The Providence news. (Providence [R.I.]) 1891-1906, 1898-07-29
Promoter Of the Scheme
Has Departed.
CARRIED$l5O,O O,O0OIN BONDS
Unusual Methods Pursued In Pur-
chasing Securities.
BOTH WELL KNOWN IN THIS CITY

There are people in Providence who
have in their possession stock Of the
Electrolytic Marine Salts Company who
will undoubtedly be greatly interested
in a story in relation TO Rev. p. +. Jer-
nigan and his brother, Marcus w. Jer-
nigan. both of whom are well known
in this city. Rev. Mr.. Jernigan is a
Baptist clergyman. who was graduated
from Brown University, was the or
ganizer OF the company. with the idea
OF getting gold out of the waters OF the
sea. and II was chartered under the
laws of Maine, with a capitalization OF
$40. .o00, 900 in shares of 81 each.
Advertisements and pamphlets were
scattered broadcast stating that
Messrs. Jernigan and Fisher. after
years of study and experiment, had
discovered and improved this process
"for extracting gold and silver from
commercial profit" and Lubec, on the
coast OF Maine, was selected as the site
OF the works. Being secret process,
OF course the two discoverers and pro-
mpters had to guard the works and
everything connected Herewith In i'm
penetrable mystery. The Rev. Mr.. Jer-
nigan became vice president and gen.
Fisher assistant general manager.
SAILED FOR EUROPE.
II is now asserted that Rev. Mr.. Jer-
nigan sailed for Europe last Saturday
under an assumed name. and he is said
to have purchased for cash. prior to
his departure, government bonds TO the
amount of $150,000 through the aid Of
his brother, Marcus W., and certain
incidents which are said TO have oc-
~ .lx .rt.< tI.a uf
days give color to the statements made.
and to say the least the transactions
have been of very peculiar and unbusi-
nesslike nature.
young man, who stated that he was
Frank w. Thompson, private secretary
to A. II. Holt of Providence. r. l., and
that his address was box GOA, Bank OF
North America Safe Deposit Company.
but whom 1t is stated is really Marcus
W. Jernigan of Providence, for some
time student teacher in the Provi-
dence high school, puzzled one or two
New York banks during the past 10
days by depositing and drawing large
sums of money and was receiving
drafts upon New York banks drawn by
Boston institutions, against which he
drew cash in $1,000 bills. The Boston
banks were queried. and the answer
came back that everything was all
right.
UNDER AN ASSUMED NAME.
1t has since been learned that Rev.
Mr.. Jernigan was with his brother on
several occasions when bonds to large
amounts were purchased, and II Is also
stated that Rev. Mr.. Jernigan sailed
from New York under the name of
Louis Sinclair with his wife and child.
Marcus had an ordinary cash account,
subject to check at sight. with the
Roger Williams National Bank of this
city, and In the ordinary course OF busi-
ness. checks OF Rev. II. r. Jernigan.
aggregating more than 100000, were for
warded through Marcus bank here to
the Shawmut National Bank, Boston,
but that institution sent them back
protested-that Is, payment was refused
by the Shawmut. The Roger Williams
Bank loses nothing by the transactions.
The chemist of the Electrolytic Ma
rine Salts Company, who Is recent
graduate of Brown University. and who
left today for Lubec, Me-, said that the
money used by Mr. Jernigan to buy
government bonds was his own money
and had been made by his connection
with the company from his invention.
No company funds had been used. Rev.
Mr.. Jernigan had received permission
to go abroad for the summer and had
availed himself of the opportunity.
None OF the stockholders. as far as he
knew, were at all troubled and he HIM
self had some interest In the company.
There are several business men in
this city who are OF the opinion that
Rev. Mr.. Jernigan used nothing but his
own money In purchasing the bonds
which he secured In New York, and
they base their assertion upon the
claim that he was paid the sum of $780,
900 by the company In consideration OF
the knowledge OF his secret method for
extracting the gold from sea water.
They also claim that he had perfect
right to spend this money as he pleased.
but are rather surprised that he adopt
ed such peculiar secret way of trans
acting his business.