He opposed the Interstate Commerce Act of 1887 because it allowed for government regulation of businesses. The Big Four, as Stanford and his associates were known, went on to pursue other interests in rail and water transportation. https://www.encyclopedia.com/history/encyclopedias-almanacs-transcripts-and-maps/stanford-leland, "Stanford, Leland U.S.A. The Big Four dominated the railroad industry in the 1890s; their company was frequently criticized for being a "monopolistic octopus." Business Leader Profiles for Students. His administration also encouraged the passage of several acts designed to aid the proposedtranscontinental railroad, in which he had a large financial interest. Answer. He actively participated in the formation of the California Republican Party, and he ran unsuccessfully for State Treasurer in 1857. Fourteen years later a holding company, the Southern Pacific Company, merged the Southern Pacific Railroad, Central Pacific, and others into one combine. Agree, this is the opposite of monopolistic behavior. As a U.S. How did he donate his money? Gale Encyclopedia of U.S. Economic History. Wines and Vines, March 1993. Stanford generated large sums of public money for a company in which he had a major personal interest as a stockholder. He met defeat in a race for Republican state treasurer in 1857, and 2 years later he lost the gubernatorial contest. Encyclopedia.com. Stanford began devoting less time to his railroad interests around 1870, when his son was born. At first, Muybridge declared the task impossible. Web site: http://www.up.com In 1850 Stanford married Jane Elizabeth Lathrop. Two biographies are George T. Clark, Leland Stanford, War Governor of California, Railroad Builder and Founder of Stanford University (1931), and Hubert H. Bancroft, History of the Life of Leland Stanford (1952). Stanford also served on minor congressional committees and supported popular legislation such as the exclusion of Chinese laborers, industrial co-operatives, and soft money. Stanford University, official name Leland Stanford Junior University, private coeducational institution of higher learning at Stanford, California, U.S. (adjacent to Palo Alto), one of the most prestigious in the country.The university was founded in 1885 by railroad magnate Leland Stanford and his wife, Jane (née Lathrop), and was dedicated to their deceased only child, Leland… Stanford persuaded the California legislature to give more than $750,000 to the cash-starved Central Pacific to allow it to build part of the first transcontinental railroad. He knew the limitations of photographic technology. The Big Four, as they came to be known, earned an estimated profit of $54 million from that venture alone. It is now an Ivy League school, and only the smartest people can get in. ." After consulting with Charles W. Eliot, the president of Harvard, Stanford established the Leland Stanford, Jr. University in Palo Alto, which opened in 1891. Today, he'd most likely have bought a sports team." 16 Oct. 2020 . William H. Seward and party were guests overnight on August 24, 1870, President Hayes, the first President of the United States who during his term of office found time and inclination to visit such a remote part of the republic as California, was the guest of Leland Stanford in September 1880. Two years later his law office burned down, and he decided to relocate in California. Detroit: Gale Research, 1998. THE administration of Theodore Roosevelt was in some respects the first modern presidency. Senator, Stanford advocated private rights in business. Most online reference entries and articles do not have page numbers. Legend has it that Stanford wanted to settle a $25,000 bet by proving that horses "flew," but most historians doubt that colorful bit. Stanford did not appreciate the crucial advantage of the subtreasury in enabling the farmer to store his or her crops in the subtreasury until the market price were optimal. Tutorow, Norman E. Leland Stanford: Man of Many Careers. When the extremes of climate proved unsuitable for wine production, they began producing brandy. His brothers helped him establish a mining store in Cold Springs, but it did not do well so he opened a business at Michigan Bluff, which was successful. He began to study law at the age of 20 and in 1845 entered the law office of Wheaton, Doolittle & Hadley in Albany, New York. Lewis, Oscar. American Heritage, December 1987. Much later, in the 1880s, Stanford used his money to found the university that bears his name. No recent work on Stanford has appeared. Encyclopedia.com. In the end, Stanford would bequeath millions in setting up the university, which opened in 1891. in 1893, Stanford … In addition to the MLA, Chicago, and APA styles, your school, university, publication, or institution may have its own requirements for citations. However, in 1861 Stanford won the gubernatorial election by a plurality, due to a split in the Democratic Party. Stanford's many interests outside of business and politics included operating the world's largest vineyard at the 59,000-acre Vina Ranch near Sacramento. Using $400 of his own gold, he had the William T. Garatt Foundary of San Francisco cast a golden spike. The state of the Stanford family in the late nineteenth century was estimated at about $ 50 million. Wiki User Answered . About $ 20 million was sent to the opening of the mentioned educational institution. Stanford married Jane Elizabeth Lathrop of Albany, New York, in 1850. He joined forces with Collis P. Huntington (1821–1900), Charles Crocker (1822–88), and Mark Hopkins (1814–78) to form the Central Pacific Railroad Company in 1861. How did he spend his money Spent his money on making the railroad. On his 9,000-acre Palo Alto ranch, Stanford devoted himself to raising some of the world's fastest race horses. Eight years after Leland Stanford died in his Palo Alto country mansion, on the brink of bankruptcy, his unassailable widow Jennie, who had saved Stanford University from shutting down by a successful fight for the return of a government loan that took her all the way to the Supreme Court, was murdered in a luxurious Honolulu hotel room. 1861: Organized Central Pacific Railroad (CPR) with three colleagues and became president of the company. Stanford received a sound education; he first studied at the Clinton Liberal Institute and then at Cazenovia Seminary in New York. (October 16, 2020). At that time the Central Pacific began building its part of the transcontinental railroad with construction of tracks eastward from Sacramento, California. Leland Stanford was once governor of California and in 1876, he bought the first of what would become more than 8,000 acres of land on the San Francisco peninsula. In 1861 Stanford, together with Mark Hopkins, Collis P. Huntington, and Charles Crocker, formed the Central Pacific Railroad with Stanford as president. They organized the Southern Pacific Railroad, of which Stanford served as director from 1882 to 1893. All Rights Reserved. The family could trace its American roots back to Thomas Stanford (or Staniforth), who lived in Concord, Massachusetts, in 1644. Clark, George Thomas. Stanford remained president of the Central Pacific until his death. Retrieved October 16, 2020 from Encyclopedia.com: https://www.encyclopedia.com/history/encyclopedias-almanacs-transcripts-and-maps/stanford-leland. How did he treat his workers? Leland and Jane Stanford had one son, Leland Jr., but he never attended Harvard. Leland Stanford became involved in Republican politics in California and was elected governor in 1861. John B. Lv 7. 1848: Relocated to Port Huron, Wisconsin, to practice law. (214)743-5600 Richard M. Abrams Used $40,000,000 on his University. Stanford's biggest income was the university; he did make tons of money working for the railroad, but the university was very popular. Leland Stanford, along with his wife Jane, founded Leland Stanford Junior University as a monument to their only child who died as a teenager on a trip to Europe. Stanford was not known for his philanthropy but he donated to particular charities to ensure his family name would become an institution. 1869: CPR completed the western portion of the first transcontinental railroad, and Stanford drove in the last gold spike at Promontory, Utah, on May 20. "Leland Stanford Leland Stanford was born on March 9, 1824, in Watervliet, New York. Answer Save. The Founding Grant states the universitys objectiv… But Leland Stanford wanted hard evidence, not pretty pictures, and was offering him $2,000 to produce it. Leland Stanford was once governor of California and in 1876, he bought the first of what would become more than 8,000 acres of land on the San Francisco peninsula. 10 years ago. Their policy was one of aggressive defense by which they would prevent competitors from forming other entry points into the state. The goal was to complete the project as quickly as possible. 1891: Leland Stanford, Jr. University opened in Palo Alto, California, as a memorial to Stanford's deceased son. (October 16, 2020). Stanford was to belong to each from the very start. Within the “Cite this article” tool, pick a style to see how all available information looks when formatted according to that style. New York: A.A. Knopf, 1938. Finally, in 1856 he moved to Sacramento and became a partner in his brothers' business. Stanford did not appreciate the crucial advantage of the subtreasury in enabling the farmer to store his or her crops in the subtreasury until the market price were optimal. His San Francisco house was destroyed after his death in the earthquake and fire of 1906. He and his wife took Leland, Jr. on a grand tour of Europe in 1885, where he contracted typhus and died. An interview with Senator Leland Stanford on Money, pp. A Republican in a predominantly Democratic state, he suffered defeat in 1857 when he ran for state treasurer, and again in 1859 when he ran for governor. Box 2328, Stanford University, Stanford 94305): Stanford Historical Society, 1987. LELAND STANFORD College Attended At eighteen, he enrolled at the Clinton Liberal Institute, in Clinton, The university was untraditional for … One of his Refer to each style’s convention regarding the best way to format page numbers and retrieval dates. 23-25). I'm writing an essay comparing him and John D. Rockefeller. . While he was touring Europe with his parents, he contracted typhus and died in Florence, Italy, at the age of 15. Congressional Record, 52 Congress, 1 Sess. The SEC shut down R. Allen Stanford's operations 10 years ago this week. In 1870 the Southern Pacific was incorporated to build in southern California and eventually to reach New Orleans, La. After the death of his son, Leland Stanford set up all of his money to go to the Stanford University, which he helped create, to the miners of California and the railroad. Also, as a stockholder in the construction companies, he enjoyed great personal profit. The Big Four believed that their business could remain profitable only if they maintained their rail monopoly in California. New York: James T. White & Co., 1891. In 1885, California Senator Leland Stanford and his wife founded what is now Stanford University. replaced as Southern Pacific president. Retrieved October 16, 2020 from Encyclopedia.com: https://www.encyclopedia.com/history/encyclopedias-almanacs-transcripts-and-maps/leland-stanford. In 1861 he was successful in his bid for the governorship, taking advantage of a split in the Democratic Party caused by the outbreak of the Civil War. Encyclopedia.com gives you the ability to cite reference entries and articles according to common styles from the Modern Language Association (MLA), The Chicago Manual of Style, and the American Psychological Association (APA). The Big Four, as they came to be known, earned an esti… Leland Stanford was the first to lay out his spread on the hill, followed by his cronies at the Big Four club. In 1890 Stanford and Huntington split over Stanford's renewed political ambitions. See also: California, Central Pacific Railroad, Monopolies, Railroad Industry, Transcontinental Railroad. Following his son's untimely death, Stanford decided to establish a university in his honor. Encyclopedia of World Biography. But it was the death of his son, Leland Jr., in 1884 that prompted him to found Stanford University. He also engaged in mining on a small scale. They decided to create a university, one that, from the outset, was untraditional: coeducational in a time when most private universities were all-male; nondenominational when most were associated with a religious organization; and avowedly practical, producing cultured and useful citizens when most were concerned only with the former. How did leland Stanford make his money? During his three years' tenancy over the store, he became a close friend of Theodore Judah, Leland Stanford, and others of the future railroad dynasty. He himself was not particularly bright In his early schooling and worked as a farm boy with very minor business ventures involving selling chestnuts in Albany. John D. Rockefeller being a captain of industry and Stanford being a robber baron. They also purchased major river and ocean shipping lines. Because each style has its own formatting nuances that evolve over time and not all information is available for every reference entry or article, Encyclopedia.com cannot guarantee each citation it generates. “We deem it of the first importance that the education of both sexes shall be equally full and complete, varied only as nature dictates,” Leland Stanford had declared in his first address to university trustees in 1885. Nonetheless Stanford personally remained popular among the public. Leland Stanford was born to a family of seven children, before himself. Congressional Record, 52 Congress, 1 Sess. Around the time when Stanford was elected governor he also became interested in the possibility of building a transcontinental railroad. The campus featured Spanish mission-style buildings designed by Charles A. Coolidge and landscaping by noted landscape architect Frederick Law Olmsted. Encyclopedia.com. Collis Potter Huntington (1821-1900), American railroad builder, was a promoter and manager of the Central Pacific Railway a…, Oakes Ames (1804–1873) was a U.S. manufacturer and five-term member of the United States House of Representatives. The company later completed a second transcontinental railroad from California to New Orleans. Spent $40,000,000 on building the first transcontinental railroad. Business Leader Profiles for Students. "Stanford, Leland Santa Barbara, CA: ABC-Clio, 1993. Stanford's early education was typical of the period, a combination of formal schooling and home tutoring. For its part, the Central Pacific would get five miles of land on either side of the track it laid and up to $48,000 per mile. How did he treat his competition? https://www.encyclopedia.com/history/encyclopedias-almanacs-transcripts-and-maps/leland-stanford, "Leland Stanford 1 Answer. He donated a large portion ." : 469-470, January 21, 1892. ↩ 44. While governor, Stanford approved millions of dollars in state grants for the construction of a transcontinental railroad line during a period when he was also president of the… . Within California, the building of that state's railroad infrastructure was largely accomplished by companies in which Stanford played key roles. At the point the Stanfords met with Eliot, they apparently had not yet decided about whether to establish a university, a technical school or a museum. Stanford served as its president from 1885 to 1890. Politically, Stanford was an effective lobbyist, if not unselfish, on issues of concern to him. Therefore, be sure to refer to those guidelines when editing your bibliography or works cited list. He also served as governor of California and as a United States Senator. This company built a second transcontinental railroad from California to New Orleans. "Stanford, Leland American Social Leaders. Van Zandt also painted one of the few pictures of Leland Stanford, Jr., (when he was about 12 in 1881), 3 years before his too young death from typhoid when he was 15. He served one term as the California's first Republican governor in 1861 and was instrumental in keeping the state loyal to the Union during the Civil War. Stanford died in Palo Alto on June 21, 1893. Stanford's father was a prosperous farmer who also worked as a contractor in the building of bridges, roads, and railroads. As a memorial to his deceased 15-year-old son, Stanford established the Leland Stanford, Jr. University in Palo Alto, better known as simply Stanford University, by donating land and funds worth approximately $30 million. They bought out competing lines such as the California Pacific Railroad Company and the San Francisco and San Jose Railroad. Stanford became president of the Central Pacific, Huntington handled eastern financial and political arrangements, Crocker supervised construction, and Hopkins looked after company finances. He was involved early n in the gold rush but with little success, he changed from mining to … His $30 million endowment to the university consisted of the 9,000-acre Palo Alto ranch, the 59,000-acre Vina Ranch, the Stanford home in San Francisco, the 22,000 acre Gridley ranch, other real estate, and interest-bearing securities. The school opened in 1891 and grew to become one of the country's most prestigious universities. However, outside of the railroad industry Stanford's most lasting legacy was the founding of Stanford University in March of 1885, named for his son Leland Stanford, Jr. who had died a year earlier. After 1870 Stanford became less involved in the daily activities of the railroad company and he retreated to his ranch in Palo Alto, California. Menlo Park, California: Pacific Coast Publishers, 1971. ." ↩ 43. Stanford handled the legal and governmental affairs of the railroad. They were eventually responsible for building the western half of the first transcontinental railroad. Leland Stanford (1824-1893), American railroad builder and politician, was one of the founders of the Central Pacific and Southern Pacific railroads and served as California's governor and then U.S. senator. Today, the Stanford Court Hotel stands where the mansion was. He was the principal financier of…, Union Pacific Railroad, transportation company chartered (1862) by Congress to build part of the nation's first transcontinental railroad line. (Photo: Stanford Archives) Yet there is another side to the boy — one barely known to graduates of the university that bears his name. [CDATA[ After he left the governor's office in 1863, he had remained active in influencing legislation in California. Reprint, Ann Arbor, MI: University Microfilms, 1967-71. ." He said, "I was thinking that since I could do no more for my boy, I might do something for other people's boys in Leland's name." Others, including Robert Fulton, Edward C. Collins and Leland Stanford, earned their fortune through political entrepreneurship. How did Leland Stanford treat his workers? It is with Roosevelt…, https://www.encyclopedia.com/education/economics-magazines/stanford-leland, https://www.encyclopedia.com/history/encyclopedias-almanacs-transcripts-and-maps/stanford-leland, https://www.encyclopedia.com/history/encyclopedias-almanacs-transcripts-and-maps/leland-stanford, Santa Clara County V. Southern Pacific Railroad. An apprentice in an Albany law office and he ran unsuccessfully for state Treasurer 1857. Access to considerable sums of public money for a 1990 vw vanagon for the U.S. Senate and had defeated.! Each style ’ s convention regarding the best way to format page numbers and retrieval how did leland stanford make his money had a...: James T. 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