| Show I I A Fifty Millionaire I = A Chat With Unroll Sago in lite Office on Broadway Broad-way on Money and Atoiioy MaUlnfj The Biggest Monty Lender in the Untied Mate Talks of Merest and Interest Ratetlla Advice to oung MenIt Till lieu lie mde His Iortune and the Advantages He Gallant His Concessional TermSomttliuig About lilt Times and the IrOl tclll1 hal lie Thinks of McKnteylloo lie Made a fresidentA look at Russell Safes Ho > isliop How lie Mould lend Money on Union Jltcijic 10k7t Philosophy of a Mtllwnaite lle Tells Why KM Alt lIis Wealth He Keeps at flock in His t hlulh ear CopjriRlit il Half by Frank G Carpenter J CptcUl Correspondence of tho JSEW NEW YORK January 3rd 1897 In HAD an hours Interview I last I Saturday with I JI RussIISagelu his l72 i private office In f the old rat trap 01 d k 1 a building known f 1jJ as 71 Broadway JI Everyone has heard of Russell I Sage He Is said to be worth somewhere I between fifty and one hundred million dollars He has more money on call than any other man In New York and lie Is ready to loan a million or so at any moment on ION interest provided he has good security There are few men living who have handled so much money as he Starting life a poor boy he was a millionaire way back In the sixliesand for the past thirty years he has been turning his millions over like a snowball snow-ball gathering more and more at every roll Mr Sage Is one of the remarkable characters of this century lie is now eighty but he does not look to be sixty and during my nil with him he told me he had been at steady work for more than sixty years All o this time he has been In the very thick ol things He was a big i money handler during nl the war and he has been associated with nearly every great capitalist of the past generation He and Jay Gould I were hand in glove in great enterprises and he is a director in so many banks trust companies and railroad companies tint it is said his fees for attending directors meetings would make a good salary for an ordinary man I have seen newspaper news-paper statements representing Russell Sage as an illltcraic man 1 have not found him so No one can be with the biggest men ol this country for sixty years and not become educated Mr Sage started life uith a public school education At the ageof twenty live he was elected as one of the aldermen of Troy and before he was forty be was one ot the most prominent members of Congress Long before he w as fifty lie was worth a million and now at eighty he has as bright an eye and as quick a mind as any ot the men of half ms age who borrow money of him to play the great game which Is always going on here among the Wall street gamblers THE WORKSHOP OF A MILLIONAIRE I met Mr Sage in his office His I New York establishment looks more like a prison than the workshop of a millionaire million-aire It is to a certain extent a fortification fortifica-tion You remember how a crank came within an ace ol blowing him into eternity with a dynamite bomb a couple of yeas ago because Mr Sage would not write him out a check for a million odd dollars As It was he was very badly hurt Now the average millionaire I million-aire alter such an attack would have given up business and retired from danger dan-ger That however Is not the kind ol a man Russell Sage Is As soon as he recovered from his injuries he went back to work but he put borne guards about him to keep oil the cranks of the future Today you cannot walk into his office without you are know You cannot see him unless you have good credentials My introduction was through a letter from Mr Henry Clews the famous Wall street banker With this I climbed to the 1 second story ol 71 Broadway and entered an office upon the painted r I door of which were the words Russell Sage Passing through this found myself inn in-n narrow hall or cell as it were walled with boards to a point high above my head Above these boaros there was a latticework of iron almost as heavy as that which surrounds the bullion in the vaults of the United States treasury There were two doors leading through the board wall but these I understand shut with a spring lock In the wall there were two little holes guarded with bras bars Standing before them you can look in and see the clerks who manage man-age Mr Sages business Through these holes is the only means of getting at Mr Felling Ife r efie Sage You present yourself at them and Mr Sages cashier a gray mustached young nun with a critical eye looks you over If I he is very sure that you are all right and that jour business is I of importance im-portance you are presented to Mr Sage This was what was done with me The Investigation seemed to be satisfactory I l and a few minutes later the door In the I wall was unlocked I was conducted through an anteroom and shown Into the plain but comfortable lurnlshed private office of the millionaire HOW RUSSELl SAGE LOOKS As I entered a straight well ormed smooth shaven man turned about from a desk in one corner of the room He rose to his feet as though his joints were well oiled and a pleasant smile came over his grave fatures as he told me that he could give me a few moments I only and asked me to be seated lie did not look at me at all critically and during the talk he chatted with me as freely as though there win not an anarchist anarc-hist in the world Though he told me kI ul that htoukl sec me for but a few moments mo-ments I remained with hIm for more than an hour while brokers and other business men were waiting outside lie 1 became interested in the conversation and then leaned over and tap id me on the knee as he laughed over some story of his career or became especially interested in-terested in some subject he was discussing discuss-ing IIOW RUSSELL SAGE KERr YOUNG My first question was as to his health and how he managed at eighty to keep so young and bright The old millionaire million-aire laughed as he replied I dont know how I do It but I am here six hours of the day six days of every week ear In and jearout My good health in old age is I think largely due to temperance I sleep from seven to eight hours every night and I dont allow myself to lie dragged about to dinners and clubs When 1 first came to New York I Was persuaded Into joining the Union League club and I was a member ol It lor years I never attended more than tO or three dinners there however and I seldom went to the club rooms Then my friends wanted me to give up my membership to some one else I was asked to sell it You see there were a number of men who wanted want-ed to get In and I could have gotten as much as f200 for it But I told them that I did not want to make money that way and that I would hold the membership member-ship until it ran out This I did i RUSSELL SAGE ON MONEY MAKING Speaking of money making Mr Sage how did you get your start How did you make your frt thousand I dollars There Is no particular story In that replied Mr Sage hen I was sixteen I went to clerk with my brother Then I had a store of my own I never had aMy great deal of trouble In snaking money My first thousand probably came from saving and was made on much the same principle that I have followed throughout through-out life But are there any fixed principles by witch a man can make money Mr Sage I asked It depends a great deal on the man of course was the reply But there are two things which any and every man must have who makes any permanent success III this arid In the first place a mall must be honest in spirit and indeed in-deed and In the second he must be industrious I should also add he must be I economical and Invest his money so that It will work for him YOUNG MEN IN NEW VORK Whit do you think of New York asa as-a field for money making Should iiintry boys come to the city The man who has it I in m i Russell Sage will fs succeed anywhere You cant keep the right country boy down and the city boy with ths rich slllll In him U bound to jet up file chalices In New York arc perhaps great cr than In the country but the tempts lions are also greater I tell you I dont like what I tee about the clubs here in New York You inay go to them any nght and you will see oung fellows who have less than a thousand dollars a 1Je l 17 jol I year dre ds m swallow tnlltd i coats They are eating expensive i Inners They arc drinking W little and playing cards a little Such arc not my ideas of a sue cess1 scheme of life for a young titan and those are not the young men who succeed It is the ounii fellows who spend their evenings at home and save their money who keep aright l eye al for the main chance and live so that they ui i1 1 have brains healthy enough to see it when it comes RAILROADS AND THE UNION IACIIIC You have been Interested in many enterprises in your life Mr Sage Yes I have was the millionaires reply I early became interested In roads I traveled over some of the first built in tins I country and I saw there was going I to be a I lot of r money In them I bought i lot of stock in the western railroads and I was for a long tm president presi-dent and vicepresident ol the Milwu kee and St Paul I had also interests in roads further west and for a longtime long-time have hen connected with the Union Pacific What is going to be done with the Union Pacific Mr Sage I I think the government ought to have something to do with it was the reply A great f deal of noise has I been made about it but the Union Pacific his been of enormous profit to the United Stats government Its profit his perhaps not come directly but indirectly i that road has built up the great west It has created cre-ated hundreds of millions ol dollars worth ol taxable property and the great states of the west are due to it It would not seem to me out of the way that the Kovernment should j guarantee Its bonds If the United States would I guarantee its bonds at three per cent I Otdak 1 would be glad to take a lot or them I liE TALKS AJOUT TilE TIMES What do you think about the times Mr Sage Are they going to be Letter I I think so though we had a hard pull during the last campaign I have faith In the sober sense ol the American i pea pIe and 1 believe with a moderate tariff we will soon be prosperous Are you not afraid ol the dissatisfaction dissatisfac-tion of the poor No I dont believe the best elements ele-ments of the laboring classes are dissatisfied dissat-isfied More than threefifths of the laboring men ol this country realize that their success is dependent upon the success 01 the capitalists who are their employers The other two fifths are rout r those who are trying to get along with out work and who dont want to work What me the causes of the hard times I believe they are largely due to over production m t only here but nl over the world We have been making more goods than we could sell We have expensive establishments and we hive kept them up notwithstanding the sales I have stopped Then we took off the tar IT and let forclzners ship In cheap goods to compete with illand the result is ts you see it Why things were never so cheap as they are now in the United States Look at this coat which I have on I looked and I felt the sack coil ol the millionaire It was a very respect ablelooking l garment nude of ftYft good c dark gray woolen cloth As I felt it Mr Sage went on Well how much do you think that coil cost I paid just 16 lor It I was a pat ol it suit that was selling for JS 50 and I bought It just to show these fellows here how cheap things arc You know there arc things In the papers now and then about mv wearing fn suits and buying cry clothes readymade Those stories are not true I hate always had my clothes made to order and I dont think I ever wore a readymade suit in my life I merely i put this on to Hills Irate the position hold on this subject J THE MGG EST MONEY LENDER ON 1H TKklST RATES Russell Sage is perhaps the biggest money lender in the United States lie I his million out at interest and he is one of the lew men who seem to always have a million to lidto the right I party As I looked him I thought of this and asked How is money in New York just now Arc not interest rates very low Mr Sage replied No they are not low today but they are in general lower than they have been for years This is so not only here but all over the world It seems to me that this shows tint men have more faith in each other thin ever before A respectable man can easily get trusted now but at the same time a man whose reputation Is not good be I more carefully itched than ever Those fellow In UK west have lost a great deal by their evident desire repudiate their debts Tho silver movement has been a bid thing for the west Do you think I would lend any money to a western wes-tern town lor water works or public improvements im-provements knowing how they stand upon such matters I trunk they will find it more difficult to borrow money here now than they did in the past SAGE AS Tatar ORIGINAL MklNLEY MAN I The only ornament on the walls ot Mr Sages private office are two big I railroad maps and one large photograph in an oak frame This photograph tnlf hangs right over his desk and the lace within it is I that ol Presidentelect McKinley I pointed to it and said I see Mr Sage you are a Mckinley man Yssalel he I am I think he Is a sale man ana will make a good President Presi-dent My attention was tirst called to him when he beat Campbell for governor govern-or Campbell had gone in with a large mijority McKlal was elected over him the next term Ho was In for one term and was then elected by a ma ionty ol more than 80000 At that time I sin I thought that he was a man ol the future and I told my friends that he would be the candidate of the Republican Republi-can party lor 1icsidcnt HOW RUSSELl SAGE MADE A PRESIDENT The conversation here drilled to polls poll-s and Mr Sage told me some inter eung toes about his career as n politician poli-tician and how It was through him that > i Millard lllmore I became President of the United States In his younger days Mr Sage was n prominent man In New York slate lie was a great admirer ol Z ch Taylor but was above every Hung a strong Henry Clay man lie was at I the head of the New York delegation at the convention which nominated Taylor i and held the votes of thedclcgaeiirom his state sold for Clay New York had then I think tncnteight vote and the throwing of these to Taylor would mean that he would surely gu the nomination nomi-nation After the convention met it was evident that Clay could not be nominal ed whereupon the Taylor men asked Mr Sale to come to them for a confer once as to whether New York could not go for Taylor Mr Sage did so and eventually threw the vote of the state for Taylor bringing about his noniini tlon In speaking ol this lie laid I was asked to go sec Colonel Taylor the brother of the future 1rcsidcntvho was managllli his cant ass I saw that It was impossible to nominate Clay but 1 wanted to know whether General Taylor Tay-lor a southern man would treat the northern Whigs fairly Colonel Taylor told mo tint his brother was a Whig through and through and as I belt him I lalll 1 that wi expected to stick to Clay as long as there was the least hope lor him we would come to Taylor whenever when-ever il became evident that he could not be nominated I then presented the case to our delegation They agreed and when the crisis came in the convention conven-tion and It was evident tint Clays chances were gone I threw our vote to Taylor and thus brought about his noon Inalion Well the friends of Taylor were so pleased that they came to me and said Now Mr Sage you have helped us nominate the IreMdtnt and we will let I you nominate the Vice President I ol had not thought ol that it all md I took some time to conSIder Among other men I thought ol llhnore 1 who was then I a young law er ol liullalo I knew him well and thought he would make a good Vice President I suggested sug-gested his name and it was brought before be-fore the convention He was nominated without trouble I then notified him that he had been chosen as our vice presidential candidate He accepted the nomination and the ticket was elected Zach Taylor died before his term was half over and Fillmore became president So you see upon what little things great reputations turn wily RUSSELL SAGE GOT OUT Oh CON GKRSS You were quite young when you were In congress Mr Sage You might have made a great success there Why did you leave politics I did not think politics would pay replied Mr Sage I was only lout years in Congress I was there during the long canvass for the cpeakership la which alter five weeks ol balloting we elected N P 1 Hanks I was one of Mr Ilankss chief supporters and after he was elected he came tome and told me that could have any chairmanship in the house except that ol the ways and means which according to custom had to be given to the leader of the defeated clement ol the party and consequently went to John Sherman I replied that I wanted nothing and that I did not intend in-tend to stay in Congress I told speaker Banks that my Me was to be a business one and added Now I want to learn all I cm during my stay in Congress about the government that will be ol ben fit to me In my business The ways and means committee has more to do with managing the government of the United States than anything else end a position upon It will teach me much I dont care for any of the chairmanships chair-manships hut If at the close of your appointments you find you have a place kit for me on the way and means committee com-mittee I will take it General Banks replied that he would give me the second place on that committee com-mittee and did so I found mv position o 1 immense v aloe to me OIl learned t there all about our financial methods and got information which has been cf incalcneble value 10 me ever since I know now just how things ought to roo I know what will be the effect ol certain legislation upon the market and I can feel almost intuitivi ly the results of con gressioll1 l kctloll Wit ONE RICH MAN WORKS At this moment the brokers outside became more and more anxious 10 sear Mr Sage During our long talk I thor tho-r had been slyly lop Jobfhti cash lee agalll and again and each lone the old main wOllltl raise his hand and tar 111 a moment III fifteen 1T1nute or lit I five minutes according to thAt iln tl story he was telling at the oS At lit made the last l li-t the while mustached cashier whil-e in again and the old millionaire rose and held out bus hand is much as to say the interview wa closed As I shook it I said Just one m re question Mr Sane You arc one of the richest men of the world You have more money than you can ever spend Your Income today Is i beyond the widest ambitions of your youth Now wont you tell me why with all this you keep on working I Why dont you retire and take a rest and enjoy en-joy what you have made Ah replied the old man as his blue eyes looked soberly into mine I dont Inow I why I dont know that I could stop if I would I fear I should t not live long If I did so I believe I like work better than I do play My chief happiness today is In my work and I suppose my machinery will go on at this rate as long as I live Gi 09 + 1 rls cWrslav |
