Olivia Egleston was born Middletown, Connecticut on March 30, 1784, and died New York 24 April 1859. She was the daughter of Elihu and Elizabeth (Olcott) Egleston and the wife of businessman Anson Greene Phelps, co-founder of the Phelps Dodge Company. The other partners in the business were their son Anson and sons-in-law, Daniel James, William Dodge and James Stokes. After the death of Olivia's husband on the 30 November 1853, the partners in the firm bought his holdings from her for seven hundred thousand dollars. Olivia, who was also the sole executrix of his will, continued to live in their home on the East River with her daughter Olivia and husband Benjamin Bakewell Atterbury plus their children.
This house had originally been built by Henry A. Coster, the Dutch merchant, in about 1810. He planted the grounds with rare fruit, plants, trees, and it was said to have been one of the finest private gardens in America. It was bought by Phelps in 1835 who then acquired adjoining properties, so that the land eventually extended from Third Avenue to the East River, and from Twenty-ninth to half-way between Thirty-third and Thirty-fourth streets. The house was of old Colonial architecture, with out-buildings, hothouses, a large conservatory of rare fruits and flowers, gardener's lodge, stabling, summer house and boat house. From the east portico there were views over the lawn, garden, pasture, and river. A cedar of Lebanon that shaded the ice-house was said to have been brought from Mount Lebanon by Henry Coster.
Olivia Egleston shared in her husband’s religious devotion and charitable works, supporting many causes including the Society for the Relief of Half Orphans and for 25 years she was a member of the board for the Association for the Relief of Aged and Respectable Indigent Woman. In her home, she entertained missionaries and evangelists including Charles Grandison Finney who, with his family, stayed with the Phelps during his preaching at the Presbyterian church in Vandewater Street, New York (1829-1830).
Olivia’s final years were difficult. Initially there were three executors of her husband's will, Olivia, her son Anson and son-in-law William Earl Dodge. Anson and Dodge withdrew because of conflicts of interest in respect to their business connections to Phelps Dodge & Co. The will was contested on many points by the beneficiaries, including their children and grandchildren, and Olivia sought clarification via the courts. The complexity of the arguments resulted in up to 12 lawyers in court at any one time. In 1858 tragedy struck when Olivia’s only son, Anson Greene Phelps Jr., died of smallpox and within a year Olivia was dead. It was 1861 before the final verdict on Anson Greene Phelps's will was given by the Court of Appeal.