The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1898-01-01

Plan OF LIQUIDATION.

The plan decided upon 'or the liquidation
of all claims against the Chestnut Street Ea-
tiona Bal k and the Chestnut STREET Tru-t
and Saving Fund Company seems to he
acceptable to tie general body Of depositors
OF beth OF those institutions
The proposed turning over 10 the bGuk and
trust company Of the entire property Of the
Record Publishing Company, of which VIM
NJ. Siogerly is the owner, will probably suffice
to pay all the claims of dcpostors. While Il
few depositors felt that they should receive
their money at an earlier date than can be
fixed under the plan OF liquidation, over Il
hundred of them called at the bank ON Tues
day, and informed Mr.. Singerly, who is presi-
dent Of both the bank and trust company,
that they were fully satisfied with the plan.
Ono Of these callers, who has on deposit with
the trust company between 5000 and SO, 900
expressed his belief that the plan is the best
which could have been presented
George II. Earle aud Richard Y. Cook as
signees Of the trust company, who conceived
the plan of liquidation, say they considered
that the Record property was an excellent
security for claimants. They believe their
plan will make the fairest distribution Of
assets possible under the circumstances and
also the quickest and least expensive.
CONDITION OF THE PAPER TKADE-A TRUST
TALKED OF.
The fact of Mr.. Singerly's embarrassment
being attributable to the depression OF the
paper trade. entailing loss ia the operation
of ba In will ot Eletpu and the
mill at Providence. this county, has again
brought forth the possibility OF paper trust
being organized among the paper manu-
facturers in order that they may protect
themselves against the ruinous prices OF
paper that now prevail. The talked-of for
nation of the paper trust is occasioning
much talk over the country. One of the
leading publishers made statement the
other day that unless something was done
very nearly three-fourths of the paper mills
OF the country would be compelled to go
into bankruptcy.
The Ekton and Providence mills, in order
to get business, had to meet the cuts of es-
tablishments of similar character, and to
supply deficiencies NJ. Singetly was com.
PEELED to draw upon al tne fesOurceS at lis
command. The mil! supplied paper for the
Record, but Of course had to struggle and
compete for outside business.
The cause lies in the desperate competi-
ton and cutting of prices which moro or less
affects not only papermakins. but every
other branch of manufacture in the country.
Paper has been made ''dirt cheap but the
papermakers, in their ruinous race for
"ordcrs." have got their profit and loss
account on thu wrong side of the ledger; so
that, according to what is talked of in the
trade, the separate establishments have now
to face The alternative Of n combine or going
to the wall.
The cheapening of paper has stimulated
the production OF cheap publications, and
has had much to do with the fostering OF
yellow journalism. 1t has encouraged, and
in some instances actually forced meritorious
prints, daily and otherwise, TO announce i'll
advised reductions, and reductions which
many have already proycd,or will soon prove
to be disastrous. For paper is too cheap
there is no doubt about it. 1t cannot con
tinue long to be mads at the present rate
with any hope of remuneration.