The Jersey City news., 1906-08-03
SAGE WEALTH GROWS
Estate Left by New York Flnan-
cier Will Not Fall Below
$4,000, 900.
MUCH IN GILT EDGED BONDS

Large Part of Fortune Consists Of
Securities Eagerly Sought In Wall
Street = Richer Than Jay Gould.
Relatives Led to Expect Half, Says
Lawyer Of Possible Contestant.
New York, Aug. 3.-The inventory Of
the estate Of Russell Sage, began few
days ago by representatives of the ex-
ecutors, established to the satisfaction
Of the executors and their lawyers that
the value of the estate was not below
$13O,O0o000.
In the Sage strong boxes have been
found millions of dollars worth of Sc
curities bearing high interest and guar
anteed as to principal and income which
have been for years unknown to the
manipulators of Wall street
Blocks of the bonds and stocks of
merged and forgotten railroads have
been found. Either the stocks or bonds
of these roads have been guaranteed as
to dividend or interest and principal
by the bigger roads which absorbed
them. Six and per cent income was
the ruling rate In the days when these
mergers were made.
Mr. Sage had similar luck with tele-
graph stocks. Corporations which built
lines in various parts of the country
have all been acquired by the Western
Union and their stocks and bonds guar
anteed as to interest and principal by
the larger companies.
Gilt Edged Securities.
Mr.. Sage owned large blocks of such
securities. and the inventory shows thar
the scheme of absorbing small concerns
at tremendous valuations was not an
known twenty, thirty and forty years
ago. The securities of these smaller
companies bear incomes ranging from
8 to Z per cent, ana Of course the inter
est must be paid before any dividends
are declared by the company which
has absorbed them Such underlying
investment securities are In high favor
In Wall street and command premiums.
One man who Is not surprised by the
revelation of Mr.. Eagss immense hoard
Is DR.. John p. Mum, one Of the exeou-
tors Just before jay Gould's death In
December, 1s92, Mr.. Gould and Dr.
Mum In conversation about Mr. Sage
agreed that Mr. Sage was the richer Of
the two famous milhonaires.
DR. Mum as Mr.. Goulds physician
enjoyed the latters confidence as fully
as he won and retained Mr.. Sage's.
The Gould estate was found to approx
mate $79OO0,000 And that was at
time of comparatively low prices.
Fortune Twice Jay Gould's.
IF Mr.. Gould left that amount four
teen years ago." we'll known insur-
ance official who was we'll acquainted
with both millionaires said today, then
Mr. Sage's estate is easily worth twice
that figure"
Russell Sage once told a relative that
he would leave half his fortune to
Mrs. Sage and the remainder to his
nepbews and nieces. according to
statement made by Patrick A MeSfa-
nus, counsel for James n. Sage Of
Troy, who has announced his intention
to contest the Sage will.
In certain quarter IL was stated
that Mr.. Sage had been led to make
the sort Of will he did at the earnest
solicitation Of Mrs. Sage. who desired
to have the bulk of Mr.. Sage's fortune
left to her so that when she died she
could leave ii TO her relatives.
1t was said in explanation of the
erasures and interlineations in the
Sage will that 1t had been executed
some time before Mr.. Sage signed 1t
and that when he was ready to exc
cute 1t there was no time to draw up
new document.