Evening journal., 1906-08-23

LAST
EDITION
800 p. m.
5AGE co. FAILS
FOR 100000
brokerage House Unable 10
Pay Spectators Winnings
in Bull Market
lad AN OFFICE HERt

NEW YORK, Aug 90 swept to ruin in
tho strong bull market, the bucketshop
arm OF M j. Sage d Co, Of No. 1 Mont
somery street, Jersey city, which was
formed by "Al' Adams when he was in
Sing Sing, and which ne has backed since.
'losed It's doors yesterday and in all
probability will not resume business. Tho
rider to close, II was said. had been sent
" Adams, who refused to put up amy
more money to pay tho gambling losses
If the f;m.
Though efforts were made yesterday by
,ho managers OF tho concern to give a
rosy outlook TO the failure by promising
hat an customers would be paid IN full
1 is known the liabilities amount to more
than s2,O00Oo0. with assets uncertain. The
irm had about 800 branch offices through
Iut the country, and hundreds OF men
Who thought the rise in stocks had made
them wealthy viii find they have lost not
My their paper winnings, but probably
most Of their original investments as
wcn
So heavy were the losses the firm mot
the last few days IL would have re-
ulrod gold mine to pay them. The
im had banked on a turn Ia the rlsine
.ido. Hundreds Of customers, however
dso felt that the rise in stocks would not
ontinuo forever, and insisted on cash
ns in."
Adams Would Give No More.
They drained the tin of the firm until it
vas practically empty and when Il be-
iime apparent at the end OF business yes
erday that the clamor for winnings
would be greater to-day than ever be-
ore tho managers OF the firm sent word
TO "AI' Adams. who is supposed to be
Mexico, for more money. lie refused
supply IL, ana as result 1t was de-
sdcd to shut down.
AZ first sight tho failure Of the firm
ooks like The biggest one of it's kind On
recent years. The concern had an office H.
No 81 Broadway, Manhattan, but il wac
a'd there that the office was occupies
mainly by "Al" Adams son. who is a
awyer. and who represented his father m
.he buckotshop business. In order to AVOID
the stock transfer tax the firm had mov,o
90 Jersey city aud the Offices here wer,
practically deserted
NJ j. sage and the younger Adams
were In the Jersey City main Office whcr
ihe order ga shut down came from IN.
former policy king and "meanest o.
windlcrs.' AN day ihcy had taken N,
money OF customers as 1t flowed from
tnosi every part OF the country. IN tht
hope that stocks would drop ana they
would be able 10 pocket the proceeds. But
the customers bought the stocks that ro.,
NEST and as there was not sufac.on /.
money on hand to meet obligations IN
manascrs of the concern found them.
selves face to face with failure.
ac.er'o Cash TO Pay Paul
For time they paid losses with th
mcncy that came in. just as $50 per cont
Alilor' paid his integcst while the monc,
{ new customers flowed into his Golfers
but at lie end of the day il was apparent
he winnings OF the customers who de-
manded cash wCre far greater than ans
mount That could be expected 10 com,
IN to-day so notice was posted saying
the firm had suspended business
Nothing like tho excitement that has
followed other failures Of big buckle
hops Is expected Ia New York or Jcrs
Cty. as the firm ala only a small bu.
moss in tho local field. Its offices ON a.
second floor Of the Fuller building in Jci
soy City, though sumptuously furnished
were used as a clearing house for the bus
inca7 that poured over the i75 leased
wires in this country and Canada. on tre
books of the firm there appear more than