The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-09-23

versity and of the Newton Theological
seminary. After a few years in the
ministry his health broke down and he
went south to recover. II was on the
way back that "the heavenly vision"
came 70 p. f. Jernegan, and the
"Eiectroytic 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 company. He opened
offices In this city at SO 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 72,OOO0O0OOO tons of gold,
Boston went into a frenzy. All New
England went into another frenzy. Mr.
Jernegan went to New York, where he
deposited SOS. 900 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
S75. 900 in bills. Then the bank told
him that they didn't want his account.
He told New Workers that he in
tended to issue 2.5O0OOO shares Of
stock at 81 a share. Meanwhile, his
friend, one Frank w. Thompson"
took the money withdrawn from the
New York bank and between them the
pair bought $15O,000 worth Of govern
ment bonds
Machinery Never Came.
Meanwhile, at North Lubec, Me-. the
Marine Salts company" began opera
tions. 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
by a "secret" process the metal plates,
called acCumulat0rs, were to gather the
gold from the sea.
! 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-cIergyman who had
! had the vision"
To work the plant at it's proper ca
! paCity machinery, of course, was nee
essary. Mr. .Iernegan and his partner
boarded a French liner for LeIIavre,
France. to get the machinery. Mr..
Jernegan took passage as Louis Sin
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 800 workmen on the
new buildings we're out of job.
The shareholders in "Eectrolytic
Marine Salts company were without
their 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-
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 And n silver mine or become heir &c
a kingdom, to dig for Kldd's treasure
or 10 buy a machine which will turn
out crisp new bank notes in lega
manner; above all, to avoid as mucf
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 sucf
! dreams.