The daily morning journal and courier., 1898-08-17
MARINE SALTS COMPANY.
Official Statement of it's Financial Con
 dition

Official Statement of it's Financial Con- dition.
 Boston, Aug. 16-A meeting of the
 stockholders of the Electrolytic Marine
 Salts company of Boston was held here to-day. Hon. Joseph o. Burdett, repre- senting stockholders who owned a thousand shares, was elected chairman, and Robert E., Burke of Newburyport was called upon to make report on a trip to North Lubec, Me. Mr. Burke
 gave a list of receipts and expenditures from the commencement of business up to August 10, amounting to $136,o23. The expenditures for the same time includ: Lumber and piling, S43,473; construc- ton, $S2,99S; labor. including salaries, $19,271, and material, etc." $10,2O3 MT. Burke then read an inventory of the stock on hand at North Lubec, in- cluding the two plants there, and stated that 1t is believed that $10630 may be realized is plant No. is found to be worthless and $46,630 if the plant should prove of value. MT. Burke takes no stock in the possibilities of the plant, and thinks the former sum a fair fig ure.
 
 lawyer of the company, gave brief history of the concern, In which he stated that it was the original intention to issue 10,000,000 shares of stock, the par value being $1 per share, and that technically all of the stock has been is sued, although cash has not been re- ceived for anywhere near the entire amount. What is known as the trust stock amounts to about 7,S00,000 shares, and of the 'red ink stock, that owned personally by Jernegan and Fisher, Jernegan has 5S9,000 shares and Fisher 100000 shares. The trustee stock Is also in the possession of the two missing men, having been given to them by the directors to sell, the understanding be- ing that they should give 40 per cent of the money paid in for the stock. This
 stock added to that owned by them
 personally, gives them control of about eight-tenths of the entire stock, and if their legal representatives choose to put
 in an appearance at the Portland meet ing they will be able to control the ses-
 sion. It is not generally believed, how
 ever that they will be represented
 Lawyer Brown, speaking for the di-
 rectors of the company, stated that they are not yet satisfied that gold can-
 not be extracted successfully from sea
 water and while perhaps it cannot be done at great profit, they believe that the tests should be made, if for no oth- CT reason than proving that Jernegan | made false representations, which fact has not yet been definitely established. He said further that he believed that the stockholders should pool their stock so that the business of the company could be looked after in a proper way,
 and that the officers should not be ham,
 pered by a few individuals, small own
 CTS of stock, bringing suits, etc.
 After considerable heated discussion President Ryan spoke on the process l and tests. He said that he had never signed 8 document stating that the
 process was worthless. Continuing. he said: Tt is a reasonable process, and any scientific man will admit it. I am l not satisfied that gold cannot be taken out of the plant at a profit"
 MT. Usher said that already employees at North Lubec had been told to get the plant there ready for tests After i some more talk at random by the | stockholders a committee to go to Lu- | bee and make tests to determine the
 practicability of operating the plant l was appointed as follows: H. H. Per- kins of Newburyport, R. D. Kilgore, Hon. Joseph o. Burdett, E. s. Davis of Middletown, Conn.,, and Arthur John- son of Haverhill.