Can I paint a water color on old book pages from and old Book from 1893? and sell it?

Yes. A book, and all of its contents, published in 1893 is in the public domain [that is, its copyright has expired]. The fact that the brand name "Encyclopedia Brittanica" may be displayed in the margins of the page is of no legal consequence under trademark law.

Probably. Books published before 1923 are part of the public domain, meaning that they can be freely used without violating copyright. (For works published after 1977, the work becomes public domain 70 years after an individual author's death or; for works written by corporation copyright protection lasts for 95 years after publication or 120 years after creation (whichever is shorter)) However, just because a book is in the public domain doesn't mean the new user will never need to seek permission. If you intend to make commercial use of a public domain work that has a recognizable person as its subject, their rights of publicity and privacy are implicated. Also, you must make sure that any public domain book does not contain any protected trademarks. Finally, its possible that even if the book was copyright protected you could use it as long as your water color augmentation was "transformative." Transformative use is a relatively modern part of the Fair Use Exception to copyright. It was first raised in a Supreme Court decision in 1994. (Campbell v. Acuff-Rose Music, 510 U.S. 569 (1994.) A derivative work is "transformative" if it uses a source work in completely original or unexpected ways such the the old work is "transformed." Speak with an attorney about your planned use.

To state the rather obvious - you might check to see if a book from 1893 has any inherent value.

Yes, a book from 1893's copyright protection has expired.