RUSSELL SAGE SIGNS A 'PUT AND CALL' AGREEMENT. SAGE, RUSSELL. 1816-1906. Document Signed ('Russe...

RUSSELL SAGE SIGNS A 'PUT AND CALL' AGREEMENT. SAGE, RUSSELL. 1816-1906. Document Signed ('Russel Sage'), a 'put and call' notice for 500 shares of the Delaware, Lackawanna and Western Railroad, partially printed and accomplished in manuscript, 1 p, oblong 8vo (80 x 168 mm), New York, June 2, 1892, matted and framed to 495 x 380 mm. Provenance: Private Collection, Beverly Hills, California. Financier Russell Sage invented the modern 'put and call' option used in stock hedging, giving either a buyer the right to purchase a stock at a previously agreed upon price even if the stock has risen (a call), or a seller the right to sell a stock at a previously agreed upon price even if the stock has fallen (a put). In this document, Sage strikes one such agreement, offering 140% of face value if 'put,' and 180% of value if 'called.' The DL&W Railroad, also known as the Lackawanna RR, ran from PA to New York, mostly carrying coal from the mines to urban centers. Lot to be sold without reserve. For further information on this lot please visit Bonhams.com For further information about this lot please visit the lot listing