The daily morning journal and courier., 1906-08-23
SAGE ( O., BROKERS.
 FORGED TO THE WALL
AMOUNT INVOLVED IN THE FAILURE SAID TO BE
 LARGE.

!" aa NuihDer Of Cities
 in the East and Correspondents
 Throughout the Country--Omc,aIs of
 the Concern--President a Young Man
 Who Appeared in New York Twelve
 Years Ago--SOme of the Firms oper-
 ations.
 New York, Aug. 22.-M. J. Sage & Co.,, brokers of No. Montgomery street, Jersey City, and No. 57 Broad way, this city, at the close of business hours to-day, posted notice at their Jersey City office. informing their cor respondents that they had discontinued business.
 The firm had branch offices in a number of cities in the east and corre- spondents throughout the country The amount involved in the failure is said to be large, although no one in au- thority could be found tonight to give definite figures.
 The first moved it's principal offices to Jersey City about the time the new stock transfer tax went into effect in this state.
 Messages were sen by Sage & Co. to- day to all the branch offices notifying the local managers that it had been found necessary to close up.
 Sage & Co. was incorporated under the laws of the state of New York in 1904, with capital stock of $50,O0 The object of the company, as set forth in It's incorporation papers, was to conduct stock commission busi- ness
 The president of the firm is Maurice J Sage, a young man who came to this city about twelve years ago from Bing- hamton, N Y.
 The other officials and directors of the company are as follows: Edward L. Bradbury, secretary; Charles w. Can non, treasurer; Maurice J. Sage, Ed ward L. Bradbury Charles W. Cannon, David R. Hobart, William H. Newman, directors. The company had leased the offices at 57 Broadway only since May 1st.
 OR LO LllebL llAlC IllO III III lOSCIllCl with the Guanajuato Amalgamated Mine conpahy, occupied joint offices at Az Broadway.
 The latter company is the property of Albert J, Adams. After his release from Sing Sing he purchased this min ing property located in GuanaJuato, Mexico, for sum estimated at $1,000,- 900. Shortly after this Adams went to Mexico and now lives near his mines.
 Albert J. Adams, jr, has been attor- ney for the Sage company His law office is located at 57 Broadway. It Is stated that the Sage system consisted of a string of at least 300 branch offices stretching from Maine to New Orleans, and in some quarters tonight the fail nre was declared to involve possibly S2, ,000,0OO The firm had no branch of- floes in Manhattan. The business done tn the main office when 1t was located here was in the way of receiving orders from the many out-of- town correspond tents and agents. When the main office was located in Manhattan thirty tele- graph operators were employed,
 Although a great business was done by this firm, 1t has no stock exchange membership here.
 The principal 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 its financial obligations. Dur ing the time they have been in business they had encountered several severe bull campaigns, especially the one dur ing the latter part of last year. During that strong bull market the firm of M J. Sage & Co. was badly strained, and it is reported that the firm lost $1,5OO,00O before the tide changed The firms financial packers, it is reported, made good the losses.
 It was not long, however, before the loss sustained by the firm was recover ed. Following the bull market came sensational cotton market. At the out break of the activity in the cotton mar ket the Sage company had one direct wire running from their New York of- 1ices throughout the southeastern states through to New Orleans. There were ITS branch offices of this firm connected with this one southern wire. Realizing that there was to be much activity in the cotton market, the firm put in an- other southern wire, which extended from NewYork to New Orleans through a different route.
 During the sensational times in the cotton market about the time of the panic, the speculation In cotton in the south was enormous. The Sage system got a, great volume of business through the southern branches, and as a result of the campaign the firm came out a winner to the amount of $1,OOO,OOO. The firm succeeded in getting on the right side of the market. This large sum. together with the oncoming of bear campaign in the stock market enabled the firm to recover all its previous losses.
 It is stated by persons familiar with the operations of the firm that after it had, without hesitancy, wtthstood loss of over a million dollars the liabilities which now confront the firm, and which caused 1t to suspend, must be consid- erably more than it's first heavy losses.