anefstead

Russell Sage

Russell Sage By: Tony Nefstead   Born August-4-1816, Russell Franklin Sage came into the world who was later a very successful man. Russell was born at Verona Hospital in Oneida County, New York. He received a public school education. He stood out from his other classmates. He was smarter than the rest, yet he never pursued his education. Growing up he worked as a farmhand. At age sixteen he worked in a grocery store running errands owned by his brother, Henry Sage.  Russell Sage started a wholesale grocery store chain. That profited enough money to start a Hudson River shipping trade. In 1841 he was elected as an alderman, and was also the Treasurer of Rennselaer County. He successfully worked two full terms, and finished in 1841. On December-fifth-1853 he was elected into Congress as a Whig. Sage served until March- 3rd – 1858. In 1863; became president and director of several railroad companies and financial institutions.  Russell Sage was known as a robber bar on. He paid his employers very little, and fixed them into signing weary contracts. He was a very wealthy man. He owned ten different homes, and owned a lot of money. Russell always took care of his family. His first wife, Marilyn, died of stomach cancer in 1864. He then started donating large contributions of money to cancer industries. In [|1869], Sage was involved in a case concerning the usury laws of New York State, accused of being the gang leader in an usury group. He was convicted and fined $500, but his jail sentence was suspended. Later that year, Sage married his second wife, Miss Olivia Slocum. In 1872 Sage originated exchange of stocks __puts and calls__ which are options to buy or sell a set amount of stock at a set price and within a given time limit. By manipulating securities, he and Gould gained control of the New York City elevated lines in 1881. Sage lost on the stock market only once, in the panic of 1884. He lost $7 million and never again dealt with the stock exchange again. Toward the end of his life Sage was also a moneylender with as much as $27 million loaned on call at a time.   Russell Sage Started a large railroad company. He was threatened in 1891 Sage was threatened by a man named Henry Norcross. Norcross threatened to blow up Sage’s office if Sage did not give him1.2 million dollars. Sage refused and survived the explosion, which killed Norcross. At his death Sage was worth over 70 million dollars. He was an important part of ndustry. He may not have treated is employers properly, but he gave large conributions of money to cancer organizations. All and all he was a very god man, and was very important in the United States history.  www.historianglobe.com/sage/russel/factual/ (2-21-08) <span style="COLOR: windowtext; FONT-FAMILY: 'Arial','sans-serif'">www.nestate.com/russel/sage/image/informative <span style="COLOR: windowtext; FONT-FAMILY: 'Arial','sans-serif'">(2-23-08) <span style="FONT-FAMILY: 'Arial','sans-serif'"> <span style="FONT-FAMILY: 'Arial','sans-serif'">www.brittanicaglobe.com/history/sage/russell <span style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%; FONT-FAMILY: 'Arial','sans-serif'">(2-25-08) <span style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%; FONT-FAMILY: 'Arial','sans-serif'"> <span style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%; FONT-FAMILY: 'Arial','sans-serif'">