Decorah public opinion. (Decorah, Winneshiek County [Iowa]) 1895-1928, 1920-12-15


Ladies Deposit" conducted by Mrs.
Sarah e. Howe at 2 East Brookline
street. Mrs. Howe had a sensational
career in giving people something for
nothing"
The Ladies' Deposit" was 'Sn insti-
tuition based upon her statement that
she was the agent of legacy amount
ing TO more than 81 100000, which was
left by Quaker who wanted to be a
benefactor of widows and single
women only"
With this money she was supposed
to establish Foundation In Boston
which paid such women, whose in
comes were inadequate TO permit them
to live in comfort 96 per cent year
Oh deposits made at the Ladies' De-
posit." Mrs. Howe was no parsimoni-
Gus person. She paid interest three
months In advance.
Three Years in Jail.
Mrs. Howe is described as being
short fat ugly looking and indie
scribably vulgar" She couldn't write
causes of her downfall In Boston, for
her lack of culture aroused the sus-
picion of the authorities at last and
they began an investigation which
landed her in jail.
Then it came out in the court trial
that, Mrs. Howes Quaker" was day
dream and despite the fact that during
the last days of Ladies Deposit"
when the run started, she paid out
between $4,000 and 100000 in one
day, the investigators found that her
insolvency amounted to 100000 with
the "bank" and some cheap furniture
profusely covered with gilt as assets.
Mrs. Howe insisted to the last that
she was merely a salaried, agent re-
ceiving $120 year for her work from
the Quaker organization" but that
did not keep her from serving three
years in Jail. Boston was In an up
roar during the whole proceeding and
hundreds of fascinated hopefuls
thronged the institution during the
week before the crash.
nCCctNCu OSSfCt III Ntoiof'.
Then there was the masterpiece Of
all strokes of the Imagination, the
Rev. p. f. Jernegan's scheme for get
ting gold out of sea water. AS "get
rich quick" scheme this is yet unsur.
passed-bOth from the romantic aspect
of the undertaking and in the sheer
audacity with which 1t was worked
out.
Mr.. Jernegan was former Baptist
minister, graduate of Brown uni
versity and of the Newton Theological
seminary. After a few years in the
ministry his health broke down and he
went south to recover. 1t was on the
way back that "the heavenly vision"
came to P. f. Jernegan, and the
"Electrolytic Marine Salts company"
took shape In his brain.
The heavenly. vision" according to
the claim of Jernegan, showed him a
marvellous way of getting something
for nothing"-of getting gold from the
water in the ocean by a secret process
He formed a company. He opened
offices in this city at SO State street
and 235 Washington street. The "Ma-
rine Salts company" became slogan
of amazement and wonder. Mr.. Jerne-
gan showed to the doubling Th0mases
he met several thin metal plates upon
which there had been crystallized
small deposits of gold.
He suggested the wonderful secret
in his possession and spoke vaguely
of the fabulous fortune that awaited
him. Financiers, men and women of
wealth. poor and prosperous--folks
thrOnGed his offices to buy shares of
his stock.
There was. he affirmed, about four
cents worth of gold in every ton Of
sea water. Now. just think Sof ".
four cents worth in every toni And
the Atlantic, Pacific, Indian, Arctic
all the oceans in the world were to pay
tribute to his scheme. TO make their
deposits OF gold in the pockets Of his
shareholders.
Mr.. Jernegan estimated the possible
returns at 72.OOO.OOO.0OO tons of gold
DOStun WENT ilto u liNbHs. hh A'N"
England went into another frenzy. Mr..
Jernegan went to New York, where he
deposited $4,000 with one of the larg-
est savings banks there. Soon after
he made another large deposit. The
deposits were checks. A few days af-
ter this he drew out $4,000 and then
$4,000 In bills. Then the bank told
him that they didn't want his account
He told New Workers. that he in
tended 10, issue 100000 shares Of
stock at 81 share. Meanwhile, his
friend. one Frank W. Thompson"
took the money withdrawn from the
New York bank and between them the
pair bought $4,000 worth of govern
ment bonds.
Machinery Never Came.
Meanwhile, at North Lubec, Me-, the
"Marine Salts company" began opera
tons. dam was raised, and when
the tide receded 1t left water twenty
feet deep behind the dam. This was
to be Gowed over the secret ma
chine invented by Mr.. JerDegan, and
by "secret" process the metal plates.
called accumulators. were to gather the
gold from the sea.
More than 600 workmen were hired,
and the buildings were begun. BY this
time 2,400000 shares Of the stock had
been sold and the capital was In the
I II. II no bod