The Providence news. (Providence [R.I.]) 1891-1906, 1898-08-05
THE SESSION
A HOT ONE
Stockholders in Salt Water
Gold Co. Meet.
CONDITION OF CONCERN.
Possibility That II May Pay Thirty
Cents on the Dollar.
CONDITION OF CONCERN.
BANK DEPOSITS LEVIED UPON.

The latest advices from Lubec. Me-,
In connection with the Electrolytic
Marine Salts Company's affairs. are to
the effect that the Rev. Mr.. Arlington,
who was the chemist Of the company,
has been notified by the sheriff that he
was at liberty. as the application for
papers to serve on him was irregular
and the evidence on which the applica-
tion was made was insufficient. Sheriff
Longfellow. who paid a visit to the
plant. and whose mission was said to
be seizure of 1t, says he went only out
of curiosity. William c. Phelan, the
detective, left st. stephen on a west
bound train yesterday.
HAD A GOOD THING.
At North Lubec there seems to be a
feeling that. perhaps, Jernegan, Fisher
ct al. had a good thing, after all, iTa,
their little "Klondike.' With this goes
a half-formed belief that. when they
discovered what genuine "Klondike"
they had, they became at first frighten-
ed, and then resolved that the vast
treasure of the sea should be theirs,
and theirs alone. They were dissatis-
fed with their bargain with the COM
pany and the 65 per cent. they received.
They wanted 1T all. The Arm which put
in the electrical apparatus and the man
who did the work and kept careful
eye on II for weeks, watching and test
ing its ability, have both testified that
II was genuine and efficient.
A WARM MEETING.
Twenty three stockholders Of the
Electrolytic Marine Salts Company at
tended a warm meeting in one of the
parlor's Of Young's Hotel. Boston. yes
terday. 1t lasted three hours, and al
though ii decided on no definite plan
of action, 1t brought out the first official
statement of the financial condition of
the company, and left a better taste in
the mouths of the stockholders. There
is now in the possession of Treasurer
Usher the sum of $3.50, ,000 Besides, there
are deposits Of $4,000. $4,000 and $15,-
600 in three different places In the city
to the credit of the Rev. Mr.. Jernegan.
These have been attached in behalf OF
the stockholders, together with Jerne-
gan's balance of stock In the company,
so that IL this can be realized upon, as
seems possible. the funds amount to
about $320.000
In round numbers, about 900, 900 shares
of stock have been sold. so that. If the
fund in prospect Is not diminished by
the cost OF receivership or extensive lit
igation, the company ought to pay
about 30 cents on the dollar. The debts
against the main office have been paid
up, except for some small bills. 1t is
believed that the plant, at North Lubec
woul6 sell for enough to make good all
claims at that end
The vote, yesterday, that there should
be no further scientific examination at
North Lubec, is not binding on the d.
rectors. 1t expresses nothing but a SEN
timent OF a bare majority of those
present at the meeting, and Ii is doubt
full If the directors will recognize IL as
a key to their further action. IL was
hinted that some of the other gold-from-
in the opposition TO such a course. so
that the plant at North Lubec could be
purchased for song The directors are
10th TO settle up without testing the
question, since IL would cost little.