Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-03-02


every we'll" he said, "tell your readers
that I am in good health and reasonably
prosperous"
urged him that there was no harm in
being more explicit in response to a Curl
osity that was mplimentary, and finally.
in answer to my questions, he said:
THE sTRADDLER AUTHORIZATIONS
''My parents were poor. My father was
Elisha Sage, and I was the youngest of a
family of five children. The others were
all born in Connecticut before father
moved to Oneida county, and l have one
brother still liviDg-a farmer up in this
state. OF course my youth was one of
more or less hardship, like that of most
country boys. got some schooling every
year when / was small, but at the age of
fifteen went to Troy and entered the
small grocery store of my brother Henry
as a clerk. 1 had my board and 81 a
month wages. 1t was probably all that
was worth-all that other boys of nay age
were getting. But / saved some of it.
knew the value of money at that early age
and 1 put away some of my wages every
month. was always ready for swap
and made some money in that way, for I
was usually lucky. School? No. I
couldn't 60 to the public school any
more, but I hired a private in
structor, who gave me lessons nights.
Aftsr three years of this service 1
went into business myself there
with my brother, Elisha Sage, and we dealt
in groceries and provisions on a small
scale. Our credit was good, for we al
ways paid promptly, and we prospered.
We went so far as to buy sloop to run to
New York with country produce, and We
made this pay, too. After two years more
we dissolved partnership, and went in
company with Mr.. Bates. We did whole
sale business. We went into grain and
-four, and in packing beef and pork in the
West. I was lucky always. Well, I kept
getting deeper and deeper into things, and
making more and more money, till finally
some ten or eleven years ago 1 drifted
down here and took hand with the boys.
That's the whole story"
THE sTRADDLER's FACETIE.
He smiled broadly and winked his eyes,
and 1 thought he looked exactly like some
old Connecticut deacon in one of his
cheerful moods. But he had skipped
little. He had skipped about thirty years!
L CdllCQ dbLcublOlt W LIS duQ ITO u1OIOl1
said it was "of no consequence" must
briefly fill the hiatus with what I happen
to know of that period.
SOME DROPPED STITCHES GATHERED UP.
While in Troy Mr.. Sage became one of
the founders and directors of the CONNER
cial bank-the most profitable and success
full bank ever organized in that city. When
the several railroads between Buffalo and
Albany were consolidated into the New
York Central about 1856, he made good
deal of money in tbs transfer of the Troy
& Schenectady. The "pile'' he pocketed in
that single transaction is said to have been
100000. In 1856 the La Crosse railroad,
now a part of the Milwaukee 4 st. Paul
system, got Russell Sage to discount note
for $25, 900. In the crash of '57 that note
went to protest. Steps were taken by the
bondholders to wipe out all outstanding
obligations by foreclosure, but Sage organ
lied party of creditors who opposed the
motion, and put in more money to save
what was already in. So it happened that
he was large owner of stocks and bonds
of the road when the rebellion opened and
the tremendous advance in prices came.
There were any number of lawsuits, but
Sage came out on top. He had mettle and
pluck. AS they say out West, he had sand
in his gizzard."
THE STRADDLER IN POLITICS.
For twenty years Russell Sage has had
quite a career as politician. He was a
Troy Wing alderman for ten years. He
was county treasurer. He was a trusted
friend of Weed and Seward and member
Of oo4innoI
in congress from 1853 to 1857, and rose to
commanding influence, mainly on account
of his personal skill in accomplishing de-
sired results.sA reelection was within easy
reach, but he declined further honors, and
soon after plunged into the vortex of Wall
street.
It may be remarked incidentally that he
always plunged in where it wasn't over his
hsad. He brought here about 100000,
which he did not risk in speculation, but
lent to spsculators on good security and
shaved notes for solvent financial firms. A
man who knows him we'll says, "Nobody
ever went to Mr.. Sage with collateral to
borrow money and went away empty
handed, be the security United States
bonds or pair of opera glasses. On the
other hand, nobody ever succeeded in Dor
rowing anything of him without security
Mr.. Sage made heap of money few
years ago selling out the Atlantic and
Pacific Telegraph company to the Western
Union.
BIRTH AND GROWTH OF THE sTRADDLEB.
1t was not until about 1870 that Mr.
Sage began the novel methods of specul-
ating, with which his name is identified.
He originated the system OF puts" and
''calls" and spreads" and 'straddlers, 'and
now in a booming market it is no uncom.
mon thing for him to take in $4,000 in g
single day for the "privileges" disposed
of. He never offers them for sale anG
never accords a would-be purchaser an
audience. It must all be done through
brokers. All offers for privileges are sub
mitted in writing nothing is spoken by
the broker. He enters the magnates Office
unannounced, lays slip of paper before
hin containing the offer, and silently
awaits the answer. The brokers' quse
slip might be for ''put" as follows: ''S9j
100 w. U. Tel. a. 78-sixty days." tn
meaning being that 500 is offered for
guaranty of 100 shares of Western Union
stock-sixty days to run. If b
concludes to issue the privilege he open
small book and enters tn
transaction, while a clerk in tn