The New York herald., 1922-03-14

not far from the island, ran a cable
which extended to one of the pilings
of the island pier. The trap door In
the pier floor was so located that a
bucket or other container lowered into
the water therefrom would descend
into the arms of any person at the
end of the submarine cable.
A few hours before the demonstra-
ton was to be made for the benefit OF
the capitalists Jernegan. Fisher, Phe-
Ian and the two Middletown business
men met in a Providence hotel. They
would wait until dark. 1t might take
all night to effect the miracle. Secrecy
was desirable. Phelan, somewhat con-
vnced that there was a measure OF
buncombe in the whole scheme. but
desiring to see it through before de-
Gliding what to DO, had been over the
ground or, rather, water.
Making Good Showing OF Gold.
On the preceding day he had. gone
down to the shore with Fisher and
helped the latter to don q diving
armor. He knew nothing of the sub
marine cable at the time. but was
asked by Fisher to stay on the shore
holding the life line that was to haul
Fisher to safety in case of accident.
Fisher was equipped with an oxygen
tank He explained that he would
need no air pump inasmuch as ne
would be under the water but brief
time and that the oxygen would keep
him going for that period.
"All I'm doing is making scientific
survey" explained Fisher. You see
Jernegan says that there is gold in all
sea water, but there is more gold in
some places than in others. Naturally
we want to make good showing be-
fore the financiers."
The party gathered on the island
pier and Jernegan was demonstrating
how anxious a father OF bright idea
can be. He was tinkering with the
batteries and talking necessarily. The
two Middletown business men were al
most as nervous as Jernegan. They
had fetched the necessary chemicals.
Jernegan pleading poverty, and these
they dumped into the bucket. Fisher
and Phelan were missing. They were
on the pier on the mainland.
At stated time Fisher clad in his
diving armor lowered himself into the
water and when Phelan asked him how
he was going to make his survey in
the night he told OF the cable connect
| ing the piers. He would follow this, he
said. Phelan said nothing, but took
| hold OF the life line and watched
Fisher disappear. Fishers job was an
easy one. He would grope his way
1 al Iaa he
| far end. Then the bucket would be
lowered. Into the bucket he threw
gold filings and small gold nugget
that had been used by Jernegan in a
scarfpin. The bucket, closed by lid,
was metal lined. The mercurial solu-
ton that had been placed In the bucket
| before IL was lowered absorbed the
gold.
| AS soon as Fisher had "salted the
pot" he returned TO shore and he and
Phelan Joined the party on the island.
They might have drawn the bucket up
at any time after the mercury had alb
sorbed the gold, but just to make 1t
| impressive Jernegan waited until day
break. Then, before the delighted
| eyes Of the financiers, he opened the
bucket. Some of the mercurial solu-
ton had eaten It's way through the
metal lining OF the receptacle. but
| there was enough left to satisfy any,
body.
Chemists Help Launch Boom.
| They took the mercury to an as
sayer. He told them that he had
found $3.50 worth of gold In It. Imag-
Inc the excitement For a few cents
worth OF chemicals they had a return
Of several hundred per cent. Jernegan
was made. The boom was launched
Phelan lacked proof. but was com
missioned by outsiders to watch the
proceedings. So loud were the appre-
Citations OF the Middletown business
men that thousands OF small investors
fiocked to Jernegan. An official OF the
Bell Telephone Company was induced
by several Springfield Mass. bankers
TO help them build a plant for Jerne-
gan at Lubec, Me. Within ten days
subsidiary company was launched
with capitalization of s250,000. "A
larger company, with hacking or
s750.000, was planned
Par value of the stock was fixed al
81. In a short time It scared to IS
Jernegan was to own 40 per cent. Of
the stock. His fame spread. Citizens
Of Lynn gave him nearly $4,000 In
Boston he got like sum. Even New
York donated. But the bulk CT the
loot was from small people in New
England
For a while all went we'll An i'm
pressive plant was erected In Lubec
and with great regularity the pot was
salted and the crowds amazed But
Jernegan explained that the plant was
not yet big enough to make great
hauls OF gold. He was demonstrating
every so often that he could attract
gold TO his receptacles. but finally said
that Il would be necessary to erect
other plants. so that the combined hauls
would make the enterprise sufficiently
vast TO pay big investors.
This had the effect of smotherine
some OF the enthusiasm Jernegan's
scheme was to be expensive like 9TH
ers Others had sought to extract