The Birmingham age-herald., 1914-06-10

was persuaded that the quickest as well as the surest way of making money was in turning it over as many times as pos sibe in the course of a year. After a lit- tie experience MT Sage decided that it was profitable for him to lend money on almost any kind of security provided IL had a discoverable or quoted value and provided the margin was large enough. He was not invariably successful But when he did meet with losses he main tined taciturnity, excepting in one mem orable instance-during the panic of 1898.
 Gradually MT. Sage became well known, not only in the Wall street district. but in other financial centers, as one in dividual in New York who always had money and who was always willing, even glad, to lend 1t upon reasonable security, never eXacting more than market rates. In times of panic he followed the quota tions when naming his rates. But when times were normal he was content with per cent.
 at least 20 years before his death he hao gained the reputation of commanding more ready cash than any other individ- ual in the United States It was a common estimate that his command of cash and credit frequently was as high as S25000,000. He carried balances amount ing to millions. He was not a Shylock. ditnousn lie was very care1ul m HIS transactions.
 Other Big Loaners
 For long time MT. Sage was regard ed as the exceptional case of an in- dividual who was lender of money usually upon call, for large amounts But after the organization of some oi the larger industrial corporations these were In possession at all times of large amounts of cash or negotiable credit. II became their policy to utilize these funds by loaning them, frequently, although not always, upon call, and 1t occasion. ally happened that they were able ir this way to relieve the money distress There has never been an accusation that was well founded that the Standard Oi or any of the other large industrial cor porations which carried heavy surpluses ever employed their power with intent tc force money market rates high or tc produce panicky conditions
 It has sometimes been thought thai John D. Rockefeller utilized some DOT. tions of his accumulated cash by lending 1t after the manner of Russell Sage but those who should know say thai there never has been any evidence that MT Rockefeller was thus occupied. O, that II some portion of his available 1unds was loaned 1t was under cover O, the Standard oil company.
 The Gould Estate
 The estate of Jay Gould inventoried a, apout %5Oo0,000. The greater part of il was trusteed, MT. Gould's intentions he. Ing to preserve and increase the estate Tn that way since he was persuaded that 1T there were division of if amono the direct heirs its power of earning or of gain would be considerably diminisbed whatever may be thought of George Gould as railroad manager or as constructive force, there has been bnt one opinion about the fidelity and ahilitv With which he has conserved the Go,,id estate. Jay Gould died about 20 vears ago The common estimate now is that the Gould estate has more than doubled Tn that time and now represents one of the largest intact properties in the United States. There are only two or three which are thought to exceed inc Gould estate. Much of the investments | have been so made that Mir Gould has little to do excepting to receive and re- ceipts for interest and dividends. The aggregate of these is very large and fine family does not begin to spend It's heavy income He is therefore presumed to be in position, in case he should desire to do so. to occupy himself with the busi- ness of money lending along the lines established by Russell Sage and earlier by Commodore Vanderbilt.
 At present however, 1t Is merely a surmise of the Wall street district that MT. Gould does contemplate employment of the funds which he controls or some part of them in this manner.