Polk County news. [volume] (Benton, Tenn.) 191?-1983, 1920-09-23

versity and of the Newton Theological
seminary. After q 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 53 State street
| and 235 Washington street. The MA
rine Salts company" became a slogan
of amazement and wonder. Mr. Jerne"
gan showed to the doubling Thomases
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 of it,
four cents worth in every ton 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 $4,000, 100000 tons of gold.
Boston went into "A frenzy. All New
England went into another frenzy. MI.
Jernegan went to New York, where ne
deposited SOS, 900 with one of-the larg-
est savings banks there. Soon after
he made another large deposit. me
deposits were checks A few days ar
fer this he drew out $4,000 and then
$4,000 in bills. Then the bank toid
him that they didn't want his account.
He told New Workers that he IN
tended to issue 2500,GG0 shares OF
stock at 81 a share. Meanwhile, MS
friend one "Trank w. Thompson"
took the money withdrawn from the
New York bank and between them the
pair bought S150,O00 worth of govern
ment bonds
Machinery Never Came.
Meanwhile, at North Lubec, Me-, the
Marine Salts company began opera
lions. A dam was raised, and when
the tide receded it left water twenty
feet deep behind the dam. This was
70 be flowed over the secret ma
chine invented by Mr.. Jernegan, and
by secret process the metal plates
called accumulators, were to gather the
gold from the sea.
More than GOO workmen were hired,
and the buildings were begun. by thus
time 2.40O,000 shares of the stock had
been sold and the capital was in the
hands of the eX-clergyman VINO mao
had the vision"
To work the plant at its proper ca
pacity, machinery, Of course, was nee
eSsary Mr.. Jernegan and his partner
boarded French liner for LeHavre'
France TO get the machinery. Mr..
Jernegan took passage as Louis SIN
clair of Chicago" with 1.-THE necessary
funds"-that is, all of them.
The day after his departure gold
ceased to crystalline on the plates OF
tbot marvellous "secret" machine up IN
Iuhec. Me. The company suspended
business and the GOO workmen on the
new buildings were out of a job.
The shareholders in "Electrolytic
Marine Salts company" were withont
choir money, too. The gold crystals
ON the plates had been planted.
In spite of efforts TO bring about ex-
tradition. Jernegan and his pal es-
coned in France. They later sent some
of their money back TO clear up the
activities of the company, but they did
not move back TO Boston.
So the story runs, year after year
The Luck Box" is an affair OF ohiS
Yesterday. To make ones fortune
without an effort, TO hope desperately
for good luck" In taking a chaIlce'
20 And silver mine or become heir 10
kingdom, to dig for Kidd's treasure
mr. 10 buy n machine which VIII turn
out crisp new bank notes In a legal
manner: above all, to avoid as mucn
work as possible in the whole aiiau'
bos been human trait ever since
Adam Jared forth from Eden, where
he was not bothered with sueD
! dreams.