Past and Present Influences of Russell Sage

Russell Sage was a New York-based financier, businessman, and railroad executive. He was politically allied with the Whigs. He amassed a huge fortune along with his longtime partner Jay Gould. His fortunes were inherited by his second wife Olivia Slocum. Because of restrictions, Olivia used his fortunes in charitable causes, especially those that would benefit the women. Among the institutions that she established were the Russell Sage Foundation (1907) and the Russell Sage College (1916).

Sage was born on August 4, 1816 in Oneida County, New York. He studied in a public school while working as a farm hand. He was an errand boy for his brother Henry who ran a grocery store. Perhaps this was necessary because later, Sage would own a retail grocery and a wholesale store in Troy, New York.

In politics, Sage became the alderman in Troy in 1841 and served in that capacity until 1848 after being re-elected. Simultaneously, Sage served as the treasurer of Rensselaer County for seven years. He served in the US House of Representatives where he was with the Oppositionists. While in the House, Sage was the first to advocate that the government should buy the plantation of George Washington in Mount Vernon.

In 1874, Sage became a financier in the New York Stock Exchange where he acquired a seat. There, Sage saw the potential of the future of railroads. He invested in the stocks of western roads, especially in the Chicago, Milwaukee and St. Paul Railway where he served as president. He became very wealthy with his investments in railroads.

Later on, Sage became associated with Jay Gould. The duo managed a number of railroads such as the st. Louis-San Francisco Railway, the Delaware, Lackawanna and Western Railroad, the Missouri-Kansas-Texas Railroad, the Missouri Pacific Railroad, and the Wabash Railway. Sage served these railroads ad director. At the same time, Sage was also a director for the Western Union telegraph company.