History
On May 9, 1868, Pacific Mutual Life's first policy was ceremonially issued to Leland Stanford, the company's first president from 1868-1876. While serving his second term as a United States Senator from California, he founded Leland Stanford, Jr. University (known today as Stanford University) as a memorial to his only son. Three weeks after the 1893 commencement, on June 21, Leland Stanford died. His business affairs were left in a tangled state - a circumstance aggravated by the panic of 1893.
Since the University derived its support at that time exclusively from Stanford's fortune, the financial situation became grave. The San Francisco Examiner headlined, "No Pay For The Professors!" Intent on preserving the University, Mrs. Stanford used her husband's life insurance policy to soothe the momentary financial distress and ease the plight of the strapped university professors.
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