The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1904-08-25
WAGGANAN CASE
WATTS STATEMENT
Clerks Busy Making Up
Table of Assets.
DANGER IN RADICAL ACTION
Real Estate Appraised at Assessed
Value May Be Sufficient to
Meet All Claims.

Proceedings against Thomas L. Wag-
Eaman to show cause why he should
not be adjudged a bankrupt are unlikely
TO take decided turn until the COM
pletion Of a statement of his liabilities
and assets.
Clerks i'm Mr.. Waggaman's office are
now engaged in preparing this summary.
and 1t is probable the document will be
ready in a few days for presentation to
the investors who have sought legal
means to ascertain the financial con-
duon of the real estate operator.
Efforts on the part of dissatisfied note
holders to obtain from Mr.. Waggaman
a superficial statement Of his assets
are said to have proven futile in many
instances. To those most largely in
Volved in the ENHANCEMENT. Mr.. Wagga-
man has Consente,. only 70 state that
his obligations could be met satisfac-
torily If be is not pushed TO the wall 1t
was for this reason that he declined TO
declare himself a bankrupt. believing
mat the troubles could be adjusted If no
nasty action was taken
Ask Conservative Settlement.
on the other hand those who fear Mr..
Naggaman's embarrassment may result
IN financial LOSSES TO themselves take
the stand that a conservative adjust
ment of his 7Esir- is all that they ask.
II is generally realized that p forced
sale of the property offered as col
lateral security for the notes would
mean that the property would have 10
go at a great sacrifice. and as this prop
or " comprises Mr. Waggaman's chief as
set hasty disposition Oh IL to satisfy
rev or the more uneasy investors
would naturally result disastrously
n of 9 1nsaesa rrvr1
II Is generally held that the best D0licv
IS TO wait until the completion of tho
Hnancla! statement now in the course of
preparation Moreover, It is authori-
tatlvely announced by Mr. Waggaman's
attorney that the schedule of the Habili-
ues and assets viii be given out as soon
as finished.
So far as the public has been on
HEhleued concerning Mr. .Waggaman's
affairs. it seems that his resources con
Slst principally Of suburban property
IN the summing Up Of his assets the
assessed value of the property win he
used, and Il is said that this sum viii
FULLY cover the Investments that have
been made in II.
Methods Of Investment.
Much comment has been aroused Inv
Mr.. Waggaman's method of making the
investments for his customers on all
the notes ind0rsed by him. so far as is
security had been deposited by the
maker Of the note with Mr. Waggaman.
but. unlike paper usually given in real
estate trasactions. no particular piece
OF property was mentioned as security.
The sole reference to the property was
mat u was recorded on List of notes
NO e. IN. the possession of Mr. Wagga-
man, and the investor was left in the
dark concerning the collateral
ne notes also give Mr.. WaEEamau
authority 70 sell the unnamed property
IN the event payments on the notes are
not made promptly. Six per cent was
the rate Of interest given
Mr. Waggaman still declines to make a
statement When an effort was made TO
see MIN al his office this morning he sent
out word that he had nothing to saw
ana furthermore begged 20 be excused
Ills attorney. Irving Williamson. when
seen later. said there would be no de-
yelopments in the affairs Of his client
for al least several DAYS
Clerical Force BuSv