Lancaster daily intelligencer. [volume] (Lancaster, Pa.) 1864-1928, 1884-05-22

rHuaspAY HvENrNo. May "a. 1884
A Ruined Sage.


They have man in New York called
sage. surnamed Russell. He has been
sage enough to acquire many millions In
A long life, but has not been sage
enough to keep them oil. In the late
unpleasantness in Wall street, fred by
the Grant and Ward explosion, MI
Sage has been particularly unhappy, Tor
it has been his daily function to sit IN
his Office and pay out great sums .,
money without receiving any value ~
all therefor. 1t has been 30 un
pleasant to Mr.. Sage TO DO tnis
thing that he has tried to DO as
little of it as could be done In the
business hours of the day, and to that
and has admitted his customers in nom
nopathic measure, through closed ana
barred doors, scantily opened for the
purpose. and has entertained them as
long as possible, while he slowly drew
their checks.
But why did the aforetime wise Sage
do so foolish thing as to pay his money
away for nothing when he did not like to
doitp Mr.. Sage did 1t because he had
said he would, some time ago, when
things looked differently and when he
was we'll paid for the promises he now
so reluctantly redeems. Mr.. Sage
has been engaged In the business Of sell.
ing "puts" and "calls" on stocks {;
the first being a promise to take Ger
tain number of shares within certain
time at stated price; and the second
being promise to deliver stock under
like conditions. While stocks do not
vary greatly one way or the other, and in
their variations 60 both up and down,
1t is evidently pleasant and profitable
business to sell puts and calls but when
they all swoop down with a rush and re.
fuse to ascend again, the horse has mani
festly another color. Mr.. James r
Keene was the rival of Mr.. Sage in thi'
business, and came to great grief by II
early in the present action, exploding, IL
fact, before the grand pyrotechnical per
formance Of Grant and Ward and tn
Marine bank.
Clearly this is a gambling business IL
which the good Mr.. Sage has been in
dulging, and the wonder is that he doe
not take advantage Of the fact to repu
diate obligations which the law woulC
no! enforce. Doubtless he would do so bu
for the business honor he would sacri
fee and the ability to continue his profit
able rambling speculations. Mr.. Sage
probably too rich in worldly wisdom t
set any great store by an honor tha
does not pay in dollars for the prote,
tion given it; and II he thought that
could afford to save the millions he
paying out to redeem his word, he woul
do 1t so quickly as to make ones eye
blink in the contemplation. Mr.. ia
Gould has long been in intimate bus
ness relations with Mr.. Sage, and the
are said to be partners In the put an
call business. At any rate they are bo,
deeply interested in the revival and su
yival Of stock gambling, and Mr.. GouI
has now persuaded Mr.. Sage n,
only to pay what he has promise
to pay, but to do 1t with a cheerful al
as though il were an agreeable business
And 50 Mr.. Sage has thrown wide ope
his doors and welcomed with a read
check all who came to put their stock
upon him a. price away up above th
market value and perhaps he even
really glad to see them now, feeling tina
the longer they wait, the bigger the dit
ference will grow between the put an
call market price of their stocks.