Richmond planet. [volume] (Richmond, Va.) 1883-1938, 1906-07-28
Sketch Of l4ls If.

Russell Sac multimliionaire and
NCstor OF A-e-ic1n fnancie-s. was
born on August 4. 1916. In Verona.
Oneida county. a. Y. where his par.
ents. Elisha and Pendence Sage. mem
bers OF a nttlo company OF pioneers
from Connecticut. had halted while on
their westward march in quest Of a
homestead Az the age OF 70 years
Russell began his career as an errand
boy IN the grocery store of his brother.
Henry SAGE in Troy. At the age OF
p he established a wholesale grocery
OF his own in that place
In 1857 the young merchant had az.
ouired a fortune estimated al almost
S50000O a vast amount FOR those DAYS.
and determined 20 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
company. which led TO further trans
actions. resulting en- his acquiring
large interests In the roads now form.
ing the Chicago & Milwaukee & ST.
Paul system. OF which he became vice
president This determined Mr.. Sage
20 devote his future energies TO oper.
ating IN Wall Street. and In 1863 he
opened his first Office in New York.
About this time ne formed an asso-
citation with JAW Gould. which contin-
ucd Tor many years. About 1872 Mr..
Sage originated the system OF trading
In puts" calls" and :straddles." in
which he continued TO deal thereafter
- col - 10
chased seat on the New York stock
exchange In 1874, IL Is believed that
he never appeared on the floor OF the
exchange.
Only once, II Is said. did Mr.. SAGE
experience 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 10 Afr.
Sage OF about 100000 on a long line
OF puts"
His operations necessitated the pos
session OF vast amount OF ready capi-
tai. and Mr.. Sage always kept his re
sources so well in hand that in any
emergency he was able 70 command az.
most unlimited funds.
At the time OF his death Mr.. Sage
was an officer and director in 25 great
railway and telegraph corporations.
An incident which startled the whole
country occurred In Mr.. Sage's Office.
In the old Arcade building. II Broad
way. December 4. 1891. On that day he
was visited by Henry p. Norcross, OF
Boston. man OF unbalanced mind.
who demanded an immediate gift OF
81 200. 600. When the demand was re-
fused Norcross dropped a Dynamite
bomb upon the floor. the explosion OF
which decapitated Norcross, killed one
OF the clerks and wrecked the whole
once. 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 500 Fifth ave-
nue.. from which he was reluctantly
compelled to move about four years
ago. owing TO the invasion OF retail
stores. to number 632 Fifth avenue.
His summers were spent at his coun-
try place at Lawrence. where he died.
Mr.. Sage was married twice. first In
1S4i. TO Miss Maria Whine, daughter of
Moses /. Winnie. OF Troy. His wife
died Ia New York city In 1867. and two
years later ne married Margaret Olivia.
daughter OF Joseph Slocum, OF SYRIA
cuse. n. Y.
Russell Sage was a total abstain er
most OF his lie and ALWAYS of extrerne-
iy temperate habits. He never smoked
but once. In religion he was q Pres
byterian. He was fond OF outdoor ex-
srcise. and until the explosion Of 1891
used to drive and walk about New
York q great deal by himself or In