Sage, Russell, 1815–1906, American financier, b. Oneida co., N.Y. He was successful in the grocery business in Troy, N.Y. Active in public affairs, he became (1845) alderman of Troy and served (1853–56) as a Whig member of Congress. He continued to amass great wealth by banking, and after moving (1863) to New York City he engaged in stock speculation. In association with Jay Gould, he gained extensive financial control in several Western railroads, in the elevated railway system in New York City, and in the Western Union Telegraph Company. An attempt to assassinate him in 1891 failed, resulting in the death of the would-be assassin, Henry Norcross. Upon Sage's death, the distribution of his fortune was left in the hands of his widow,

Margaret Olivia Slocum Sage, 1828–1918. She made large gifts to the Emma Willard School and to the Rensselaer Polytechnic Institute in Troy; established Russell Sage College; and donated money to other educational organizations and to benevolent societies. Marsh Island in the Gulf of Mexico was bought by her in 1912 and given to Louisiana as a bird sanctuary. The great single benefaction was the establishment (1907) of the Russell Sage Foundation in New York City. This institution, endowed with a total of $15 million for "the improvement of social and living conditions" in the United States, did pioneer work in cooperating with various social agencies. In addition to conducting research activities in social welfare, public health, education, government, and law, the foundation has also been concerned with the possibilities of increased use of social-science techniques in the practicing professions.

Sage, Russell

(born Aug. 4, 1816, Shenandoah, N.Y., U.S.—died July 22, 1906, Lawrence Beach, N.Y.) U.S. financier. He worked as an errand boy, studying arithmetic and bookkeeping in his spare time, and in 1839 he started a wholesale grocery business, which earned him enough money to start a Hudson River shipping trade. He served in Congress (1853–57). Sage invested successfully in the La Crosse Railroad in Wisconsin, and he eventually acquired an interest in more than 40 railroads, serving as director or president of 20. He helped organize the Atlantic & Pacific Telegraph Co. In 1872 he originated stock-market puts and calls (options to buy or sell a set amount of stock at a set price and within a given time limit), but he stopped dealing in them after losing $7 million in the panic of 1884. His wife, Margaret Olivia Sage, established the Russell Sage Foundation and Russell Sage College (Troy, N.Y.) after his death.

Sage, Russell (1816–1906) financier; born in Oneida County, N.Y. A clerk at his brother's store in Troy (1828), he attended night school, bought out his brother's store (1836), and opened a wholesale grocer's business. Active in local politics from 1845, he served in the U.S. House of Representatives (Whig, N.Y.; 1853–57) where he promoted the preservation of Mount Vernon. His interest in railroads and finance was sparked by a meeting with Jay Gould, with whom he became an ally. In 1863 he moved to New York City to pursue stocks and finance and is credited with originating "puts and calls" on the stock market (1872). He promoted the development of the Atlantic & Pacific Telegraph Company and its consolidation into Western Union, and was a prodigious money lender. His fortune at his death was estimated at $70 million.