago the community was informed
through the medium of the press that Mr.
| Waggaman had turned over hs magnificent
collection to the Catholic University of
America as a gift. The publication, so far
as ii can be traced was based on informa-
ton that emanated from Mr.. Waggaman or
MS representatives. An indignant lawyer
declared this afternoon that the story OF
the glft was given out by Mr.. Waggaman
Tor the sole purpose of increasing ,,ls credit
Inc 23d OF last August, abcdt the time
the Waggaman colossal failure became
known, the alleged gift of the Waggaman
art collection and library to the Catholic
University was referred to during con-
Versation between a Star reporter and q
representative of Mr.. Waggaman. The rep
resentatlVe of the bankrupt was asked 20
explain why 1T was made to appear that
the colect1on was a gift to the institu-
ton, when in fact it was only pus up az
security for Mr.. Waggaman's fiyanc;ai ,;a
bilities 40
That, the representative declared. was a
circumstance over which Mr. Wazgaman
had no control. 1t was asserted that Mr..
" aggaman did not originate the STORY that
the collection had been rY,atleS, ;efYf n fbs
Catholic University and that he did NOT
affirm It, The charge was made that the
81 story was the outcome of the imagination
OF some local newspaper writer's, Its only
foundation being the record of the mort
gage
Being asked why Mr.. Waggamar did NOT
deny the story II 1t was untrue, me repre-
sentative said:
That would have been financial suicide.
Al that time Mr.. Waggaman had several
financial obligations which he believed he
could meet in due time. To have IL be-
come known that he was Offering his art
collection as security for certain. indebted
ness would have brought all iis creditors
down upon him at once and swamped him.
AS 1t is. he has paid many obliga lions. and
as have said before. will lioaidate fully
II given chance"
What the Records Show.
In view of the denial that Mr. Waggaman
had given his art collection to the Catholic
University and the charge that .'the story
was the outcome of the imagination of
some local newspaper WRITER'S" it was
learned with interest today from the rec
ords of the District building that during the
early part of last spring representatives of
Mr. Waggaman appeared before the board
of personal tax appeals and applied for the
exemption of the Waggaman art collection
from taxes of 1904 on the allegeI ground
that it had been turned over to :i,e Catholic
University of America.
The collection was assessed at 100000
Qhe assessment, it is understood, having
previously been reduced to the amount
mentioned from sJ0O,0OO upon a showing
made by Mr.. Waggaman), and with 20 per
cent added for failure to make returns on
the collection, the personal tax amounted
to s1,SOO.
The board of personal tax appeals was
not satisfied that the ownership of the art
collection had legally passed f.om Mr.
Waggaman and his application COR exemp-
ton was denied by the board, ard the as
sessment of 81 500, previously levied has
sonal property.
Besieged by Creditors
The offices of Mr.. Andrew Y. Bradley.
referee in bankruptcy in the Waggaman
case. which are located in the Colorado
building, have been besieged at times by
attorneys representing the Waggaman
creditors, and in some instances by the
creditors themselves, who wished to scan
the schedules and make extracts tLerefrom.
These visits brought out sever.d pathetic
cases of men and women whose all had
been placed in the hands of Mr. Wagga-
man for safe investment
prosperous-looking man said he came
as the friend of an investor who is an in
mate of St. Eizabeth's Hospital for the
Insane.
Il did not wish the official notice of the
Waggaman failure to be sent to him at the
insane asylum" he said, because l do not
know what it's effect might be on his
clouded intellect. He wanted NE to invest
his money for him personally, and now 1
wish l had done SO, but l believed Wagga-
man was as solid as the rock of Gibraltar,
and advised my friend to place his funds
with him.
An attorney who called in the interest Of
another investor, whose name appeared on
the unsecured list, said:
'The difference between the secured Wag-
gaman creditors and those who unse-
cured Is the difference between tweedledee
and tweedledum."
Contents of Schedule BL3.
Included among the schedules on file at
the office of Mr.. Andrew Y. Bradley, referee
in bankruptcy is schedule BIB. which con-
tains long list of debts purportiEg to be
due petitioner on open account The list
follows:
Matilda p Riley Oakdale, Montgomery
&C unity, Md, S435.
Junio Stewart address not known, $1.A.
Virginia G.. Smith, 2Oo9 l street north
west, S7.S6.
Dennis Smith, 1G0S 35th street, s4.EG
John A. WLelan, B. & o. railroad office.
$2.S4
James A. wheIan, 1924 street northeast.
$11.43.
DR.. J. A. Zahm, address not known $40.
Thornton and Mary Kidrick, 1924 Madison
street. $236S3.
Charles T. Havenner 21l Easi Capital
street. $262. 10.
Emily Page Bryan, "The Lincoln" Locust
and 18th streets. Philadelphia. Pa, $3.50.
D. B. Clarke, 419 10th street northwest.
$3S729.
St. Clair Dawson. s41 22d street aorth.