The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1898-08-05
JERNEGAN ABSEN J.
But There Was Lively Meeting OF Compa-
ny He Orga nized in Boston.

Boston, August 4.-There was lively
meeting between the directors and the
stockholders Of the Electrolytio Marine
Salts company of Boston, at Young
hotel today. For nearly three hours
the present condition of the company
was carefully gone over and President
Ryan and the other directors gave the
stockholders what information they
could. Clergymen, lawyers, jewellers and
in still greater proportion, business men
of Boston and various other cities of the
commonwealth were included among
those present and all were reticent about
what was done. 1t was learned that
among other things it was voted at the
meeting to liquidate all outstanding IL
| abilities and to employ additional legal
counsel. 1t seemed to lie the general i'm
preston that a dividend of 30 cents on
| Che dollar would be about all the stock.
| holders could expect
President Ryan stated today that there
will be no further meeting of the direc-
tors and as yet it is impossible to say
when he and other officers will go tc
Maine for the purpose of seeing what
can be done with the plan. Later this
afternoon, Treasurer Usher said he had
| but little hope of getting Jernegsn back
| by extradition proceedings, for Lawyer
Melville Adams told him this morning
that every point possible had been made
| to secure his arrest, but he did not think
Jernegan could be extradited.
MIR. Evans, the bookkeeper, gave the
stockholders an account of the financial
condition of the company, the chief item
of which being the fact that stockholders
are not liable for assessments.
The company was organized November
5, 1897, in Portland. 1t is Maine corpo-
par value of 81 share. One share
apiece was taken at that time by Arthur
b. Ryan, p. E., Jernegan of Deland,
Fla, VIM. r. Usher of Newburyport
Clarence E. Tullar of Melrose and A. N.
Pierson of Cromwell, Conn. 1t was Or
ganiZed for the purpose OF extracting sale,
bromide and iodine and other products
stances; also to buy the necessary land,
etc. The first return to the Massachu-
setts commissioner of corporations was
made April 20 of this year. 1t was signed
by Messrs. Ryan, Usher, Sawyer and
Jernegan, as majority of the directors.
Among the facts sworn to was the capl-
talization Of $4,000 ooo; and this was
ever, that only S. was in cash, the bal
ance, SO, 999, 1875, being the estimated value
of inventions and processes for extract-
ing gold from the sea water. =
All the stock except five shares was
turned over to Jernegan. This stock was
to be sold, As per cent to go to Jernegan,
IS to the company and 20 per cent to
the agents. The first $50, 900 shares sold
at 33 1-2 per share and the balance at
higher prices, as high as Loo.
(CHEMIST ARLINGTON RELEASED.
Lubec, August 4.-Chemist Arlington
of the Electrolytic Marine Salts compa-
ny, at the plant here, who was reported
to have been under surveillance, was no
titled by the high sheriff tonight that he
was at liberty as the application for pa
pers to serve ON him was irregular and
the evidence on which application was
made was insufficient.
Sheriff Longfellow, who paid a.visit to
the plant and whose mission WAS said
to be a seizure of it, states that he came
here only out of curiosity. WIN. G. Phe-
land, the detective, left ST. Stephen on q
west bound train at 7.30 this morning.