The Kendrick gazette. [volume] (Kendrick, Idaho) 1892-1968, 1906-07-27
RUSSELL sage DEAD.
HEART FAIL URE TAKES AWAY One
OF RICHEST Men In WORLD.
Veteran Financier Was Taking His
First Vacation at Long Island
Would Have Been 80 Years Old on
August +Funeral Wednesday-Di-
rector in rs Railway Companies. i

Russell Sage died suddenly Sunday
at his country home, "Cedarcroft," at
Lawrence, l.. l. The immediate cause
of death was heart failure, resulting
from a complication of diseases Incl
dent to old age. The veteran finan-
cier would have celebrated his Goth
birthday on August A.
Mr.. Sage had been in exceptionally
good health since his arrival at his
summer home about six weeks ago.
At noon Sunday he was seized with
a sinking spell and collapsed, falling
into Inconsistencies about two hours
before his death, which occurred at
4:30 o'clock.
The funeral services will be held on
Wednesday at the West Presbyterian
church, in West Forty-second street,
N. Y, of which Mr.. Sage had been a
member for many years. The inter-
ment will take place in Troy on Thurs
day. Mrs. Sage and her brother, Col
onel Slocum, are named as the execu-
tors Of Mr.. Sage's will.
1t is generally believed that Mr..
Sage's vast interests will not be Sc
riously affected by his death. Several
times within the last few years ru-
mors have been set afioat of Mr..
Sage's death.
His Career.
Russell Sage, multi-millionaire and
Nestor of American f1nanciers, was
born on August 4, 1916, in Verona,
Oneida county, New York, where his
parents, Eliza and Tendance Sage,
members of little colony of pioneers
from Connecticut, had halted while on
their westward march in search of a
homestead. At the age of IL Russell
Sage began his career as an errand
boy in the grocery store of his brother
Henry in Troy. At the age of % he
established a wholesale grocery of his
own in that place.
In 1857 the young merchant had &C
cumulated fortune of about half
million-a great sum in those days
and began to retire from active bust
hCoo. I1O Hdu Sduy ucCOInC luICI"
ested in railways, his first transaction
of this character being loan to the
La Crosse Railroad company, which
led to further transactions, resulting
in his acquiring large interests in the
roads now forming the Chicago, Mil
waukee G st. Paul system, of which
he became vice president.
Enters Wall Street in 1866.
This determined Mr.. Sage to devote
his time in business in Wall street,
and in 1866 he opened his office there.
About that time he formed an associa-
ton with Jay Gould, which continued
several years. In 1867 he originated
the present method of trading in
puts" calls" and "straddles," in
which he dealt later on a colossal
scale. When he purchased a seat on
the New York stock exchange in 1874,
it provided that he never appear on
the floor of the exchange. I'd
Only once, it is said, did Mr.. Sage
experience tremendous loss, which
would have shaken another man. but
from which he emerged with conf
dence mistaken. From that memoir
able day in 1884, when the great fail
ure of Grant & Ward was announced,
resulting in the loss to Mr.. Sage of
about 100000 on a long line Of
''puts," his operations necessitated .he
possession of a vast amount Of ready
capital, and Mr.. Sage always kept his
resources so well in hand that in any
emergency he was able to control al
most limitless funds.
at the time of death Mr.. Sage was
an officer and director in rs great rail-
road and telegraph corporations.
An incident occurred in Mr.. Sage's
Office at II Broadway on 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 $1.2O0,00O. When
the demand was refused, ISorcross
dropped dynamite bomb on the floor.
The explosion, which decapitated Nor
cross. killed one of the clerks and
wrecked the entire office. Mr.. Sage
was only slightly injured by the ex-
plosion.
For many years Mr.. Sage occupied
during the winter an old fashioned
brown stone mansion at SOC Fifth ave-
nue., from which he was reluctantly
compelled to move about four years
ago. owing to the invasion of COM
merce. His summers were spent at
his country place at Lawrence, where
he died.