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"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 an insti- tution based upon her statement that she was the agent of a legacy amount- ing to more than $1,500,000, which was left by a Quaker who wanted to be a benefactor of "widows and single women only." With this money she was supposed to establish a foundation in Boston which paid such women, whose in- comes were inadequate to permit them to live in comfort, 96 per cent a year ou deposits made at the "Ladies' De- posit." Mrs. Howe was no parsimoni- ous person. She paid interest three months in advance. Three Years in Jail. Mrs. Howe is described as being "short, fat, ugly looking and inde- scribably vulgar." She couldn't write grammatically and this was one of the 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. Howe's "Quaker" was a day dream and despite the fact that during the last days of "Ladies' Deposit," when the run started, she paid out between $75,000 and $100,000 in one day, the investigators found that her insolvency amounted to $200,000, 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 a 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. ### Received Secret in a Vision. 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 a "get rich quick" scheme this is yet unsur- passed both from the romantic aspect of the undertaking and in the sheer audacity with which it was worked out. Mr. Jernegan was a former Baptist minister, a 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. It 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 marvelous 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 doubting 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 72,000,000,000 tons of gold. Boston went into a frenzy. All New England went into another frenzy. Mr. Jernegan went to New York, where he deposited $68,000 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 $20,000 and then $75,000 in bills. Then the bank told him that they didn't want his account. He told New Yorkers that he in- tended to issue 2,500,000 shares of stock at $1 a share. Meanwhile, his friend, one "Frank W. Thompson." took the money withdrawn from the New York bank and between them the pair bought $150,000 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 frowed over the "secret" ma- chine invented by Mr. Jernegan, and by a "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 2,400,000 shares of the stock had been sold and the capital was in the hands of the ex-clergyman who had