New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-07-29
MARINE SALTS COMP1NY'S AFFAIRS.

OFFICERS SAY THAT THE REV. Mr. JERNEGANs
DEPARTURE WAS PERFECTLY REGULAR.
Much interest was taken Yesterday in regard 20
the developments Of the fortunes Of the Elecrolyic
Marine Salts Comrany whose vice-presidont and
general manager the Rev. j. +. JcrreGan. sailed
for Europe on Saturday, carrying with him large
quantity Of Government bonds and taking passage
IS Louis Sinclair Of No Is Markct-st. Chicago
Mr. Jernegan vino was formerly Baptist minister
I'm Mddletown. Conn. said he possessed n secret
process for extracting gold from water by cleo
trolyss HIS experiments apparently showed SUN
great profits that he decided 20 organize com
rany TO carry on the manufacture Of gold on an
extensive scale. lie interested some business men
of Middletown and its vicinity. and the company
was organized last ;an under the laws OF Maine.
with a capital Of 100000 the shares being 81 each.
The plan; was established at North Lubec. on the
Maine coast. ard the principal offices of the com
panv are in Boston at No 81 State-s,.. In the Elk
change Building. and No 235 Westinghouse
Mr. Jerncean came Brooklyn carly this month
and presented letter Of introduction 10 j. u
Fairchild. president of the Kings County Trust
COMPANY He inquired about check and went
away satisfied. A few days later he returned and
opened an account. explaining the prospectus OF
his company. of whose stock he said. 25""'
shares had been issued He asserted that at an
expensc of 500 week 5000 being secured
lie wanted to deposit $500 and did so He de-
posted $4,000 more In a short time. all in checks
Then he returned in n day or two and wanted
SoGI in bills and gave notice that on the follow
ing Tuesday he would want $1,000 in bills The
reason he gave for wanting cash was that he WAS
buying machinery. ana did not want to be known
by his checks. After some more transactions or
this kind while the drafts all good. he was
told his account not wanted. and he with
drew.
Meanwhile 3 young man. who gave the name OF
Frank W Thompson but who is thought to he the
brother Of Jernegan. was buying Government bones
through a Wall Street broker In large aiEoup;s
and paying for them in bills. until he was advised
to open bank account. ana went 20 the Fourth
National Bank. He gave references which were
thought 10 be satisfactory. until suspicious We're
aroused and 1t found that there was no
Thompson in Providence at the address he gave
and he was registered at hotel in this city under
the name Of A. c. Spencer. In all he bought bonds
10 the amour, of $4,000. and IL IL believed that
the money was supplied TO him by Jernecan
slip from the Kings County Trust Company with
some OF the bills led TO the discovery Of their as
ISOLATION As soon as the Fourth National Bank
found out about its depositor he was requested 10
close his account.
Passage was engaged a week to-day FOR
Louis Sinclair and wife on the French Line steamer
La Navarro and last Saturday Mr. Sinclair
sailed As nothing has been seen OF Mr.. Jernegan
since and as he had said before leaving Boston
that he might have TO 80 10 Europe to buy ma
Chinery. and would nave 10 conceal his identity.
Il was concluded in Boston that he had gone
abroad His purpose in securing Government bonds
to the amount o; about $4,000 is not known.
Thompson is said to have sailed with Jerncgan.
Those interested in the company FAY that the
management is all right. Inquiry yesterday at the
Assay ONCE. In Wall-st. showed that the following
deposits OF bullion had been made 10y the Flee
troytc Marine Salts Company: