The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1885-03-09
Russell SAGE.
,Av couLO'S VETERAN ABErroR
nj. Ups and Downs on the "street'-Hi,
quits" "Caiis" ami "Straddiea"
-ghe Career OF u Stock OPP
erator--MammOD, Etc.


osi pyogression trade dollar looks as
b,r AZ barn door. Mr.. Sage has not
oIwavs been RS poor as he is now. The |
belief prevails in Wall street that he
oonld not at this time scrape together In |
ali his possessions over $S,0OO,O O0 or $lO,- |
cN0O, at the outside. Before stocks
Lseau to shrink in the Summer of 1881, |
Mr. Sage's wealth was estimated to be
close on to S25 100000. He had been in
with jay Gould, in the latter's schemes,
and in the flood tide Of luck that ''little
man. was sailing on, had made inn
mepse sums. Between 1879 and 1881 he
nearly doubled his fortune. In a single
wear covering part OF 1879 and part of 1850,
Inc "streen thinks he must have made
TO0OO00 on his "puJs." "calls" and
other privileges alone. Where he made
most of his money was in the Union
Pacific, the Wabash, the Missouri Pacific
and the Missouri, Kansas and Texas
railroads, and the Western Union Tele-
Graph consolidation and Texas and Pa
eiGc construction, and Investments in
the Erie Railway second consolidated
bonds and the Iowa Central first mort
gage bouds. He was caught in the UNI
expected decline alone with Gould, and
was unable to unload the great mass of
securities that he had accumulated In
the schemes and transactions named.
Thus il was that he saw his fortune
shrivel up before his very eyes, and he
was unable to help himself. 1t was
good deal
LIKE BEING CAUGHT BY aCANnIBALs.
He was in exactly the same position as
apOor missionary, bound hand and foot,
awaiting to be cooked and eaten. The
missionary could see the cannibals
starting bonfire, whetting their
knives and playing leapfrog for ex-
ercise to stimulate their appetites. lie
would have retired from the scene If he
could, but ne was obliged to stay for OBJ
yious reasons. MIR. Sage would have
liked to have sold out his stocks and Ia
ken the great profits that the high
figures would have given him hut he
could not do il. Every lot offered de-
pressed tho price, for there was no mar
ket for the securities, and any attempt
to force a sale would have knocked the
bottom entirely out of prices. MIR. Sage's
fortune began TO shrink slowly at first,
but as time wore on the shrinkage grew
more rapid and he began TO be alarmed.
He knew that ho must practice economy
and he took steps TO curtail on all sides.
He was sustaining q missionary in the
far west who was laboring among the
untutored Indians. The good man vas
allowed $3.50 year to feed and clOthe
himself. 1t was with sad heart that
Mr., Sage carved 500 off his allowance.
Wall street was afterwards informed
that Mr.. Sage learned that the mis-
siOnary had turned savage aud was get
ting fat once more ON government ra-
tons. Things went from bad to worse
with Mr.. Sage, until TO day he is COM
pieteiy changed from what he was -four
short years ago. Two-thirds of the
money that he loved so well has gone,
and this is the reason of the great re-
yulsiOn in his nature. At the opening
oilSSl he was as
CHEERFULAs AN ARMY MULE
eating thisties. The milk of human
kindness had not then curdled in his
breast, and he was rs benign and char.
table as the man who goes to church
every Sunday for the pleasure of drop.
ping something into the contribution
box. He did a good deal in charity, and
no was fond OF presenting books tC
young mon who were striving TO get on
in the world. The art Of mOney-making
never had greater fascination for any
man than it had for Russell Sage, anC
q knite-thIust could not have hurt hin
moro than il did to have fortune turI
against him. When he first fell in will
Jay Gould he was worth probably $4,000
600 or 100000. That was all Of 10 year
ago. Gould was in desperate straits FOL
for want Of money. lie went to Sage
who helped him cut in his time of nee,
by lending him $3,000,000, il Is said, anI
taking his Union Pacific stock as sc
curity. Gould was grateful for a time
and Sage was let Unto tho diiieren
schemes of the ''little man." The mot
TO Of Gould, however, has always beer
that sell-preservation is the first law o
nature, and when the decline was pro
| Cipitated in 1881, he saw how thing
we're going, and using the language Q
| Wall street, got out" of his stocks q
fast as he could, Without giving Sag
notice. AS it was, Gould lost million
before he could clear up things. Sag
Is keen and crafty, and after while
dawned upon him that Gould was yer,
II likely marketing all he could. II owas nc
long lin convincing himself that his SUI
mise was correct, but he was obliged I
content himself with tho second chapC
az the market. Each succeeding do
u took away from his wealth, and III LIS
he had become so frugal that he locke
after tho pennies quite rs much rs III
dollars, His lunches were an iudicl
ton Of the economy that he practisel
In the times when every moment ~
dei to his dollars he would lend an OF
to tho pleadings of his stomach an
order q chop aud o bottle OF eide
When the dollars began to disappear ]
came down to
AoHEAPER BAsIs.
There was u little place called "IlOl
m'the-Wall," where sandwiches we
supplied at tho moderate rate OF 8 cent
Then there was stand where two d
minutivo red apples, q tribe knott
maybe, could be obtained Tor | cen
Mr.. Sage became patron of the
places, In the place Of cider, he cOu
draw glass'Of wst0r from spigot In h
own office, and cents invested in OF
sandwich and two apples served him I
his midday refreashment A boy WI
was 0cCu. toned TO going for his lunc
was sent one day. In an evil mono
The boy went TO OelmOnicO's and squa
dered l5Cents for a sandwich. Mr.. Sa
read tho boy q lecture ON eXtraYagan
that made his hair curl, and thu
no deducted 10 cents from j
wages to teach him lesson. 1t was n
until tho money panic OF 1881 that 4
great havoc was created among Sage
millions. He had sold all his prlvileg
9to 20 points below the market, ]
| AANAkhh ilt WAS NtANN NANNhhh Nv NAluN VI
Nnce from the quotations, no matt
what came, and the sight ofprices goi
~ ana 30 points below these, eve
was appalling. lie was credited vi
owning up 90 loss Of about $S,OO0,000
hard cash, besides u shrmkage in
securities of about T,00O,000 more, I
ordeal was 100 much for the old mont
lender. 1t nearly drove him into an
sane asylum llo was tronZied over
losses, and his physician, TO save
reason, ordered him to leave
street." He settled his contracts "
reluctant hand,aud sought the soclus
OF tho Argyle hotel, at Babylon, 10
island. Wall Street considers Sage
A THING OF THE FAST.
itdoes not believe no will ever ocou
ms old position there again, He
thoroughly frightened. He's afraid
tlsk his money for fear that he will Il
~ ana nothing Is left of his iort
keelness In the financial mart.