The correct answer is Option 1, meaning only the first statement is correct.

The first statement is correct because ionic compounds generally exhibit low solubility in alcohol. Ionic compounds are made up of positive and negative ions, and they require a polar solvent (like water) to split these ions for solubility. Alcohol is less polar compared to water, hence it`s less effective in dissolving ionic compounds.

However, the second statement is incorrect. Ionic compounds, in their solid state, do not conduct electricity. This is because the ions are held together firmly in a lattice structure and are not free to move. They can conduct electricity only when dissolved in water or in a molten state, as the ions are free to move and carry electrical charge.

So, of the given options, Only 1 is correct and hence option 1 is the appropriate response.