Elk City mining news. (Elk City, Idaho) 1903-1913, 1906-07-28
RUSSELL sage Dead
HEART FAILURE TAKES AWAY One
OF RICHEST men In WORLD.
Veteran Financier Was Taking His
First Vacation at Long Island
Would Have Been 90 Years Old on
August 4EFuneral Wednesday-Di-
rector in 25 Railway Companies

Russell Sage died suddenly Sunday
at his country home, "Cedarcroft," at
of death was heart failure, resulting
from complication of diseases Incl
dent to old age. The veteran finan-
cier would have celebrated his Goth
birthday on August 4.
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
sinking spell and collapsed, falling
into unconsciousness 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 af1oat of Mr..
Sage's death.
His Career
Russell Sage, multi-millionaire and
Nestor of American financiers, was
born on August a. 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 ac-
cumulated a fortune of about half a
million-a great sum in those days
and began to retire from active bust
ness. He had already become inter
ested in railways, his first transaction
of this character being a 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 & 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 1857 he originated
the present method of trading in
"Huts," calls" and "straddles." in
which he dealt later on a colossal
scale. When he purchased a seat or
the New York stock exchange in 1874
it provided that he never appear or
the floor of the exchange.
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 memor
able dav in 1884, when the great fail
ure of Grant & Ward was announced
resulting in the loss to Mr.. Sage Of
about S6,000,000 on a long line OF
puts" his operations necessitated ,le
possession of a vast amount of ready
capital, and Mr.. Sage always kept his
, resources so we'll in hand that in any
!, emergency he was able to control al
most lmitless funds.
, at the time of death Mr.. Sage was
an officer and director in rs great ran
road and telegraph corporations.
An incident occurred in Mr.. Sage.
, office at II Broadway on December 4
: 1891. On that day he was visited by
Henry P. Norcross of Boston, man o
unbalanced mind, who demanded al
immediate gift Of $1,200,000. WheI
the demand was refused, Norcross
dropped dynamite bomb on the floor
The explosion, which decapitated Nor
cross, killed one of the clerks an(
wrecked the entire Office Mr.. Sag,
was only Slightly injured by the ex
plosion.
For many years Mr.. Sage occupie,
during the winter an old fashioned
brown stone mansion at SOC Fifth ave
nue., from which he was reluctant.
compelled to move about four year,
ago, owing to the invasion of com
merce. His summers were spent a
his country place at Lawrence, wher'
he died.
: The cars daughter has one of tn
! finest collections of toys in the world
which have been sent to her from