Russell Risley Sage

Place: Troy

Born: 1816

Death: 1906

Biography:

Russell Risley Sage was an American financier, railroad executive, and Whig politician from New York. He was born on August 4, 1816, in Troy, New York, and died on July 22, 1906. Sage became one of the richest Americans of all time, amassing a fortune through his frequent partnership with Jay Gould in various transactions.

Early Life and Family

Sage was born to Elisha Sage Jr. and Prudence Risley. His family had a long history of involvement in construction and business. Through his granduncles, Capt. William Sage and Capt. Nathan Sage, distant cousins included Princess Kay Sage, Admiral Francis M. Bunce, Cornell benefactor Henry W. Sage, and Senators Henry M. Sage and Josiah B. Williams. Sage received a public school education and worked as a farmhand until he was 15. He started his career as an errand boy in his brother's grocery store in Troy, New York. He later became a partner in a retail grocery store and then a wholesale store in Troy.

Political Career

In 1841, Sage was elected as an alderman in Troy and served until 1848. He also served as treasurer of Rensselaer County for seven years. Sage was elected to the U.S. House of Representatives as a Whig and served from March 4, 1853, until March 3, 1857. During his time in Congress, he advocated for the purchase of George Washington's plantation, Mount Vernon, by the government.

Financial Career

After retiring from politics, Sage settled in New York City and engaged in the business of selling puts and calls, as well as short-term options known as privileges. He is credited with developing the market for stock options in the United States and inventing the "spread" and "straddle" option strategies. Sage bought a seat on the New York Stock Exchange in 1874 and became known as a financier. He invested in western roads, including the Chicago, Milwaukee, and St. Paul Railway, and became wealthy by selling such investments. Sage was closely associated with Jay Gould in the management of several railroads, including the Wabash Railway, St. Louis and Pacific, Missouri Pacific Railroad, and the Delaware, Lackawanna and Western Railroad. He also served as director for the American cable company, the Western Union telegraph company, and the Manhattan consolidated system of elevated railroads in New York City.

Philanthropy

Sage's second wife, Olivia Slocum Sage, inherited his fortune and used it for philanthropic purposes. She established the Russell Sage Foundation in 1907 and founded the Russell Sage College for women in 1916. The foundation and college were dedicated to promoting women's education and providing opportunities for women to pursue higher education.

• Some of the notable artists whose work was influenced by Russell Sage include Julien Levy, who was an American art dealer, gallerist, and photographer.
• The Ralph Waldo Emerson Memorial Association Museum is a significant cultural institution dedicated to preserving and promoting the legacy of one of America's most influential philosophers and writers.
• The Hudson River School was a mid-19th century American art movement that emerged in the Hudson River Valley of New York, led by a group of landscape painters whose aesthetic vision was influenced by romanticism.

figures like Russell Sage have played a significant role in shaping the cultural and financial landscape of the United States. His legacy continues to be felt through the institutions and foundations he established, and his impact on the art world is still celebrated today.

Legacy

Russell Risley Sage's legacy extends beyond his financial achievements. He was a pioneer in the development of stock options and a prominent figure in the railroad industry. His philanthropic efforts have had a lasting impact on women's education, and his foundation continues to support causes that promote social welfare and education. In conclusion, Russell Risley Sage was a financier, railroad executive, and philanthropist who left an indelible mark on American history. His legacy serves as a reminder of the importance of philanthropy and the impact one person can have on society.