It took over 50 years for Stanford to reach the second ranks of elite colleges, and plausibly 80 years to be unambiguously among the first rank. Investments that pay off after death have few takers.

Helped if the first graduate not only made an absolute fortune, translated a well-known work of classics, and became President...

I think this comment fails to see that this isn't about philanthropy but about buying into networks/access/prestige that these schools (Yale, Horace Mann) provide.

Leland Stanford's reason for starting Stanford in his son's name was to honor his son's memory (who died when he was nine). Perhaps if his son was alive and wanted to attend college, he may have donated to Harvard or Wharton instead.

and Andrew Carnegie

Don't forget Andrew Mellon ;)