Jane Lathrop Stanford Papers

STANFORD UNIVERSITY FUND

THIRTY MILLION DOLLARS

Mrs. Jane L. Stanford Gives Valuable Property to the Leland Stanford, Jr., University, and Will Have a Few Million Left for Heirs - Gifts Accepted.

San Francisco, Dec. 11. - Mrs. Jane L. Stanford has executed and delivered to the board of trustees of the Leland Stanford, Jr. university, two deeds of grant and one deed of gift. One of the deeds of grant covers all of the real estate heretofore given to the university, including the university campus of about 9000 acres. The other deed of grant covers the Stanford residence upon California Street, which is eventually to be used for educational purposes.

The deed of gift covers bonds and stocks heretofore given and certain securities not included in former grants. The grants are confirmatory in character and are made under the provisions of the Stanford university constitutional amendment, which legalized grants and gifts made to the university. This amendment was adopted in order to set at rest any question as to the validity of the original endowment and to prevent legal technicalities from interfering with future donations to this educational institution, which was founded by Mr. and Mrs. Stanford as a memorial to their only son.

The deeds delivered practically cover the grants made in the original endowment, which, however, is more than doubled in value, chiefly owing to the remarkable business ability displayed by Mrs. Stanford in the management of the vast interest left in her charge by the death of her husband. By these grants she has conveyed to the Leland Stanford, Jr., university, for the benefit of the people of California, about $18,000,000 in stocks and bonds, $10,000,000 to $12,000,000 in real estate, including the university buildings and equipments. All of the bonds are first mortgage and the stocks, with scarcely an exception, are what are known as gilt edge securities.

F. F. Lieb of San Jose, president of the board of directors, received the deeds on behalf of the board, and also took formal possession of the bonds and other personal property. Messrs. Charles G. Lathrop, Joseph D. Grant and Timothy Hopkins, resident trustees, were also present. The legal features of the donation were conducted by Mrs. Stanford's attorneys, Crothers & Crothers.

Notwithstanding that she has now given the equivalent of over $25,000,000 to the Leland Stanford, Jr., university, making it one of the richest institutions of the kind in the world, Mrs. Stanford has not impoverished herself, but is understood to still retain several millions for her personal use and to provide for the various members of her family. It is believed that the amount of her endowment to the university, which she aided in founding, exceeds in amount any similar gift in history.

KNOW ALL MEN BY THESE PRESENTS:

That I, Jane L. Stanford, widow of Leland Stanford, deceased, of Palo Alto, County of Santa Clara, State of California, do hereby create and establish a Scholarship at the Leland Stanford Junior University, situated at Palo Alto, County of Santa Clara, State of California, upon the following terms and conditions, that is to say:

I.

The said Scholarship shall, in memory of my beloved son, be known, as and called the ''LELAND STANFORD JUNIOR MEMORIAL SCHOLARSHIP".

II.

For the support of such Scholarship, I have given in trust to the Union Trust Company of San Francisco, a corporation, the following personal property, that is to say:

Six (6) first mortgage five per cent. bonds of the Galveston, Harrisburg & San Antonio Railway Company of Texas, (Mexican & Pacific Extension), Numbers 535 to 540, both inclusive, principal due 1931, interest payable May 1st and November 1st of each year, coupons 39 to 100, both inclusive, attached, said bonds being of the par value of one thousand dollars each; the net income, interest and revenue from which said Trust property said Union Trust Company of San Francisco is to pay over, for the support of said Scholarship, in the manner provided in a certain instrument of even date herewith transferring to it, said Union Trust Company of San Francisco, the said personal property, in trust for purposes designated. The funds with which said bonds were purchased are the savings and earnings of my beloved son from an early date until he passed away on May 14th, 1884, and what I have added in order to make the fund sufficient to establish the Scholarship.

This Scholarship originated in my mind as a fitting and sacred disposal of my dear son's little sum, which he had deposited with the Security Savings Bank, San Francisco, and in accordance with his expressed wish to his father only a few hours before he passed away from his life, which was to this effect -- "live for humanity's sake; live to feed the hungry, clothe the naked.'' His father concluded that the best way to do this was to educate the sons and daughters of the very poor, who otherwise would

Whereas, On the 11th day of November, 1885, LELAND STANFORD and JANE LATHROP Stanford, his wife, by a grant founding and endowing the LELAND STANFORD Jr. UNIVERSITY, conveyed to certain Trustees therein named, among other things, that certain tract of land situated partly in the COUNTY OF SANTA CLARA and partly in the COUNTY OF SAN MATEO, in the STATE OF CALIFORNIA, and now commonly known and designated, as the ''PALO ALTO FARM" which tract of land is more particularly described in schedule "A" attached to said grant and made a part thereof.

And whereas, The grantors named in said grand did, by the provisions of subdivision one of Article II thereof, elect, in relation to the property thereby conveyed to said Trustees, and in relation to the erection, maintenance and management of the institution thereby founded, to perform during their lives all the duties and exercise all the powers and privileges which by the terms of the said grant, were enjoined upon, and invested in the Trustees therein named and their successors.

And whereas, By subdivision three of Article IV of said grant, one of the powers invested in said Trustees was to manage and control the Trust property, care for and improve the same.

And whereas, By the provisions of subdivision three of Article XIII of said grant, the right to improve, manage and control the Trust property is reserved to the grantors.

And whereas, It is deemed advisable to lease certain portions of said premises conveyed as aforesaid.

Now Therefore this Agreement Witnesseth: That I, Jane Lathrop Stanford, in the performance of the duties and in the exercise of the powers and privileges aforesaid, and in the execution of the trust, in the place of the Trustees named in the grant, party of the first part, and R. E. Allardice, D. H. Campbell, E. H. Woodruff, & A. P. Carman (single men but dealing in the premises with their separate property) party of the second part.

That the said parties of the first part for and in consideration of the covenants hereinafter expressed, and the rents reserved, do hereby demise and lease unto the said party of the second part for and during the full term of ten years from the date hereof which term will end on the 1st day of August in the year nineteen hundred and three the following premises to wit:

Those certain lots or parcel of land situate at Palo Alto, in the County of Santa Clara, State of California, more particularly described as follows:

Beginning at point ''A'' of North side of Alvarado St. 1195 feet from intersection of said Street with Portola Street, thence Northerly one hundred and fifty feet to South side of Lane ''C'', thence Easterly along South side of Lane ''C'' to Arguello Street, thence Southerly along West side of Arguello Street to intersection of Alvarado Street thence Westerly along North side of Alvarado Street to place of beginning,

To have and to hold the same to the said party of the second part ___ heirs, executors, administrators and assigns for and during the said term of ten years or until the termination of this lease as hereinafter provided.

The party of the second part covenants and agrees to pay to the party of the first part, the annual sum of Fifty DOLLARS as the rent reserved for the use and occupation of said premises. payable in advance

It is mutually agreed and understood that the said party of the second part, who is now erecting a house and other out-buildings in connection therewith on said lots may complete the same and they hereby covenants and agrees that they will complete the same within the period of one year from this date ready for use and occupation as a residence.

In the name of God Amen. I Jane Lathrop Stanford of the County of Santa Clara State of California, wife of Leland Stanford deceased, being of sound and disposing mind and memory, mindful of the uncertainty of life, do make publish and declare this my last will and testament, hereby revoking all former wills.

I give and bequeath to each of my brothers, Ariel Lathrop and Charles Gardner Lathrop, the sum of One Hundred Thousand Dollars ($100,000) in gold coin. To my two nieces, Jennie L. Lawton and Amy Gardner Hansen, daughters of my deceased brother Daniel Shields Lathrop, and the two children of my deceased niece Christine L. Gunning, I give and bequath[sic] One Hundred Thousand Dollars in gold coin, each of my nieces taking one-third part, and the children of my deceased niece, Christine L. Gunning the other third part equally between them.

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Jane L Stanford

THE WESTERN UNION TELEGRAPH COMPANY Dec 31, 1895

Dated: New York 31 To Mr & Mrs Timothy Hopkins N E Jackson and Gough Sts

May God Bless you with health and happiness in the New Year [we] are entering upon Mrs Leland Stanford