Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1906-07-28
Some Characteristic In
cidents of the Famous
Financier's Career.

New York has been grieving over
the loss of the late Russell Sage, New
York's famous veteran financier. The
sergeant believes himself the possessor
of the only autograph recommendation
ever written by Mr.. Sage, says the
New York Times. He pulled the let
ter, a yellow and faded bit of paper,
out OF his desk and told this little pre-
liminary story about it:
Before he Joined the force McAdam
was for several years in Mr.. Sage's
employ. In 1897, being then a sergeant
at the Elizabeth street station, with a
good record behind him, McAdam ask
ed the police commissioners for promo
ton to captaincy-
What recommendations have you:"
the commissioners asked.
"Well, ! have a letter from Russell
Sage" answered the sergeant, produc-
ing his prize
Let US see this marvel" demanded
Theodore Roosevelt and General Fred
erick d. Grant, who were members of
the board You're the only man in
America who ever got such letter
from Russell Sage
McAdam was told later that had his
application been put in a day earlier
he would have obtained his captaincy
For Mr.. Sage. not content with his gem
eral letter of recommendation which
he had written years before for Nc
Adam, also wrote personally to Cen
eral Grant in his interest
Il expected Fred to stand by me
better than that" McAdam reports Mr.
Sage as having said when told of the
action of the commission Ulysses S.
Grant was a constant visitor at the
old Sage offices at so Broadway.
McAdam's letter, written on cheap
letterhead such as one sees in small
village grocery stores. is dated Sept.
II. 1881, and is as follows:
To Whom 1t May Concern:
This is to certify that I have known
James McAdam, the bearer Of this. for
several years past and have always con-
sidered him honest. capable and efficient
as an assistant broker. I think he could
and would adapt himself TO any business
he would undertake. L therefore cheer
fully recommend him to any one in need
of such 2 young man
RUSSELL SAGE.
ct remember" said McAdam, "a room
on the fourth floor Of the building
which used to be at so Broadway, into
which no man ever went when Russell
Sage was there except myself. Jay
Gould. Cyrus W. Field, ]. r. Dillon.
Washington E. Common and Giovanni
Morosini- never stayed in there long
at time.
1T was the room in which the six
men named had luncheon served every
day between 1 and = o'clock, or where
they served them themselves. rather.
For no waiter was ever allowed in that
room while the picnic was on. \ cater
er each day stocked the room with ma
terials for luncheon. Then the six men
came in, closed the doors and for an
hour waited upon themselves like boys
on a hunting expedition Now and
then Ulysses s. Grant or some other
very good friend of the six would be
asked to join them.
How did / get in? At that time 1
was an assistant broker. and my broth
er and did considerable work for Mr..
Sage. Five of the financiers appar-
emily forgot the market for the time
being when they went into their ban
quet room They rarely wanted to
know the ups and downs in prices on
change between 1 and o'clock. But
the sixth never forgot it. And he was
Russell Sage, of course. 1t was my
business to bring to him the market
changes in that hour and to run back
to his chief broker with his orders.
hofn oil
had a signal tap that called Mr.. Sage to
open it. He'd always drop his knife
and fork Immediately to study the
noted market changes. Sometimes he'd |
casually mention a change to the 9th
ers. But when he penciled his orders |
at the bottom of the letter TO his chief |
broker he'd screen what he wrote with |
his hand like a gambler hiding his |
cards
THAT was always n signal for a lit |
tie quiet fun for the others. Jay Gould |
would wink at Fields. and all the 9TH |
ers would grin. But they'd never laugh |
out. And when Mr.. Sage had sealed |
his orders and picked up his knife and |
fork once more the faces of the five |
wore no trace of the smiles that had |
just left them. After the six had fin |
ished and had left the room the caterer |
and his men would come in and clear |
up the debris. Then the room would |
be closed until the next day.
Those waiterless lunches went on |
as long as 1 worked down there as an |
assistant broker. which was until 1881, |
when there came an absolute stagna-
ton of business with the death of Gar
field. Then left the business for the |
police force. But the lunches of the six |
kept on for some time after that. I |
don't know just how long"
1t Is evident from the manner in |
which he talks of his former employer
that Sergeant McAdam regarded Mr..
Sage as a high model in the stock
world, a model 1t behooves all ambi-
tious and sensible young brokers to
study. And McAdam studied Mr.. Sage.