The sun. [volume] (New York [N.Y.]) 1833-1916, 1904-10-02
WAGGAMAN'S MANY VICTIMS.
HUNDREDS IN WASHINGTON HIT
by HIS FAILURE.
Besldes the Catholic University, TO which
He Owes 1000 900. Many Persons
Have Lost All Through His Operations
Liabilities May Exceed $4,000. 900.

WARRINGTON, Oct. l.-lho iahio VI
Thomas T.. Waggaman, for three decades
the best known real estate operator In
Washington, treasurer OF the Cathono
University. ofioer and director OF SCORE OF
substantial business concerns and reputed
to be one OF the wealthiest men OF the capt.
ta bids fair to prove the most far reaching
case OF its kind in the records OF the Dis
trict OF Columbia.
The business world Of Washington re-
ceived the biggest shock it has had In many
n long day when the Columbia National
Bank and other financial institutions OF
the city took action some weeks ago to have
Mfr. Waggaman declared bankrupt. Since
that time the details OF Mr.. Waggamans
operations which brought him into the
bankruptcy court have gradually been
becoming public property
One OF the most regrettable features OF the
failure Lies in the fact that hundreds. per-
haps thousands, Of small investors were
caught in the smash, and most OF them at
present are in danger of losing everything
they have in the world. Most OF these small
investors are Catholics who went to Mr.
Waggaman because of his connection with
the Catholic University and his standing az
churchman.
Among the bankrupts other creditors
are the Catholic University, TO which he
owes nearly 5000, 900, the various banks OF
Washin gton, business Arms and wealthy
private citizens.
Mr.. Waggaman's business Affairs are still
in confusion, despite the fact that Tor
several weeks efforts have been in
progress to straighten out the tan8le,
At present the employees OF the United
States Marshal's office are engaged In max
ing out list OF his creditors and in figuring
out his liabilities, while Mr.. Waggaman's
own force Of clerks is preparing state
ment OF his tangible assets.
II il thought that Mr. Waggaman owes
between 81 900 900 and %0ooO00. The
assets are almost entirely in real estate
holdings and the amount realized will de-
pend largely upon whether the properties
are disposed OF Immediately at forced
sale or judiciously handled and sold piece
by piece in the future.
The story OF his rise and fall is Of more
than ordinary interest He came to Wash
ngton In 1857 from the eastern shor OF
MARYLAND, where he was born and where
his family had been prominent for nearly
200 years.
The records OF the Royal Province OF
Maryland show that Capt. Ephraim Wagga-
man was made Sheriff Of Worcester county
In 1852 and that his brother, Capt Henry
waRgaman, served four successive terms
as Delegate from Somerset county. TIE
waggapans intermarried with the well
known families OF woolford and FINALS.
The family subsequently removed TO Fair
fax, in the vicinity of Cambridge
The sons of Henry W. Waggaman were:
George A. Waggaman, who settled in
Louisiana and was sent to the United States
senate In 1881; DR.. Henry Waggaman OF
Dorchester and Thomas Ennals Wag2aman,
who married Martha Jefferson TYLER sister
NJ Pre,d mt John Tyler.
There were hree sons from this marriage,
two Of whom Major George W. Wagga-
man, L. S. A.. and Floyd W. Waggaman
died without issue John H. Waggnman,
the eldest lived to an advanced age and died
in Washington. where his four sons now
re,iie The eldest Of these /" Thomas
T.. Waeg,man.
Young T. l.. Waggaman started his
tu,inpss life in Washington by selling
Papers Then he went into the real estate
business and in few years was known as
ON" OF the four prominent real estate men
in the District.
During this time he had become convert
TO the Catholic faith and was conspicuous
~ ch,lrchman. When the work OF Coy
Shepherd Of Washington resulted in de-
,idod rise of real estate values in the city and
it, M urbs, Waggaman haa considerable
capital n, his command. largely from Cath
olic SOURCES From hat period up to 1892
the civ grew rapidly. and as Mr.. Wagga-
mans Investments enhanced IN value
and became part Of Washington proper
they we're aisposed Of. and large portion
ot tho proceeds reinvested in real estate
holdings in tho utskirts and suburbs
His business continued to extend rapidly,
largely through his church acqua intance,
hut in some measure through his ability
10 make paying investments. Inc rate OF
interest he paid to investors was per cent,
aud he continued this rate even during the
occasional slumps in real estate Values
wnen his competitors found and even
per cent 100 high During these years
his business standing was enhanced, money
for investment poured in upon him In
constantly increasing amounts, and his
personal fortune grew correspondinzly
From the beginning OF his business career
Mr.. Waggaman was an optimist IN his
views on the future Of suburban Washing
ton. Whether or not II was that MS pre-
vious successes gave him an exaggerated
idea along this line, it is known that, with
increased resources, his purchases OF SUBJ
urban property became larger and less
judicious One Of his acquisitions is Wood
ley Park, In the immediate vicinity OF Red
Top. the summer home Of Grover Cleve-
land when he was President OF the United
States. Mr.. waggaman bought the several
thousand acres comprising Woodley Park
in 1887, and some years later acquired
a large tract OF land on Meridian Hill, oppo-
site the site OF the residence OF former
United States Senator Henderson OF Mis-
souri,. known as Henderson's Castle.
Mr.. Waggaman expected to sell the Me-
ridian Hill property to the United States
Government as a site for residence for
the President, leaving the White House
for business purposes only Legislation ia
this end was star ted, but fell thr ough and
although Mr.. Waggaman has endeav-
ored to dispose OF the land no purchaser
appeared! willing to pay the price de-
handed
In his purchases in lie Droit Park and other
parts Of northwest Washington Waggaman
alao unfortnn IN q tho pronarty deDre.