New-York tribune., 1906-08-23
NJ. J. SAGE & co. CLOSED.
BUCKET SHOP GOES UP.
Market Hits Firm Which Al adams
Is Said to Back.

rs DGlO 10 b0CR.
NJ. J. Sage & Co. the bucket shop firm which
moved TO Jersey City to escape the effects of the
New York Stock Transfer Tax act, closed it's
doors yesterday. and will apply to-day for the
appointment of William Beverley at present
chief clerk in its Jersey City Offices as assignee.
The firm incorporated in New York in
1904, and it is generally supposed that Al
Adams the policy king" who has served n
term in Sing Sing for his connection with policy
shops. has been back of the operations Of the
firm, which has correspondents in every import
ant city and town in the Unsd States and Can
ada. The Jersey City offices of the firm are in
the Fuller Building. and it has another suite Of
offices at No. 81 Broadway. Manhattan. where
no business has been done since the passage Of
the Stock Transfer Tax law.
It also had offices at No. 40 Broadway with
the Guanajuato Amalgamated Mines Company.
a company formed by AL Adams for the promo
tion of the GuanajuatO mines. in Mexico, which
he is supposed to have bought soon after his re-
lease from prison. Soon afterward he went to
Mexico and now lives near this mining property,
having left the control of his interests here to
his son, Albert ]. Adams. jr., who has looked
after his fathers interests I'm NJ ]. Sage & Co.
The officers OF the Sage company are NJ. j.
Sage. president; Edward L. Bradbury, secre-
tary; Charles w. Cannon. treasurer; David r.
Hobart and William H. Newman, directors. with
the other officers named
NJ. ]. Sage & Co. are practically big bucket
shop syndicate, operating all over the country.
In some towns large enough to justify the in
vestment 1t has half a dozen or more corre-
spOndents and agencies. In Montreal, for in
stance. there are three agencies; in other cities
as many as seemed necessary for the volume
of business
IN PUBLIC NOTICE BEFORE
The officers Of NJ ]. Sage & Co have been in
the public eye several times before. Maurice
]. Sage its president. was dismissed from the
New York brokerage house with which he was
first employed. and later organized the bucket
shop firm of o. ]. Robinson & Co. Charles w.
Cannon the treasurer and supposed to be the
personal representative Of Al Adams was the
manager of the bucket shop maintained by DR..
W. F. Woodend, who failed, under circumstances
involving him in serious charges, in 1904. Later
he was connected with another similar house
Longley, Hale &; Co, whose failure was almost
as sensational that of Woodend His last
bucket shop connection with Arthur H.
Page & Co. a firm that came to end when
1t failed 10 account for $15O,000 Of its custom
ers money.
Bradbury, the secretary Of the company. was
arrested in Chicago in 1900. as a confidence
man While under the name Of f. G. Gunspus
a bucket shop kept by him was raided by the
police. He also at a later period connected
with DR.. Woodend through the Hadden- Rodee
Company of which he was the Milwaukee man
ager.
David r. Hobart. one OF the directors. is a
brother of the late Garret A. Hobart, Vice Presi-
dent OF the United States He was at one time
engaged in the brokerage business at No 40
Broadway.
Page & Co the firms with which Cannon
was connected. were at one time members of
the Consolidated Stock Exchange Of this city.
but were expelled when they failed.
The reason for tine sudden closing of the firms
offices in Jersey City is said to be the heavy
losses it has sustained in Wall Street in the last
few days Many customers have taken their
profits on the last few days heavy trading. and
this has deprived the bucketshop men Of their
usual sure reliance IN the Willingness of those
who may be temporary winners TO stay in the
game until the house has won back all It lost
and more AS result of this. according TO re-
ports, AL. Adams refused to put up any more
money and ordered the offices to he closed
Young Adams and Sage. who were In Jersey
City when the orders came. pleaded with the
head OF the concern to hold a little longer
| but he was obdurate. and refused TO act as
angel" any longer.
Then notices were sent out the leased
wires which the company operates to its branch
houses. informing them Of the suspension OF
business. but advising them to hold on in the
hope OF reorganization, which said tC
be practically assured.
BIG ALLEGED SALES MADE
VI. J. Sage Co. had no connection with the
New York Stock Exchange any other New
York exchange. though it handled enormous
amount of business daily in alleged commission
sales and purchases of stocks. grain and cotton
! for it's customers. These orders trans
mitted first To the New York and then to the
/ Jersey City Offices the leased wires. and
were supposed 10 be executed by actual pur-
chases and sales Of stock on the floor OF a stock
exchange.
AS a matter Of fact. II is doubtful If such com
missions filled in that manner. II the
customer guesses Alright the way the market is
! going the hucketshop pays over the money; II
! ne is wrong, the company wins. and keeps his
money The game resembles roulette, in that
there is a double percentage in favor OF the house
! that practically insures II from great loss.