The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1906-08-24

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and company, brokers. of No l Mont
gomery street, Jersey City, and No.
81 Broadway, this city, at the close of
business hours today, posted notice at
tnelr Jersey City office informing their
correspondents that they had gone out
of business.
The firm had branch Offices in a
number of cities in the east and cor
respondents throughout the country.
The amount involved in the failure is
said to be large, although no one in
authority could be found tonight to
give the figures
Jersey City about the time the new
stock transfer tax went into effect in
this state.
Messages were sent by Sage and
company today to all the branch Of
fees, notifying the local managers that
it had been found necessary to close
up.
Sage and company was Incorporated
under the laws of the state of New
York in 1904 with a capital stock Of
$50, 900. The object of the company. as
set forth in the incorporation papers,
was to conduct stock commission
business.
The president of the firm is Maurice
J. Sage, a young man who came to this
city about twelve years ago from Bing-
hampton. n. Y.
Up to May the firm together with the
Guanajuato Amalgamated Mines Com
pany occupied Joint Offices at No. AZ
Broadway.
The Guanajuato Amalgamated Mines
Company is the property Of Albert J.
Arams After his release from Sing
Sing he purchased this mining proper
ty located in Guanajuato Mexico, for
sum estimated at $1,000, 600. Shortly
after this Adams went to Mexico and
now lives near his mines.
1t is stated that the Sage system con-
sisted of string Of at least 800 branch
offices, stretching from Maine to New
Orleans, and in some quarters tonight
the failure was declared to involve
possibly s20O0.000
Although great business was done
by this stock commission firm. it has
no stock exchange membership here.
The principle branch Offices OF the
firm are located in the larger cities and
towns Of New England, New York and
Pennsylvania
Up to the present time the firm has
met all their financial obligations. Dur
ing the time they have been in business
they have encountered several severe
bull campaigns. specially the one dur
ing the latter part OF last year.
It was not long however, before the
loss sustained by the firn was recover
ho h,,1l
sensational cotton market. At the out
break of the activities in the cotton
market the Sage company had one d.
rect wire running from their New
York offices throughout the Southeas-
tern states through to New Orleans
There are ITS branch Offices of this
firm connected with this wire.
During the sensational times IN the
cotton market about the time OF the
manic. the speculation in cotton in the
couth was enormous The Sage sys-
tenn got a great volume Of business
through the southern branches and as
a result of the campaign, the firm came
ont a winner to the amount OF 81 ,OOO,-
600 The firm succeeded in getting on
The fright side OF the market This
large .um together with the on-coming
of a bear campaign in the stock market
| enabled the firm to recover all Its pre-
| vios losses
The firm had more than 25,ooo ac-
| counts outstanding. 1t was learned TO-
| night that the managers OF the firm had
been appealing for several days TO theiI
| principal financial banker for more
| money to tide over the crisis but he de-
: ;a.d noY take anv further remittanceS.