The news-democrat. (Providence, R.I.) 1906-1909, 1906-07-23

have the hardihood 10 speak OF him as
great financier or rank him with the men
whose daily lives for n quarter OF a GEN.
tury in New York have been an open
book 10 him.
NOT A FINANCIER.
In Wall street and in the financial arena,
both at home and abroad, the term finan-
cier is confped 10 the little handful OF
men who conceive and who carry 10 a
successful elimination vast enterprises.
requiring at times the most comprehen-
sive knowledge. always associated with
defiant courage. Mr.. Sage was never as
ISOLATED. at least in a public way. with
any OF these vast enterprises.
But, while he was not a nnancier OF
this class he was one unto himself. His
position In the community OF Wall street
has been summed up in these words: He
could take hold OF almost any financial
enterprise and put II upon a solid basis
Though the venture was toddling along
in weary fashion and In danger of utter
collapse. with Mr. Sage at the helm.
armed with undisputed authority, the
chances were that something would come
out OF IL.
He was a financial economist In
twnkling he could stop a leak and make
each penny in the treasury assert Itself.
He had neither the courage nor the tenn
permanent TO bring TO successful culmina
tion the great enterprises OF Roth@child,
a Vanderbilt Of the old line. or 10 indulge
In movements inaugurated by such
banking firm as J. =. Morgan a. Co. But
with his shrewd and calm judgment he
could bring order out OF almost any en-
tanglement which beset one OF the treas
vries with which financiers have TO deal.
NOT ON THE EXCHANGE.
Although a member OF the New York
Stock Exchange for years he scarcely
Il IL ag.iWa Waa1
the exchange on Jan. 2s. 1s74. His fortune
OF $40 100000 or $50, 900 was constantly
added TO by dividends and interest, rather
than by speculations In stock
He was great lender OF money 10
bankers and brokers and most of the
hours in his business day were devoted 70
rolling UP wealth in this way and TO at
tending the meetings OF directors or cor
porations In which he was personally In
terested. II has been said that his fees
as a director would make n very COM
Portable competency for the average cit
izen.
Up 10 the last day OF his life he was in
terested in a modest way In puts and
calls. although from that hot day I'm June,
in 1884 when he was reported 10 have lost
s700o.0oo. he gradually curtalled that
branch OF his business
Mr.. Sage was the father OF puts and
calls" "straddles." spreads" and all
privileges. He started this business in
1870 He never offered privileges for sale
himself and never gave a would-be pur-
chaser an audience. IL was all done
through brokers. All offers for privileges
were submitted in writing-not a word
was spoken by the broker.
INTRODUCED PRIVILEGES.
"I introduced these privileges" said Mr.
Sage once, Ito assist brokers Of moderate
.,I .1...Vo
they can operate without the use OF mon
ey. At one time paid brokers more than
$50 900 year I'm commissions alone. You
ask me II would advise anybody 10 come
here and go into Wall street. No, sir. Not
the shrewdest man | know. | have seen
dreds-thousands-go down and lose
every dollar.
Some OF my old acqualntances have
come down here and gone out OF sight In
no time. II seems when look back as n
] was the only one OF those who came
here when l did. and as I did, that has
survived. But the brokers live pretty well
while they do live and one thing | will
say--there Is more honor and generosity
among them as a class than among any
other class OF men I ever met. They help
one another more; they keep their word
moro. IL one OF their number is unfortu-
nate they don't pounce OIL him and strip
him. They give him another chance and
accept his terms OF settlement"
In the May and June panic OF 1884 Mr.
Sage had many outstanding privileges.
mostly on the Gould properties. The great
crash OF Ferdinand Ward, the suspension
OF the Metropolitan Nationall bank and
the tumbling OF a dozen well known stock
brokerage houses. made for Mr.. Sage the
most interesting climax in his life. The