The Providence news. (Providence [R.I.]) 1891-1906, 1898-08-17
Stockholders Hold a Very
Lively Meeting.
SOME STILL HAVE HOPES
Committee Appointed to Test the
Jernegan Process.
BURDHTT RAPs THE OFFICERS

An important meeting of the stock
holders of the Electrolytic Marine Salts
Company was held in the fremont
Temple. Boston. yesterday. Hon. JOS
eph o. Burdett being chosen as chair
man, and he asked what position the
stockholders wanted to take regarding
the meeting at Portland next Friday,
and as to winding up the affairs OF the
corporation.
Attorney Robert z. Burke, who had
represented the stockholders at North
Lubsc. Me-. stated that two estimates
had been placed on plant No. /. On
the assumption that gold could be pro-
duced from 1t. the value was placed at
$4,000. and on the assumption of no
gold 1t was valued at $4,000; Fishers res
idence was valued at $500. Jernegan's
at $4,000 and Pearsons at $1,000. Mr..
Burke estimated that IL all the property
was sold IL might realize $46.633. III. X.
Brown. counsel for the company, stated
that the amount OF cash on hand was
$sS.651, and he called attention to the
fact that Jernegan still controlled the
stock or the company, and that IL the
money on hand was divided among the
stockholders at the present time, from
7-10 to $40 of II would go to Jernegan
and Fisher. He thought an effort should
be made to have their stock cancelled.
A POINTED QUESTION.
Mr.. Kelly Of Haverhill wanted to
know IL Messrs. Usher and Sawyer have
decided TO Withdraw their offer TO turn
into the treasury Of the company all
their commissions on the stock sold.
Mr.. Brown said that they had not,
but IL they were going to be annoyed
with civil suits by the stockholders
they would certainly stand upon their
rights. They were willing TO turn over
the money II they can be assured OF
protection from suits Of the stookhold-
ers. -f
said he had been informed that Mr..
Sawyer Is satisfied that he can take
gold from the sea water at proht by
the use OF the Jernegan procese. and
that the speaker for one was willing to
have Mr.. Sawyer and the other Officers
proceed and make\a fair trial OF the
plant, but he wanted to, know X any
body had got the secret process, and he
was answered by Attorney Brown, who
stated that the officers OF the company
possess II. and could work 1t just -
well as Jernegan and Fisher did.
OFFICERS RAPPfnD.
This caused, Chairman Burdett to
sharply say: 1T would seem that IL
your officials were good. honest.
straightforward business men they
would not have waited to be instructed
by their stockhoiders to 60 ahead and
investigate this matter TO the end. II
had been one of your directors would
have gone ahead with the work at the
plant in spite OF the disappearance OF
Jernegan and Fisher, and would not
have left stone unturned nor dollar
unspent IL IL made me pauper until l
had discovered one thing or the other.
either that this scheme Il a swindle or
good business enterprise. Honest men
would not need to be told by the stock
holders that It was their duty to pro-
ceed with their work at North LubeC
and investigate this matter to the end.
1t is not in the mouth Of their attorney
to come here and plead for time to drag
this business along and expend all the
funds left in the treasury OF the COM
pany. The funds are slipping away fhst.
and they will soon be gone IL this delay
goes on" sfr
WILL INVESTIGATE.
A motion was made that committee
of Ave be elected from the stockholders
to associate with and advise the direc-
tors and officers OF the company in a
trip to North Lubec for the purpose Of
investigating the Affairs OF the conf
pany and TO give the secret process
fair trial and TO report to the stock
holders within 30 days. After nauuh dis
cussion and scme wrangling the fol-
lowing named gentlemen were elected:
III. r. Perkins, Newburyport; II. ID.
kilgore, Meirosc Highlands; Joseph d.
Burdett. bingham; e. r. Davis. lid
dletown, Conn.,. and Arthur Johnson,
Haverhill. A
AFFAIR TRIAL. ASKED.
President Ryan was then called upon
to tell what he knew Of the secret pro-
cess and he said that he did not be-
lieve that the process was humbug.
1T should be given a fair trial. and un-
I'll such a trial has been made it will
be impossible to sny that the process is
a fraud am not satisfied that gold
has not been taken out OF the sea water
by those accumulators. No one is. In
the first place. gold was never put into
those accumulators In the form OF "a
chloride for I saw the work carried on
at the works when both Jernegan and
Fisher were away. saw the workmen
start the machines and take out the
gold"
The stockholders VIII hold meeting
on Friday in the ONCE OF Levi Turner,
the clerk Of the corporation. on Ex-
change street, Portland. The stock pos
sessed by Jernegan and Fisher cannot
their process is a fraud, and until such
time II will be Impossible to settle up
the affairs of the company.
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