Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1883-04-01

brother, Henry, rs u cierh.
hoard and "a month wages. IL wa
probably all was wortb-ail that 0tneI Z
bovs of INV age were getting. But !
saved some oft. knew tine value OF
money at that early age and put away
come of nv wages every month. Wss
always ready for swap and mace
some money in that way, Tor L was
always lucky. School? No, couldn,t
go 10 the public school any more, out L
Rired a priyate instructor, who gave me
Lessons nights. After three years OF
This service went into business for my
self there with my brother, Elisha sage,
and we dealt in groceries and provisions
ON a small scale. Our credit was gooa,
for we always paid promptly, ana we
nrospered, We went so far as TO BUY
sloop TO run to New York with country
produce. and we made this pay, TOO.
After two wears more we dissolved part
nershin. and I went in company with
Mr. Hates. We went into grain and
flour and in packing beef and pork IN
the West. was lucky, always. wen,
kept getting deeper and deeper lnUo
things and making more ana nere
money, till finally, some ten or eieVeh
wears ago, / drifted down here and TOOK
a hand with the boys. That's the whoie
story.
His Life I'm New York.
He smiled broadly and winked his
ewes, and / thought he looked exactly
like some old Connecticut deacon In
one of his cheerful moods. But he oad
skipped about thirty years! called
histattention to is, and he merely sald
1t was "of no consequence" l Must
briefly fill the hiatus with what hap
pen to know of that period.
While in Troy Mr.. Sage became one
of the founders and directors OF the
Commercial bank-the most prontaDie
and successful bank ever organized In
that city. When the several railroads
between Buffalo and Albany were con-
solidated into the New York Central,
about 1852, he made a good deal OF
money in the transfer of the Troy and
Schenectady. The "pile" he pocketed
in that single transaction is said TO
have been 100000. In 1885 the La
Crosse rrilroad, now part of the Mil
waukee and st. Paul system, got Rus
sell Sage to discount note for SO, oOO.
In the crash of 81 that note went to
protest. Steps were taken by stockhold-
ers to wipe out all outstanding obliga-
lions by foreclosure, but Sage organiz-
ed q party of CT editors who opposed the
motion, and put in more money To
save what was already in. So 1t hap.
peped 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 oflawsuits, but sage came
out on top. He had mettle and pluck !
as they say out West, he had sand IN
his gizzard."
For twenty years Russell Sage had
quite
Career rs Politician.
He was Troy Wing alderman for ten
wears. He was county treasurer. lie
was a trusted friend of Weed and Sc
ward and member of several national
conventions. He was a Congressman
from 1853 to 1858 and rose to command
ing influence, mainly on.account OF his
personal skill in accomplishing desired
results. -electian 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 when it wasn't
over his head. He brought about 81 ,OOO,-
coo which he did not risk in specula-
ton, but lent to spectators on good Sc.
curity, and shaved notes for solvent
financial firms. A man who knows
him well says, "Nobody ever went to
Mr.. Sage with collateral to borrow
money and went away empty handed,
be the security United States bonds or
a pair of opera glasses. On the other
hand, nobody ever succeeded in bor-
rowing anything from him without Sc.
curity.n Mr.. Sage made a heap OF
moLey few years ago selling out the
Atlantic and Pacific Telegraph COM
pany to the Western Union.
1t was not till about 1860 that MIR.
Sage began the novel methods OF
specializing with which his name Is
identified. He originated the system
of "puts,1 and "calls," and spreads
and 'straddles," and II ow in booming
market, it is no uncommon thing for
him to take in 5000 in single day for
the "privllegesn disposed of. He never
offers them for sale and never accords
a would be purchaser an audience. IL
must all be done through brokers. All
offers for privileges are submitted in
writing-nOt a word is spoken by the
broker. He enters
The MRgnate's Office
unannounced, lays slip of paper before
him containing the offer, and silently
waits the answer. The brokers' queer
slip might be for a "put" as follows:
"S95-l00 w. U. tel. a. $3.50 days"
The meaning being that sos Is offered
for guaranty of 100 shares Of Western
Union stock-60 days to run. Ifhe con.
cIudes to issue the privilege he opens q
small book and enters the transaction,
while clerk, in the outer office fills a
blank and the magnate signs 1t. IL
not, he says, Don't want it! don't
want itr or answers by writing on
another slip of papera proposition which
he will accept.
~ introduced these privileges, said
Mr.. Sage to me, ito assist brokers oil
moderate means. With my credit and
vouchers they are able to operate with.
out the use of money. | pay brokers
more than $1,000 year in commissions
alone.
"You ask me if / would advise any.
body to come here and go into Wall
street," He stuck his eyeglasses on his
nose and looked at me. "No, sir! Not
the shrewdest man l know. ! have
seen Misunderstanding down
and lose every dollar. Some of my old
acquaintance have come here and gone
out of sight in no time. 1t seems, when
/ look back, as if was about the only
one of those who came here when did
and as l did that has survived. But
the
Brokers Live Pretty Well
while they do live, and one thing l will
say, there is more honor and generosity
among them as class than any other
class of men ever met. They help one
another more. They keep their word
more. If one of their number is un.
fortunate, they don't pounce on him
and strip him. They cry, give him
another chance and accept his terms
ofsettiement. When / came here there
was no selling of puts and calls and
straddIes, and now it is estimated that
one half of the business of the exchange
is done with these privileges. / never
sell spread running longer than six