Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1906-07-27
THE NEWS IN BRIEF
DEATH OF RUSSELL SAGE.
Lived FrugalIy Despite His Fortune
Of $780, 900.

Russell Sage, one of the most remark
able fnanciers i'm the country, died Sun
Gay at his country home in Lawrence,
Long Island, from complications due TO
old age. He had hoped to live to cell
citrate his Goth birthday anniversary Au-
gust 4. Mr.. Sage was born in Verona,
Oneida county, New York, and at the age
Of IL began his career as errand boy in
his brothers store in Troy. He advanced
rapidly and at % established a wholesale
grocery OF his own in Troy. He became
interested in politics and at the age Of 81
was elected to Congress and'served two
terms At 40 he had acquired a fortune
of half million, a large amount for
those days, and he determined to retire.
but ne had acquired railroad interests
and he moved to New York TO devote his
attention to them and in 1863 he opened
an office in Wall street. He soon became
intimate with the late Jay Gould.
Mr.. Sage never took n vacation. He lived
quietly during the winter in an old
brown stone house on Fifth avenue and
in the summer maintained a residence
at Lawrence. Norcross, a maniac, at
tempted to extort S1,200,000 from Mr..
Sage Dec. 4, 1891 and failing in his pur-
pose dropped bomb on the floor Of Mr..
Sage's office. Norcross was blown to
pieces and Mr. Sage and two of his clerk 8
were injured one of the clerks Laid
leging that at the time the bomb was
thrown Mr.. Sage seized him and used
him as a shield in protecting his own
body.
About 1872 Mr.. Sage originated the sys-
TEN of trading in puts and calls
aiSr "straddles," in which he continued
70 dea1' tSSreafter on a colossal scale
While he purchased seat on the New
York stock exchange IN 3S74, IL Is believed
that he never appeared on I've moor o.
the exchange. He rarely incurIGG. ftSS
of the tremendous risks which tempted
his associates, and following his own
prudent methods with perfect GOODNESS
even in periods of widest excitement he
made his way with almost unvarying sue
cess from his first appearance in Wall
street.
only once, iu is said, did Mr.. Sage ex-
pcrience a tremendous reverse, which
would have crushed most men. but from
which he emerged with courage and con-
fdence mistaken. This was on the mem
orable day in 1s4s. when the great fail
ure of Grant and Ward was announced
resulting in the loss to Mr.. Sage OF about
sc, 900, 900 on a long line Of puts"
His operations necessitated the pos
| session of a vast amount Of ready cap
ital and Mr.. Sage always kept his re-
sources so well in hand that In any
emergency he was able to command al
most unlimited funds. During his Ions
association with Jay Gould, Mr.. Sage
was prominently identified with the de-
velopment Of lines of transportation IL
the west and elsewhere. He was called
the father OF railroad construction II
Wisconsin and Minnesota, having beer
president Of more than 25 corporations
| organized for the construction and Elk
| tension Of railroad lines. His fortune
like that of Mr. Gould. increased mainl!
| in the advance in value OF the securitie:
Of corporations which came under thu
control OF the two great financiers.
At the time of his death, Mr. Sag
was an officer and director in 20 grea
railway and telegraph corporations. HI
wealth is estimated at $50, 000, 900 to $780,
| O0O 600