Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1906-07-25
Simple Ceremonies Mark Fu-
neral of MuItimiIIiOnaire at
His Long Island Home in
New York, -.
REMARKABLE CAREER
OF VETERAN FINANCIER
Was the Largest Individual
Lender Of Money in the
World and Was Never
Known to Borrow,

'N''N " ~ ~ - ~ " w
New York, July 24.-The funeral
service over the body of the late Rus
sell Sage was held in the First Pres
byterian church at Far Rockaway this
persons were among those who came
to pay a last tribute to the memory
Of the aged financier The service was
conducted by Rev. DR.. Andrew Hage-
man, assistant pastor of the Collegiate
Reformed church, of New York, as
sisted by Rev. Robert Leetch, pastor
of the First Presbyterian church, Fan
Rockaway, and Rev. Lyman ID. Cal
kins, former pastor of the church
Mrs. Sage attended this service. A
party of Mr.. Sage's friends from this
city We're at the funeral.
After the services in Far Rockaway
the body was placed in a special car
and brought to this city, where it was
taken to the Sage home in Fifth ave-
nue.. The casket was placed in the
front parlor and was so arranged thai
friends of the family who called might
have a last look at the face of the
dead finanCier. Mrs. Sage accompan.
led the body to the city.
The arrangements for the funera
tomorrow provide for the removal OF
the casket from the Fifth avenue
house about a. m. to the Grand Cen
tral station. Two special cars will bt
attached to the Saratoga train which
leaves this city at GAS. Brief ser.
vices will be held at the grave.
The casket containing Mr.. Sage!
| body, when finally inferred, will res
| in heavy steel case and which II
| turn will be encased in concrete. TN
| til such time as these arrangement
can be carried out in detail 1t is salt
the temporary grave will be CAREFUL,
guarded.
| Not Very Active of Late Years.
| OF late years Sage was not as activ
| in Wall street interests as usual, i
fact he was being numbered anon
| those who had been.
In telling of his business condition
at the beginning Of this year Me-
York writer said:
Sage's influence in financial circle
i'm the last twenty years was princI
pally as a loaner of money mostl
"on call" although, of course, 4
also made time loans.
|
say that he was the largest individua
| lender of money in the world, withou
being a banker. All the money h
lent was his own. A banker describe
him recently as the Sampson Q
Wall street" on a magnificent scale
Opinions vary as to the amount O
money he usually had out ION call
and time loans" but four years ag
it was put as high as $30,000,000. A
that time, it was said on excellent au
thority, that Sage's street loans wer
rarely less than $5,000,000, and tina
at one time in 1902, he had s27, 900,
600 out on call and time loans. Thl
was all actual cash, which he kep
out at the market rate all the time
1t is easy to compute, therefore tina
at an average return of per cent hi
annual income from that source alon
was $1,350,000 year.
Worth S75,OOO.OOO Or More.
But business associates, men VIII
knew him longest and knew him bes
say that at a very conservative est
mate the cash he kept out at interes
in the street in collateral was only
third of his wealth, and that he wa
worth at least $4,000, 900; some eve
say 100000, 900.
Without economy" he once sait
! mo man can succeed, even IL he ha
been placed in circumstances whet
there are large gains. His gair
would not be lasting, for he would nj
be prepared to withstand reverse
which are likely to come to any one
Money Not q Burden"
Some one with theories about tn
trials and tribulations which rich,
bring asked him this question: II
millionaires sometimes feel that the
money is a burden and that the
would rather not have so mue
money!"
do | look as If money was bu
den?" replied Sage, who had the
been saving up money for more tina
sixty years. Wealth cannot become
burden unless 1t is foolishly investe
When you have your money in sa
hands 1t cannot help being a con
fort to you. To me, of course, 1t is
pleasure. l might have been as hapT
without 1t, but 1 would not care
make the experiment."
His First Wages Small.
AT the age of 12. when most bo
are at school or at play, Russell Sal
: left the farm and went with h
brother to TroyI In the winter mont
he had attended district school AT
had learned to read and write. /
had access to no books other thf
the school books, but he had tho
oughly mastered those. He had /
ambition. 1t was the ambition
most boys. He wanted to be a gre
man.
Russell went to work in a store
Troy owned by his brother. Hen
Rlsley Sage. For his services he r
ceived " month and board. 1t W
hard work and lots of 1t. From
o'clock In the morning until al
sometimes 10 o'clock at night
worked in the building which Y
stands at the corner Of River al
Hutton streets, Troy, N. Y.
The Sage store was an old-fashio
ed grocery. liquor by wholesale al
retail forming an important part
, the traffic. At the end of year Rl
sells salary was raised to So mont
nh 4 Il 4