The Portland daily press., 1898-07-30
The Lubec Enterprise Shuts Down
Since Jernegan Left.
THE MYSTERIOUS MOVEMENTS OF
AN EX PREACHER.
A Tremendous Lot of Money. involved.

wafer, winch mas Deen Drought INTO great
prominence during the past few days on
account of the alleged course of it's vice
president and general manager, Rev. P.
F. Jernegan, in buying thousands of dol
lars worth Of government securities just
previous to his departure for Europe last
week, suspended operations at the plant
here today.
Its force of six hundred men have been
discharged and no one connected with the
place can tell anything as to the future.
The company was organized last year,
and 1T is claimed that 2, 100000 shares of
the stock had been disposed of.
The discharge of the men came as
surprise, as the work of construction, as
planned, called for expenditures aggre-
eating half million. The men were in
formed that they would receive all wages
due them. Those employed by the COM
pany got their money tonight, while
those employed by contractors will be
paid Monday. The work is loo ked upon
as likely to provea dead loss owing to the
fact that the plant is of such a nature
that adaptability to other purposes is out
of the question. ID.
| Superintendent P;erson made an ex-
animation of the accumulators today,
and it is said he found only traces of gold
as if adhering from previous experiments.
CONTRADICTORY STORIES.
We print below some statements
regarding "a the recent !, develop
mentsss regarding this eps scheme of
turning water to gold. sJ There is still q
great deal 81 mystery about the business.
| The Lewiston journal prints what pur-
ports to bea Disqualification Lubeo to the
effect that athe Boston story OF p. f..
Jernegan's fight to Europe is wholly
without foundation. He has asked for
four months leave of absence and has
gone to purchase chemicals, etc. To
escape being recognized and followed by
expert chemists he took the assumed
name, PRESLEY Ford, his first two
names. G. E. Fisher has gone to Sara
toga for six weeks -
But the Boston friends of j ernegan adj
init that he has gone with a big pile of
money.
President A. B. Ryan Of the company,
says Jernegan is brilliant and peculiar
and tells this story of his own expert
menting: 'sIn February 1897, I pur-
chased chemicals in Providence, put them
in my pocket, 8, went, down to Silver
Springs, below Providence cut a hole in
the ice over the tide way, and inserted
these chemicals in an iron rece ptacle not
larger around than dinner plate, but so
constructed that the sea water could flow
through it, and connecting it with a
small galvsnic battery I Lowered it eight
or nine feet below the ice in the tideway,
and then, with friend, I stood guard
over it without a wink of sleep for
twenty four hours. Then took the pro-
duct to an assayer, who extracted over 50
worth of gold therefrom. did not care
for the silver. Now, there was nothing
in that iron receptacle save the chemicals
placed there, the sea water and the
electric current Now, il you can put
gold in an electric battery and pass it
through copper wire, | may have been
fooled thereby, but never heard Of it's
being done, and do not believe it can be
done. Mr. Jernegan later showed me two
other processes for gold extraction from
sea- water" ~ 49,.
Newburyport, Mass, July 2s.-Presi-
dent Ryan of the Electrolytic Marine
Salts company, who had an appointments
at the home Of Director A. P. Sawyer to-
night, failed to show up. Mr.. Sawyer in
the course of an Interview, said:
II am now prepared for the worst and
am loath to believe that the plant is all
right. In case everything does not turn
out as represented, I shall place whatever
money has come to me through the
medium of the company, at the disposal
of the stockholders. have never direct
ly advised any one to invest in the stock,
leaving 1t sntirely to the Judgment Of the
purchaser, yet, propose to do what is
possible to protect the inter ests of those
who have placed money into the enter
prise. The directors have been active in
the matter since suspicion appeared that
something was wrong. Steps have been
taken to apprehend P. j. Jernegan, the
inventor of the secret process and the
general manager, when he arrives at
Havre. We expe ct that whatever money
or bonds he has with him will be secured.
In addition there is quite sum on
deposit in a Boston bank. Should events
prove that fraud has been prosecuted,
restitution will be made as far as pos
sible.
JERNEGAN'S OPERATI ONS.
The following statement is condensed |
from long articles in metropolitan papers:
Rev. P. E. Jernegan, one Of the found
ers of the Eleotrolytic marine salts COM
pany, which has works at North Lubeo,
Me. for the extracting Of gold from sea
water, has gone to Europe urder an as
sumed name, and after making large and
mysteriously conducted purchases of gov
eminent bonds, and the fact Is. tcausing
concern to the many people who have In
vested in the scheme. There are said to
be number of investors in this city, in
GLIDING several prominent men, and MIR. |