New-York tribune., 1906-07-23

4.I..f
"p4leS 'ttS on lhe subject in August. 1896 ard was
1--we ln an the exciting struggles of those Tour
'Si Si.-1s seats IN CONGRESS- which led 10 the fna
disruption Of the Nyhie party and IN. o~o,9rizs.
t4on OK lts greater successor the F,,,,1bl4car =
IA ~. NILE as soldier in the ranks Mr. Sage
.-S5 5l.t service Tor his party and as such re-
ceaNed the respect and conndence OF MS con.
| StttusAts, the incident of his Congress cqraar
az lSsnt naEusnt MIN the greatest reputation was
oessp ~ tl1eht due entirely to his patriotic
.a1as ..ss ~ Dy congress Of a committee which fr.
az ~ s'tsG anu reported upon the condition OF
ttas oAu esSate OK Mount Vernon, in Virginia the
nome OF Washington ont ~ fhis a9fson M
1l veLlon Association came into being fol-
Ge1sc. ~; t P@ulenase @ Of Mount Vernon and the
tlCt4 OL the estate as a permanent national
memorial OF the Father OF His Countrv
WINE an active participant in the political
struggle In Washington, Mr. SAGE was fOo
prudent to neglect his practieal i1sa~ests ~
nome He did not relax his oversight OF bust
ness matters for moment, and made many
Hylng trips TO Troy 20 attend to MS affairs M
was during one OF these visits that in the raiI-
road station in Troy, he first mef TaVy GcrsIs
@ men on VISIT 70 that city IN the interest OF
IallrOads which he was managing; in Vermont
The two men knew each other by renutafiAn'
and at their first meeting made an impression
upon each other which afterward deepened into
notable friendship.
RETIREs FROM PUBLIC LIFE
In 1857, the year Of the great panic. Mr.. Saga
resolved to retire from public life his interests
had become widely extended ana now lernandad
MS closest attention. A vast amount OF shrevvd
COOL unt1rtng and persistent labor cOupIed with
Keen good judgment, enabled him 70 pass al
most unscathed through the disasters OF that
period; and when the Civil War broke out he
was already a man Of fortune. worth more than
StJ0OIO The panic OF 1857 led him. however
nnally to relinquiSh mercantile business and de-
vote his life TO finance. This change came about
through an advance Of money which EIr. Sage
had made to the La Crosse Railroad. To pro-
tect his loans he found himself obliged 70 ad-
vance still larger sums and, through legal pro-
ceed1ngs in which he engaged 20 save his invest
ments, he became an owner Of stocks OF the
roads now forming the Chicago, Milwaukee and
81. Paul system, and finally q director and vice
president Of the company
About 1861 Mr.. Sage began TO operate in Wall
Street, and in 1868 he sold his mercantile busi-
ness in Troy, removed to New-YOrz, and there
after devoted his attention wholly TO operations
IN stocks and the promotion Of his own and
other railroad enterprises. Establishing an Of
nee in William-st., he gave his attention at first
exclusively to Milwaukee and St. Paul securi-
ties, but later to those OF other railroads and
hnaily to nearly the whole range OF stocks listed
on the Exchange.
He purchased a seat in the Stock Exchange in
January, 1874, but 1t is believed that he never
appeared on the trading floor OF the Exchange.
While large operator on the Exchange at diff
ferent times and an associate OF Jay Gould and
other great figures in the world OF finance in
several historic and successful campaigns, his
methods were as q rule peculiar to himself. He
seldom incurred the tremendous risks 70 which
some of his more reckless associates freely ex-
posed themselves. but preferred a rapid success
sion of moderate risks and quick returns. About
1872 Mr.. Sage originated the system OF the sale
OF privileges and ever since that period dealt
upon a very large scale in what are known in
the vocabulary Of the Street as "puts." calls
and 'straddles." Cool in the periods Of most
head, he made his way with dOgged persistence
and almost unvarying success from the very
day of his arrival in Wall Street
LOST S6.OO0.eOO IN A DAY
1t is said that only upon one occasion, that
day in 1884 on which the failure Of
ever meet a considerable loss in Wall Street IL
IS reported that that crash cost him S6OooO00.
his losses on a very large line of
puts. The excitement Of that day and HIS
personal anxiety were very great. but he
promptly met all demands with cash as they
came in regular order, and endured his losses
without complaint His operations required the
possession Of a large amount Of ready capital
and Mr.. Sage always kept his resources well
IN hand to be able in an emergency to COM
nand almost unlimited means. He never re-
pudiated contract, and had the reputation OF
being one of the few men in Wall Street who
we're willing TO give valuable points 20 a friend.
Several men of high position unhesitatingiy
ascribe to the friendship of Mr.. Sage the origin
0f their fortunes.
Mr.. sage early became an associate and inti-
mate friend of Jay Gould and after 1866 the
two men maintained Offices adjoining each other,
first at No. so Broadway. now the site OF the
Union Trust Company, ard afterward at No. a
Broadway. They cO-Operated in the develop
nent Of lines Of transportation in the West and
elsewhere. Mr.. Sage, IN TACT, took an active
part in the construction Of over five thousand
miles OF American railroads He was called the /
"a Iher Of the railroad construction companies in
Wisconsin and Minnesota, having been president
If more than twenty-five corporations organized /
or the building. construction and extension Of |
'airoad lines His fortune, like that Of MI. 4
Sould. increased mainly from the advance IN |
-alue of the securities Of great corporations az
er they had come under the joint management i
f the two fnancierS. The friendship between i
hose two men was remarkable Each had inn
,licit confidence in the other. Each aided the
,ther in the evolution Of gigantic corporations.
The fortune Of each was at the instant COM
nand Of the other in times Of need. II the facts
ould be fully known. it would probably be
ound that Mr. Gould was saved IN crltlcsl mo-
nents by the help OF Mr.. Sage more often than
Ir. Sage was aided by Mr.. Gould. But the two
nen cO-Operated steadily, and each was or great
ervice to the other. They were associates not
nlv in railroad but also in telegraph enter
rises Mr.. Sage was especially active in the
of the Atlantic and Pacific Telegraph
company, and aided IN lts cOtsOuudt4Oh WITH
he Western Union.
IN WHICH HE WAS A DI-
RECTOR.
At the time Of his death Mr. Sage was regis
red as a director Of the Western Union Tele-
-aph Company, Wabash Railroad Company, |
acific Mail Steamship Company, Missouri Pa
hc Railway Company. Manhattan Railway
Ompany, American Telegraphic Cable Com
any, American Union Telegraph Company,
Southern Railroad. Consolidated
ate Telegraph Company, Fifth Avenue Bank
New York, Gold and Stock Telegraph Com
my, Importers and Traders National Bank.
wa Central Railway Company, Lookout Fuel
Ompany, Minnesota Railway Construction Com
my New York Mutual Telegraph Company. ST.
Ouis, Iron Mountain & Southern Railway Com
my. ST. Paul & Chicago Railway, Shore Line
alWay of New Brunswick, Texas & Pacific
aiway Company, United States Guarantee
)mpany and Washington and New OrleanSTel-
-raph Company; president, treasurer and direc-
r of the Abba & Centrevile Railway Company
ID president and director OF the POughkeepsio
Eastern Railway Company.
He was member OF the Order Of Founders
i'd Patriots of America, the Metropolitan Mu-
ty.
After the death OF Jay Gould Mr.. Sage re-
ined his interest in the properties with which