Thanks for filling in the gaps I didn’t even know existed! What a story and Olivia did so much for this country’s wellbeing! Well done. And thanks for the tour you have at The Troy Library. I could love to read your notes for that tour.
What a story, thanks. What an obituary in the Herald! Mrs. Sage must have been quite a saint. A fortuitously well-place one.
As an alum of Russell Sage Junior High School, I had occasion to wonder just who the heck he was, and I recall that even in the days before internet searching the faculty had a sense that Mrs. Sage was the one to credit.
Very interesting! Sounds like the marriage of Olivia and Russell was one of mutual benefit. She needed money and security, he needed her as a ticket to higher society. The fact that she always insisted on going by his name-- Mrs. Russell Sage-- means she must have respected and admired him. Marrying a filthy rich man at the age of 41 was a miracle, and she took full advantage of it. If he left her at the altar after saying his vows, and the marriage was never consummated, she was certainly as relieved as he was. Her ability to be a "great lady" relied almost entirely on HIS ability to make money. I find it astonishing that he left his entire fortune to her. He would have known what she would do with it.
Who would he have left his fortune to? They had no (legitimate) children, and he didn't seem the type to give money to any illigitimate heirs. I don't know about nieces and nephews, it doesn't seem that he was close to any of his immediate family. From what I've read about her, Olivia really was as good an investor as he was, perhaps better, proving that without being cutthroad and ruining other people, it was possible to invest well and make money. After his death and after setting up the RS Foundation, she took that $70MM and grew it to $100MM, much of which went into the foundation's coffers. Russell Sage underestimated her greatly. And I'm sure she was just as glad he didn't demand access to her bed, too.
Well, he could have been egotistical and donated much of his fortune to a prestigious University, with the stipulation that they have an ornate building in his name with a bronze bust of him at the entrance. He was miserly, and he didn't live ostentatiously. Perhaps he married the homely 41 year old BECAUSE he recognized her smarts, and wanted someone to guard his money wisely. He certainly could have had his pick from 20-something rich pretty little dollies, but he knew they would be the ruin of his fortune. He couldn't bear to part with any of his money, but he knew SHE would, and in leaving it all to her must have figured she would do something good with it. Like many marriages of the time, it was a business partnership.
Well, we'll never know why he married her, as she didn't spill his secrets after his death. I think, based on what I read to research this story, that he married her primarily for her good name and sterling reputation. She had ancestors who fought in the American Revolution, which really impressed society at that time, and her father claimed ancestry to Pilgrim Miles Standish, which would make her a Mayflower descendant, and that is STILL a big deal in some circles. I couldn't include every detail in this story, which was long enough as it is.
Like most people then and today, when it comes to unmarried older ladies, he probably figured he was doing her a big favor, and she wouldn't interfere with his life all that much. From his general attitude about education, especially women's education, it doesn't seem likely that he spotted her intelligence and wed her for that. But again, we'll never know. As to her business acumen, I think most people would agree that adding 30 million dollars to one's portfolio, especially in 1906-1918 dollars, is not bad at all. Give her some credit, here.
Nope, no credit where it's not due. A 10% return, which would be a reasonably successful investor, should have multiplied her 70 mill to 160 mill over 10 years. What happened to her fortune when she died, I wonder?
You seem to have a need to downplay her accomplishments and her ability to invest well, I really don't understand why. By the time she died, she had already given away many millions. She bequeathed her remaining fortune to various charities, causes and her foundation. No doubt some went to relatives or friends, but the vast bulk of it went to charity. The materials I read said that she increased that $70MM in Russell's will to $100MM when she died. Who knows how much of that fortune was actually invested and how much was simply given away, and was no longer in her bank accounts? Those records probably exist somewhere in the foundation's records or her personal records, many of which are in Syracuse. They may show that she invested far less than we think, yet managed to earn another $30MM in the process. I'm impressed, even if no one else is. And when you come down to it - does it really matter??? She did what she did, and society is better for it.
What an incredible story, Suzanne! Thanks for writing and sharing. I never knew the story behind Sage, and it's so cool to see Mrs. Sage's legacy live on in so many ways today.
A wonderful story! Thank you!
Thanks for filling in the gaps I didn’t even know existed! What a story and Olivia did so much for this country’s wellbeing! Well done. And thanks for the tour you have at The Troy Library. I could love to read your notes for that tour.
I'll send them to you.
What a story, thanks. What an obituary in the Herald! Mrs. Sage must have been quite a saint. A fortuitously well-place one.
As an alum of Russell Sage Junior High School, I had occasion to wonder just who the heck he was, and I recall that even in the days before internet searching the faculty had a sense that Mrs. Sage was the one to credit.
Very interesting! Sounds like the marriage of Olivia and Russell was one of mutual benefit. She needed money and security, he needed her as a ticket to higher society. The fact that she always insisted on going by his name-- Mrs. Russell Sage-- means she must have respected and admired him. Marrying a filthy rich man at the age of 41 was a miracle, and she took full advantage of it. If he left her at the altar after saying his vows, and the marriage was never consummated, she was certainly as relieved as he was. Her ability to be a "great lady" relied almost entirely on HIS ability to make money. I find it astonishing that he left his entire fortune to her. He would have known what she would do with it.
Who would he have left his fortune to? They had no (legitimate) children, and he didn't seem the type to give money to any illigitimate heirs. I don't know about nieces and nephews, it doesn't seem that he was close to any of his immediate family. From what I've read about her, Olivia really was as good an investor as he was, perhaps better, proving that without being cutthroad and ruining other people, it was possible to invest well and make money. After his death and after setting up the RS Foundation, she took that $70MM and grew it to $100MM, much of which went into the foundation's coffers. Russell Sage underestimated her greatly. And I'm sure she was just as glad he didn't demand access to her bed, too.
I am a distant relative to Russell Sage and as I researched him I located a copy of his first will.
Well, he could have been egotistical and donated much of his fortune to a prestigious University, with the stipulation that they have an ornate building in his name with a bronze bust of him at the entrance. He was miserly, and he didn't live ostentatiously. Perhaps he married the homely 41 year old BECAUSE he recognized her smarts, and wanted someone to guard his money wisely. He certainly could have had his pick from 20-something rich pretty little dollies, but he knew they would be the ruin of his fortune. He couldn't bear to part with any of his money, but he knew SHE would, and in leaving it all to her must have figured she would do something good with it. Like many marriages of the time, it was a business partnership.
70-100 million over 10 years is not a good return on investment at all. But she was donating lots of money, so it's hard to judge her business acumen.
Well, we'll never know why he married her, as she didn't spill his secrets after his death. I think, based on what I read to research this story, that he married her primarily for her good name and sterling reputation. She had ancestors who fought in the American Revolution, which really impressed society at that time, and her father claimed ancestry to Pilgrim Miles Standish, which would make her a Mayflower descendant, and that is STILL a big deal in some circles. I couldn't include every detail in this story, which was long enough as it is.
Like most people then and today, when it comes to unmarried older ladies, he probably figured he was doing her a big favor, and she wouldn't interfere with his life all that much. From his general attitude about education, especially women's education, it doesn't seem likely that he spotted her intelligence and wed her for that. But again, we'll never know. As to her business acumen, I think most people would agree that adding 30 million dollars to one's portfolio, especially in 1906-1918 dollars, is not bad at all. Give her some credit, here.
Nope, no credit where it's not due. A 10% return, which would be a reasonably successful investor, should have multiplied her 70 mill to 160 mill over 10 years. What happened to her fortune when she died, I wonder?
You seem to have a need to downplay her accomplishments and her ability to invest well, I really don't understand why. By the time she died, she had already given away many millions. She bequeathed her remaining fortune to various charities, causes and her foundation. No doubt some went to relatives or friends, but the vast bulk of it went to charity. The materials I read said that she increased that $70MM in Russell's will to $100MM when she died. Who knows how much of that fortune was actually invested and how much was simply given away, and was no longer in her bank accounts? Those records probably exist somewhere in the foundation's records or her personal records, many of which are in Syracuse. They may show that she invested far less than we think, yet managed to earn another $30MM in the process. I'm impressed, even if no one else is. And when you come down to it - does it really matter??? She did what she did, and society is better for it.
What an incredible story, Suzanne! Thanks for writing and sharing. I never knew the story behind Sage, and it's so cool to see Mrs. Sage's legacy live on in so many ways today.
Thank you!
I would appreciate that very much. Thank you.