The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-08-01

The Directors Claimed to BE Able 10
Mike $4,000 Bricks Every week.

The Directors Claimed to BE Able to
Make $1,000 Bricks Every week.
NEW YORK, July sO.--The purposes and
methods of the Eieetrolytic Marine salts
Company were we'll illustrated in pros
pectus last March, which was issued after
the directors authorized the distribution of
$3.50 600 more shares. 1t goes on to tell how
it started in business by borrowing S50,OOO In
order to erect the first plant in the far-oH
region of North Lubec, Me-, because this
place has the highest tides of any place In
the country, and this fact is essential to the
economical use of the water and the
frequent change Of supply after the yellow
metal has been extracted from particular
amount.
Faith in the enterprise grew so rapidly
that within few weeks the $4,000 OF obi
cations were Cancelled by the sale of trust
stock at par to the creditors of the COM
pany according to the alluring prospectus.
Having received this impetus. there was a
craving for shares that the printing press
found difficulty in satisfying.
In the prospectus the rather blind state
ment is made that nine-tenths OF the stock
(of $1GC(O.CoO is held in trust and Will be
sold fer the Joint benefit of the discoveries
and their associates and the treasury. An
other equally blind statement is MADE mad that
only such proportion of the stock as Is
actually sold is entitled TO retain OWL
dends."
The PROSPECTUS furtner says. 1t mas put-
chased from the inventors their processes
for the extraction of gold and silver from
sea water. These processes are not pat
ented but they are secret. While IL Is true
that competition cannot seriously inJure
this company. such is the enormous demand
for gold and so great is its commercial
start of any similar company that might pc
formed, it may be noted that its secrets are
carefully guarded day and Eight the con.
struction of the plant and the character OF
the employees being such that any success
full attempt to discover ilicitly its processes
is foredocmed to failure"
Hero is a description or the nrst plant
| from tho prospectus:
"A salt water lagoon. with $4,000 tons ca
Dacity each time, a dam, wharf and grlSt
chased at North Lubec, Me, and plant
| installed. The work was of new and dif-
ficult character Much of IT had TO be done
| between tides and in the night. But II was
built quickly, well and cheaply and began
"At this date the board of directors visited
! tho works and made a two weeks inspec-
| ton of them. From nearly hundred that
were in operation five accumulators We're
selected that had run a week, and their II
| average extraction of gold proved to be 7.S9
dwt. weekly for each. The daily product in
| gold and silver of each accumulation was IN
| value 1927. An accumulator run two weeks
| showed an extraction of 1871 dwt gold
At the conclusion of the directors So
| called investigation it was said to be their
| opinion that on a correspondingly larger
scale, with $50 accumulators, they could
| take out $1G0 worth of gold at an expense
/ Of $la-in other words by May could De
! producing $1,000 a week net profits In re-
| gard to the secret process the circular says:
1T is obvious that investors must depend
on the veracity Of competent witnesses and
| the accumulation of earnings for their con-
| fidence in this process. 1t is possible. how
1 ever. to give some information of interest.
The originality of the inventors lies
| largely in the fact that they were satisfied
to get a minute fraction (about one-tenth)
| of the minute amount of gold in the sea
water. Others, thinking that in view of the
| small nrOnOrfi0n gold could
! had only through gaining the major part OF
it, sought to precipitate it in watts. This re-
/ quires too long a time, and does not per-
init the handling of large amounts OF water
| without great expense for construction.
| In the process of the Electrolytic Marine
! Salts Company immense volumes of water
! are handled at almost no expense by means
! of gravity and automatic flood gates. In
| Passamaquoddy bay where the plants are
| twenty feet rise and fall. The accumulators
are connected with sluicebox outside the
/ DAM and the tide without the dam falls
/ the accumulators are exposed and the water
| within the dam falls into them In this flow
1 it Is mingled with chemicals and treated
electrically, and then passes 70 waste into
! the ocean, having parted with about one
| tenth of its gold and silver. Owing TO the
rapid flow of the tides in Passmaquoddy bay
| the waste water is widely diffusesi in the
! ocean before the reservoir is rehlled, and 2
! constant supply of water containing the full
proportion of gold is available.
| '"rhe mechanical device by means OF
| which the water is enabled to pass through
chemicals without carrying them away Is
| original simple and effective in its opera
| ton.
| Each accumulation is Independent of the
rest and uses about twenty tons of sea
| water an hour for sixteen hours out OF the
! twenty-four
] 1.-The gold need not be taken from them
| oftener than once month. and the chemi-
Gals from which ii is separated, can be re-
| placed to do their work with the same efii-
| cheney as before.
'The company has acquired location for
| a second plant. 1t consists of a lagoon 7S.s
acres In extent, with a partially completed
| dam and several acres of land adjacent for
| the erection of works. This lagoon has a
| capacity of more than 1000,0 900 tons each
| tide Engineers have completed a careful
| survey and contracts are being entered into
| for the rapid erection of works. II is ex-
| pected they will be completed I'm the early
| fall of 1898. This plant should earn easily
| S. 600 a day net.
'',rhe plans of the EIectrolytic Marine
| Salts Company have been conceived on a
scale commensurate with the stupendous
| discovery they possess.
Jernegan the Son Of Whnler.
| NEW YORK, July 20.-The Rev. Prescott
f. Jernegan, the promoter vice president
/ Of he 40