Evening journal., 1899-09-14
PROTEST THE SALE.
Action to Prevent Confirmation
of Purchase of Paper Mills.
WILMINGTON MEN CONCERNED
THOMAS H. sAvERY AND PHILA-
DELPHIA SYNDICATE BOUGHT
sINGERLY'S MILLS FOR s1O5,OOO,
AND ADMINISTRATORS DE-
CLARE AMOUNT INADEQUATE.

CLARE AMOUNT INADEQUATE.
Elkton, Md. Sept 14.-Attorney L.
Marshall Haines, for James S. McCart-
ney, administrator Of the estate of VIII
liam M. Singerly, filed exceptions in
Cecil county court yesterday to the
confirmation Of the sale for s1O5,OOO Of
the mill properties of the Singerly Pulp
and Paper Company, as sold by Will
liam 7. Warburton, John F. Writ and
Thomas Constable, trustees appointed
by the court for the protection Of the
interests of the bondholders.
Bills Of exception were also fled by
the Girard Trust Company the First
National Bank Of Philadelphia, the
Corn Exchange National Bank the Sc
curity Trust and Life Insurance Com
pany, and the City Trust, Safe Deposit
and Surety Company, all of which are
owners of bonds of the properties. The
sale will be brought before the court
for confirmation on Monday
1t appears that the trustees sold the
property at a private sale for S1O5,O0O,
to Thomas H. Savery, Of Wilmington,
and Philadelphia syndicate The ex-
ceptants claim that the actual value Of
property was not less than s1,20O,00O,
and allege that at the time of the sale
there were persons ready to purchase
both mills at a much higher figure, if
the sale had been duly advertised.
BILL OF EXCEPTIONS.
The bill filed by Attorney Haines is
as follows;
James S. Mccartney, administrator
OF the personal estate Of William NJ.
Singerly, deceased, excepts to the rati-
fication Of the sale Of the properties
mentioned in the report of sale filed in
this case as the pulp mill property, in
and adjoining the town Of Elkton, and
as ,a1 Providence paper mill property,
l1caied N the Little Elk creek. and
p.ays met the sale Of said properties
reporte may be rejected and set aside
and new sales thereof ordered, for the
following reasons;
First Because the sale Of said prop
critics was decreed under a bill filed to
foreciose a mortgage given by the
sinserly pulp and Paper Company, OF
Cecil county, to secure an issue OF SOC
bonds of s. 900 each; that all Of said
bonds wire issued to said William NJ
Singeriy, and were by him pledged as
collateral security for his Indebtedness
to various parties, which Indebtedness
is still outstanding and unpaid; and in
case the mortgage property does not
sell for enough to pay said bonds, then
said bonds will be insufficient to pay
the indebtedness for which they are
pledged. and the personal estate of saiC
deceased, in the name of your except
ant. will be liable for the payment o.
the difference, so that said exceptant il
directly interested in the sale Of saiC
properties.
Second Because said properties arr
reported as sold for the sum of s105,
600, which is a sum of $4,000 for tn
pulp mill property and $4,000 for tn
Providence Paper Mill property, whicl
prices are totally and grossly made
quatc to the value of said properties
which cost considerably over $1,000,
900.
"Third--Because reliable partie
have, since said sale, offered to bi
for said pulp mills property the sum c
s5,25O ir addition to said sum Of SS5
600, and to bid for said Providenc
Paper Mill property the sum of $14,0C
in addition to said sum of $4,000; an
this exceptant has been credibly il
formed that said parties have deposite
their certified checks for $4,000 Z
guarantee of their good faith in NAL
ing said bid; and this exceptant hi
good reasons to believe that if sal
properties are again exposed to publ
sale they will bring much larger sun
than now offered for them, as above
"Fourth-B Because in the decree pr
viding for the sale of said properti
the trustees were ordered not to Sc
said pulp mill property for less su
than $4,000, and not to sell the Prov
dence Paper Mills property for a lie
sum than 100000, which limit of pri
became and was we'll known to parti
interested in such properties, and sa
properties were offered subject to sa
limit of price, the advertisement n
stating that they would be sold wit
out reserve, and was the cause of the
being no bidders for said propert
when they were offered at public 81
by the trustees under the decree. I'll
afterwards an order was passed
your honorable court, authorizing 81
properties to be sold for the best pr
that could be obtained for them; Il
after this removal of the limit OF pri