The free lance. (Fredericksburg, Va.) 1885-1926, 1906-07-24
Sketch Of His Life.

Russell Sage. multimillionaire and
Nostor of American financiers. was
born on August {. 1916. in Verona.
Oneida county y. y where his par
ents. Elisha and penlonce Sage mcm-
bcrs of little company of pioneers
from Connecticut had halted while on
their westward march in quest OF a
homestead. Al the age Of II years
Russell began his career as an errand
boy in the grocery store of his brother,
Henry Sage. in Troy AZ the age Of
% he established wholesale grocery
of his own I'm that place
In 1851 the young merchant had ac-
quired a fortune estimated at almost
100000. vast amount for those days.
and determined 90 retire from active
business life. lie had. however. al
ready become Interested in railroads.
his first transaction of this character
being a loan TO the La Crosse Railroad
comuanv. which led 10 further trans
actions. resulting in his acquiring
large interests in the roads now form
ing the Chicago & Milwaukee e St
Paul system. of which he became vice
president. This determined Mr. Sage
10 devote his future energies 10 oper-
atlng in Wall Street and in 1863 he
opcnod his first Office in New York.
About this time he formed an asso-
citation with Jay Gould. which contin-
uod for many years About 1872 Mr.
Sage originated the system Of trading
in puts" calls" and "straddles.' in
which he continued to deal thereafter
on colossa scale. While he pur-
chased n seat on the New York stock
exchange in 1874, it is believed that
he never appeared on the floor of the
exchange.
Only once. II Is said. did Mr.. SAGE
eyperience a tremendous reverse. which
would have crushed most men. but
from which he emerged with courage
and confidence mistaken. This was
on the memorable day in 1884, when
the great failure Of Grant & Ward was
announced. resulting in the loss to Mir
Sage Of about $G.OOO.OO0 on a long line
Of puts"
His operations Docessitated the pos
session of n vast amount OF ready CAPT
tal. and Mr.. Sage always kept his re-
sources so we'll in hand that in any
emergency he was able to command al
most unlimited funds.
At the time Of his death Mr.. Sage
was IN officer and director in % great
railway and telegraph corporations.
An incident which startled the whole
country occurred In Mr. Sages office,
in the old Arcade building, II Broad
way. December 4, 1891. On that day he
was visited by Henry p. Norcross, OF
Boston. a man OF unbalanced mind,
who demanded an immediate gift OF
81. 200. 900. When the demand was re-
fused NOrcross dropped a dynamite
bomb upon the floor, the explosion OF
which decapitated Norcross, killed one
IF the clerks and wrecked the whole
JfTice. Mr.. Sage was only slightly in
jured by the explosion.
For many years Mr.. sage occupied
during the winter an old-fashioned
brownstone mansion at SOC Fifth ave-
nue.. from which he was reluctantly
compelled to move about four years
ago, owing to the invasion OF retail
stores, to number 692 Fifth avenue.
His summers were spent at his coun-
try place at Lawrence, where he died.
Mr.. Sage was married twice, first In
1871. to Miss Maria Whine, daughter OF
Moses |. Whine, of Troy. His wlie
died in New York city in 1867, and two
years later he married Margaret Olivia,
daughter of Joseph Slocum, OF SYRIA
cuse, N. Y.
Russell Sage was a total abstainer
most Of his life, and always of extreme
lv tpmnerate habits. He never smoked