Railroad Mogul Writes to the New York Stock Exchange

Signed by Russell Sage

$350
Item: 2071
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SAGE, RUSSELL. (1816-1906). American financier, railroad mogul and politician. LS. (“Russell Sage”). 1p. 4to. New York, December 10, 1870. On letterhead of the Milwaukee and St. Paul Railway. To the Board of Brokers of the New York Stock Exchange.

“The Milwaukee and St. Paul Railway Company intend (if the stockholders authorize them so to do) to increase their capital stock designated common stock 7475 shares, for the purpose of dividing the same pro rata to the present common stockholders for the earnings of the year 1870.”

A businessman from Troy, New York, Sage enjoyed a political career, representing New York in Congress, before making his fortune selling puts and calls on the New York Stock Exchange and through his investment in railroads. Affiliated with railroad speculator Jay Gould, Sage held management roles in the Union Pacific Railroad, overseeing the establishment of the transcontinental railroad; Delaware, Lackawanna and Western Railroad; St. Louis – San Francisco Railway; Western Union; and Chicago, Milwaukee, St. Paul and Pacific Railroad, the subject of our letter. In 1874, the railroad changed its name to Chicago, Milwaukee, and St. Paul after acquiring the Chicago & Pacific Railroad Company.

Sage’s estate was worth $70 million at the time of his death. His widow devoted herself to philanthropy establishing a number of institutions in his name including Russell Sage College and the Russell Sage Foundation.

Our letter, written on lined stationery, is folded with normal wear and in very fine condition. Uncommon.

Railroad Mogul Writes to the New York Stock Exchange

Signed by Russell Sage

$350 • item #2071


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