The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1920-09-24

seminary. After 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
marvellous way Of getting something
for nothing"-of getting gold from the
water in the ocean by secret process.
He formed company. He opened
offices in this city at 90 State street
| and 235 Washington street. The MA
rine Salts company became 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 72OOO,O0O,0O0 tons Of gold.
Boston went into frenzy. All New
England went into another frenzy Mr.
Jernegan went to New York, where he
deposited $6S,00O 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 to issue 100000. shares Nof
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took the money withdrawn from the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 $150,O0O worth of govern
ment bonds.
Machinery Never Came.
Meanwhile, at North Lubec, Me-, the
Marine Salts company" began opera
tons. A dam was raised, and when
the tide receded it left water twenty
feet deep behind the dam. This was
to. be flowed over the "secret" ma
chine invented by Mr.. Jernegan, and
bYa secret" process the metal plates,
called accumulators, were to gather the
geld from the sea. re
More than 600 workmen were hired,
and the buildings were begun. By this
time 100000 shares of the stock had
been sold and the capital was in the
hands of the ex-clergyman who had
had the vision"
To work the plant at it's 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 Sim
clair of Chicago" with "the necessary
funds"-that is, all of them.
The day after his departure gold |
ceased to crystalline on the plates Of |
that marvellous secret machine up in |
Lubec, Me. The company suspended |
business and the 900 workmen on the |
new buildings were out of job.
The shareholders in 'tElectrolytic |
Marine Salts company" were without |
their money, too. The gold crystals |
on the plates had been planted"
Iu spite of efforts to bring about ex-
Jernegan and his pal es-
capped 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 only
yesterday. To make ones fortune
without an effort, to hope desperately
for good luck" in taking chance"
to find silver mine or become heir to
a kingdom, to dig for Kids treasure
or to buy machine which will turn
out crisp new bank notes in a legal
manner; above all. to avoid as much
work as possible In the whole affair,
has been a human trait ever since
Adam Jared forth from Eden, where
he was not bothered with such
dreams.