New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-05-16
RUSSELL SAGB'S PRIVILEGES.
BROKERS INCENsED AGAINST HIM.

URGING HIS SUSPENSION AS MEMBER OF THE
STOCK EXCHANGE--wHAT Mr.. SAGE SAYS.
The brokers who held Russell Sage's privileges
and desire to put stocks to him ON them
were greatly exasperated yesterday by the con-
tinued delay caused by Mr.. Sage. "hle
he accepted a large amount Of stocks
on both yesterday and the previous day
it is charged that he has accepted stocks from few
persons and at the same time refused to receive
notices from others The brokers have bought the
stock which they wish to put" to him under the
contract but because they have been unable to give
the one days notice required they have
been Obliged to carry the stocks at
substantial expense. Some of them do not hesitate
to denounce Mr. Sage in emphatic terms and quiet
and conservative members of the Stock Exchange
assert that his course has worked great harm to the
restoration of confidence One said that the delays
caused by Mr. Sage constituted half failure on his
part.
The indignation among the holders of the pryi-
1epes was so great yesterday that the matter Will
be brought before the Governing Committee at the
adjourned meeting to-day. Several brokers con-
suited their counsel in regard to the dilemma,
and at least one lawyer succeeded III reaching
Mr.. Sage's private office, where he speedily
received check for several hundred shares of stock
on his customers privilege. 1t is understood that
broker sent for his lawyer who at once wrote
a letter demanding settlement of privilege,
which Mr. Sage will receive by the registered
mail this morning. 1t was reported in Newest
late in the afternoon that Mr. Sage's mail to-day
would probably be unusually heavy. II was said
also that two active put and call brokers had
served notice by climbing through back window
in Mr.. Sages office The most of the brokers. how
ever are too greatly ncensed to submit quietly or
to employ subterfuges. Some OF them intend 10
urge before the Governing Committee the suspen-
sion of Mr. Sage member OF the Stock EXCHANGE.
1t was said that the only thing which would pre-
vent that result would be the absence OF quorum
at the meeting because the committee, under the
circumstances, could not refuse to take inc
action. 1t is estimated that at least hundred
members of the Exchange still hold some or the
privileges and that all OF them have tried IN VAN
for two days to give notice that they Will put
the stocks. The total amount OF the prvllegeS
cannot he told, but 1t represents many thousand
shares of stocks There Is no doubt OF MT Sages
financial ability. even by those who condemn his
course most severely, but tins TACT only increases
their ind gnatiOn 1t has been limited chat Slr
Sage delaying settlements because OF his wish
TO secure the high rates of interest that have pre-
vailed in the last two days.
Mr.. sage said yesterday that he had accepted all
the stocks put" to him during the day, bit that
he could not receive the notices any faster than The
business could be attended TO- lie SAID also that
he had a large amount of money loaned on call and
that he had not been able TO secure payment III an
cases of the loans which he had demanded. lie
continued:
shall 1905 the just as fast as can do So hut
in such times as these must be lenlent win eacn
other cannot call all my loans because by dong so
might cause "A great deal Of distress. cannot insist
when further time is asked by good people.
Mr. Sage refused to say what amount of money
he had paid ont Yesterday privileges, but 1t was
asCertaned TO be about $l,OOO,OOO.
1t was learned last night that high officer of the
Stock Exchange had been in consultation with
Russell sage in regard to the laters position on his
puts" The conversation that took place was OF
the most reassuring kind. Mr.. Sage asserted that
he had met all his privileges with no greater OBJ
struction than was ustiable under the condition
of affairs. The sums he had paid out recently, he
said had been of much benefit to the market
Yesterday alone he had paid ont over $500 600 on
his puts. Mr.. Sage said that he was satisfied that
he had redeemed hreefOurths of the privileges he
had outstanding recently, and expressed his Will
ingnesS and ITtentiOn to redeem the remainder to-
day. The stocks would be taken as fast as they
were presented, and no attempt would made to Sc
cure the puts" outside for less than
their par value Mr. Sage's attitude during
the conversation most lsactory and
what he stated was clothed III strong language and
uttered with every indication of sincerity. Those
who were Informed of this official statement of Mr.
lagos position expressed the lIveleSt qualification
Mr. Sages action, it said, would lift one OF the
clouds which had hung over the situation. we'll
known broker said
Mr. Sage now stands furnishing insurance to all
those whose positions III any way connected with the
issue Of his privileges II VIII be most beneficial III us
effeq