Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1904-08-25
SENSATION
Over Acts Of Catholic
University Treasurer.
Irregularities in Handling the
Institutions Funds Alleged.
Three Leading Banks of the Capital
Petition That He Be Declared Bank
rupt, in Connection With That and
Other Alleged Bad Deals.

Washington. Aug. PA sensation
was caused in financial and real estate
circles in this city, Tuesday, when it
became known that petition in bank
ruptcy had been filed by three of the
leading national banks of the city
against Thomas +. Waggaman. a
prominent real estate and insurance
agent of this city. and treasurer of the
Catholic University.
The petition also seeks to set aside
n deed of trust recorded, Monday, on
Mr.. Waggaman's property for approXi-
matcly $S1G,0oD III favor of the Catholic
University, on the ground that it is
void, as being an attempt by an in
solvent debtor to prefer one Of his
creditors.
The pctitioning banks We're the Sec
ond National Bank. the National Met
ropolitan Eank and the National Bank
Of Washington. Zach of which alleged
il held over unpaid paper of Mr.. Wag-
gaInan's. the total amount exceeding
$40 900. Of which $4,000 is due the Net
rnpolitan Eank.
1t is probable that the proceedings
arr tn. beginning of considerable Iiti-
S.llDn. MT. NSS3stlil'ln llftii bttii III
tn. real estate business here since 1878,
ami vas reported generally to be n
man of large means. He was the pos
SCISSOR of the finest private art gallery
in the city, ana some comment was
caused several months ago when 4
brief announcement appeared III the
papers to the feet that his art works
bad been turned over - the Catholic
| University. At the time it WAS eX-
| planned as a matter of convenience,
| but it is stated now that security to the
| university for the money had to do with
the matter.
| Besides handling the moneys Of the
university, Mr.. Waggaman controlled
lurge amounts of money belonging to
other persons i'm this city and elsewhere
and it is stated that to some extent at
least Mr. Waggamar's personal notes
were given as security to those whose
| money he controlled.
| For some years ne has been engaged
in extensive operations in the suburbs
Of Washington and has had much cap
/ ital tied up thereby
| 1t is understood that sometime ago
the authorities of the Catholic Tniver-
! .SltN became tiSSsttlSUttl Win lNti lIlili-
ncr in which the funds of the inStitu-
ton III Mr.. Waggaman's hands We're in
vested and secured, and after negotia-
tions between them, a new arrange
mcnt was effected.
| This new arrangement was embodied
in the settlement Of which the deed of
! trust was a part. The deed of trust
was dated July 81. and it is understood
that the delay in recording il WAS oc-
casionc1 by the terms of the adjust
mrnt with Mr.. Waggaman.
| A spirit Of uneasiness respecting Mr..
Wagaman's financial condition is said
to have prevailed in some circles for Il
few days and it was limited by one in a
position to know the circumstances
that experimenting the possibility of
possibility of bankruptcy proceedings.
IL was decided by these representing
the university to have the deed record
ed.
The friends Of the university say they
think that it will lose nothing if the
deed Of trust recorded, Monday. can
be sustained as against the general
creditors of Mr.. Waggaman.