Russell Sage Signed "Puts and Calls" Certificate Issuing 100 Shares in Western Union Telegraph Co.

A signed "Puts and Calls" stock certificate issued by Russell Sage. 1 partially printed page, measuring 6.5" x 3", New York, dated December 18, 1882. Signed "Russell Sage." No. B19189, issuing 100 shares of stock of the West Union Telegraph Company at $0.76 per cent if Put or $0.88 per cent if Called. The certificate has flattened folds with light edge toning and soiling. Boldly signed by Sage. Very fine.

Russell Risley Sage (1816-1906) was an American financier, railroad executive and Whig politician from New York. After retiring from politics in 1857, Sage began focusing on his financial career and investigating stock calls and puts options that could be traded over the counter in the United States. While there was no formal exchange market at the time, in 1872, Sage created such options which were a significant breakthrough for options trading. For his contributions, Sage earned the name of "Father of Puts and Calls".

The Western Union Company was founded in 1851 as the New York and Mississippi Valley Printing Telegraph Company but changed its name to the Western Union Telegraph Company in 1856 after merging with several other telegraph companies. The company dominated the American telegraphy industry from the 1860s to the 1980s and gave rise to pioneering technology such as telex and wire money transfers.

This item comes with a Certificate from John Reznikoff, a premier authenticator for both major 3rd party authentication services, PSA and JSA (James Spence Authentications), as well as numerous auction houses.

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