1899] Endowment Completed 



the sum of $400 urged upon her when she left Cali- 

 fornia by her brother, Charles G. Lathrop then 

 university treasurer she brought back $340, which 

 she at once turned over to me toward payment of 

 delayed salaries. 



In 1899 came sudden relief through the sale of 

 her Southern Pacific holdings for about sixteen 

 millions to Speyer & Co. 1 of New York and Frank- 

 fort. This transaction freed the estate from debt, 

 and the board of trustees having been at last legal- 

 ized, Mrs. Stanford deeded to it piece after piece 

 of property as it came into her hands. In the end Blanket 

 she also made a "blanket deed" of nearly every- deeds 

 thing she possessed, amounting in value to upward 

 of twenty-five millions, but retaining about three 

 millions "to play with," as she said. Nevertheless, 

 most of that sum she put into additional university 

 buildings. The numerous duplications involved in 

 the "blanket" were intended to guard against 

 possible flaws in individual deeds. 



The endowment of the University had now been 

 effected with unflinching adherence to the original 



i r i~rr i 11 



plan, and in spite of difficulties unprecedented and 

 seemingly insurmountable. The experience had of 

 course a certain value in checking waste. It meant, 

 however, a trying period of hope deferred ; and un- 

 fortunately not all of those who stood by through 

 the "dark ages" remained to share the better times 



1 Mr. James Speyer had previously given Mrs. Stanford the excellent 

 advice not to sell at prices then offered, as the future value of the Central 

 Pacific would necessarily be very great. He further assured her that when 

 she felt she must sell he would pay a million more than any other bidder a 

 promise which he faithfully kept. 



The properties in question, I may add, were soon transferred by the Speyers 

 to Kuhn, Loeb & Co., and placed under the direction of the master-manager, 

 Edward H. Harriman. 



c 509 n 



