The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1906-07-27
AGED FINANCIER
DIED SUDDENLY.
RUSSELL SAGE CoLLAPSES AT
LAWRENCE, L. l., IN COUNTRY
HOME THERE.
WOULD HAVE BEEN NINETY
YEARS OLD IN AUGUST.

NEW YORK, July 22.-Russell Sage
died suddenly today at his country
home, "Cedarcroft," at Lawrence, L.
l. The immediate cause of death was
heart failure resulting from a compli-
cation of diseases incident to old age.
The veteran financier would have
celebrated his Goth birthday on Aug. 4.
Mr.. Sage had been in exceptionally
good health since his arrival at his
summer home about six months ago.
At noon today he was seized with a
sinking spell and collapsed, falling
in unconsciousness about two hours
before his death, which occurred at
4:30 o'clock
The funeral services will be held on
Wednesday at the First Presbyterian
Church in West Forty-second street,
of which Mr.. Sage had been a member
for many years. The interment will
take place in Troy, on Thursday.
Mrs. Sage and her brother, Col. Slo-
cum, are named as executors of Mr.
Sage's will.
Effect on Stocks.
1t is generally believed that Mr.
Sage's vast interests will not be SER
iously affected by his death. Several
times within the last few years ru-
mors have been set afloat of Mr.. Sage's
death. On one such occasion in June,
1899, Mr.. Sage said:
Il suppose somebody wanted to
make little money by affecting stock
values, and they hit on this old trick"
Asked if the stocks had been much
he answered:
Il understand not The properties
in which | am interested cannot be
seriously affected by my death"
Russell Sage, multi-millionaire and
Nestor of American financiers, was
born on Aug. 4, 1916, in Verona,
Oneida county, N. Y, where his par
ents, Elisha and Pendense Sage, mem
oers of a little company of pioneers
rom Connecticut, had halted while on
heir westward march in quest of a
At the age of IL years
Russell Sage began his career as an
GRAND boy in the grocery store of his
brother, Henry, in Troy. At the age
# p he established wholesale gro
cry of his own in that place
In 1857 the young merchant had ac-
uired a fortune estimated at almost
alf million dollars, a vast amount
or those days. and determined to re.
ire from active business. He had,
owever, already become interested
4 railroads, his first transaction of
his character being loan to the La
rosse Railroad Company, which led |
, further transactions, resulting in
is acquiring large interests in the
pads now forming the Chicago, Mil
'aukee & st. Paul system, of which 9
e became Vice President.
Enters Wall Street.
This determined Mr.. Sage tc devote
is future energies to operations in :
FALL street and in 1863 he opened
Is first Office in New York. About n
lis time he formed an association >
18th Jay Gould, which continued for :.
any years. About 1872 Mr.. Sage
fginated the system of trading in e.
'uts, calls and straddles," in which :,
, continued to deal thereafter on
'Iossal scale. While he purchased a =,
at on the New York Stock Exchange ;,
1874 it is believed that he Dever ;,
'peared on the floor of the exchange.
Only once, 1t is said, did Mr.. Sage 10
perience tremendous reverse,
rich would have crushed most men. :,
t from which he emerged with cour- .,
e and confidence mistaken. This :.
Is ON the memorable day In 1884 :.
len the great failure of Grant & ii
ard was announced. resulting in the Hj
IS to Mr.. Sage of about 100000 N
long line of puts ~
His operations necessitated the pos M
ssion Of a vast amount of ready N
'h and Mr.. Sage always kept his re- W
lrces so well in hand that in any *
ergency he was able to command al u
st unlimited amounts. At the time *
his death Mr.. Sage was an officer X
l director in twenty-five great rail- W
y and telegraph corporations. W