Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-10-21
$1,2&, 1854
81.
Subject to Liens.

OF these tracts which thus purport to be
secured, and against which perhaps
list No. 1" creditors have an enforceable
equitable lien, there appears as follows:
a. Straight trusts represented by Mr..
Waggaman to be first trusts, and in the
main taken on Mr.. Waggaman's Wesley
Heights properties, which amount to the
sum of $46,956.
b. Notes outstanding in the main against
the same properties, payable to S. E. Allen.
jr which notes Mr.. Waggaman assured
your committee will be Endorsed to him by
Mr.. Allen as soon as he returns to Wash
ington. Said notes amount to $20,450.
C. Notes outstanding in the main against
the same properties, payable to the Cath
Ollie University, which notes as well your
committee was assured will be Endorsed by
the proper authorities of the said univer-
sity to Mr.. Waggaman, which had sur
rendered whatever interest 1t might for
merly have had therein to the bankrupt.
Said notes amount to 49,, 1872.
d. Green purchase. "Woodley," against
which appears notes aggregating $o3,OOO.
These notes are supposed to be over and
above all the record membranes thereon,
but of this your committee has been unable
to satisfy itself. This security, therefore, is
taken on the basis that the property is good
for both its record membranes and the
notes belonging to "list No. T. creditors
aggregating the above amount of $53, 900.
e. Dumblane. This tract also has notes
outstanding aggregating $21,4 APO, which are
likewise considered as being over and above
all the record membranes thereon and
supposed that the property is good for both
its record membranes and the above out
standing amount of notes for 81. 42O.
f. Goldsborough tract has list No l"
notes outstanding against it amounting to
$4,000. AS these three last named tracts
perhaps contiguous to each other and
merged more or less in ''Woodley," it has
not been possible for your committee to
ascertain just the amount of record in
cumbrances there are outstanding against
them; but considering that the property is
sufficient to pay not only what incum-
secured by list No. T. outstanding there
on, the securities should be worth the above
amount of $4,000. Total. s1s4,31s.
Large Trust on 18th Street.
In relation to the property described as
10th street." which has an area of 100000
square feet, there are trusts of record
amounting to 100000, and in addition to
this it appears to be charged on List No
1" to the extent of $2O9 50474.
AS to the Winner purchase also known
as 'Cliffbourne,'' which has an area of
100000 square feet, there is a record in
cumbrance of $500, $3.50 1t also appears
charged on List No. T. to the extent of
$4O1, SO0.75. Your committee is informed
that this property will not sell for an
amount in excess of 10 cents per square
foot. which would barely pay off the record
incumbrance.
Plain purchase, Woodley Park, is owned
by Thomas E. Waggaman two-fifths), H.
p. Waggaman two-fifths) and Samuel
Waggaman (one-fifth). There is record
incumbrance thereon of 100000, and
charged against it on List No. T. is
$55. 600. Your committee is informed that
this property will not bring the record in
cumbrance
AS to the Cleveland Park property, SUBJ
divided and unsubdivided, which has rec
ord incumbrance of $63, $50 16, it is not be-
hof will ha o;xat,
equity.
Apart, then, from the consideration of
whether the holders of List No T. could
establish an equitable lien "16th street."
Winner purchase" "Plain purchase Wood
ley Park and cleveland Park will hard
ly bring the amounts covered by the deeds
of trust which have been placed thereon.
The second largest item charged on "lfst
number one is the amount due from the
personal account of H. P. Waggaman
which Is $3.50, 20. Mr.. Thomas E. Wag-
gaman had an agreement with his brother,
H. P. Waggaman, by which the latter's
interest was conveyed to the former to Sc
cure his (the said H. P. Waggamans) in
debtedneSs and subsequent advances by
Thomas E. Waggaman. Mr.. H. P. Wagga-
man appears to have had a half interest In
the 10Th street property, the Winner pur-
chase and Plain purchase of Woodley Park,
and interests In other property owned joint
ly by himself and brother; but your commit
tee is of the opinion that there are no equi-
ties in any of these properties with the
possible exception of "Woodley'D. and.
therefore, that there will be nothing out of
which to satisfy such Indebtedness
Deficiency Predicted.
Since the value of the notes enumerated in
"list number one" depends upon realizing
upon the equities owned by Mr.. Thomas
E. Waggaman in the various pieces Of prop
erty heretofore mentioned, and further, In
the establishment of equitable lien
against those equities for the amounts of
the notes, it appears to your committee
that there will be- comparatively little real
ICED from these sources, and tina. the de-
ficiency In the security thus sought to be
held by the holders of notes purporting to
amount to Approximately Is per centum of
the face value of the claims thus secured.
Your committee, therefore, recommends
that the referee allow holders of such notes
to vote to the extent of 70 per cent of the
face value of their claims