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About Capital journal. (Salem, Or.) 1919-1980 | View Entire Issue (March 30, 1949)
G is Ge Al : mi SS.93 SS.75 oil pel am j, J 't -16 Capital Journal, Salem, Ore., Wednesday, March 30, 1949 Pacific Mutual Built Well on Foundation of 80 Years Ago Pacific Mutual Life Insurance of California, builder of Salem's great retail shopping center on North Capitol between Center and Union, was founded to meet a need that was rapidly shaping up in the far west 80 years ago. The year of its birth was 1869. end the place Sacramento. Among its founders were men whose names are known to BI I , jj . BI ' fu If 111 $ anyone who has read western history, or about western In dustry, or western philanthropy. And today the names are known as well to the east as to the west. Among them: Leland Stanford Gold seek er In the early '50s; then suc cess f u 1 Sacramento business man, spearheading the project ed building of the Central Paci fic railroad to link California with the east. California gover nor, later U.S. senator. Found er of Leland Stanford Junior university. First picsldent of California's first life insurance company, Pacific Muiual and. incidentally, the owner of Paci fic Mutual Policy Number 1. Newton Booth Lawyer who went to California in 1849, be came a wholesale merchant In Sacramento, became state sena tor, then governor and later moved on to the U.S senate. Henry Huntley Haight Came west to join his father in the pioctlce of law and in due time was elected governor. Mark Hopkins Left his home in New York in early life, became one of Sacramento's most successful business men; later a powerful factor in de veloping San Francisco, where his name is perennially hon ored. Charles Crocker Descend ant of a titled English family which settled in the United States in the 17th century, "crossed the plains' from the Atlantic coast in 1850, became a merchant, superintended the construction of the Central Pa cific and known in commercial and banking circles. James McClatchy Powerful ehampion of right and justice owned and published the Sacra mento Bee still one of the state's leading dallies and one of a group of newspapers that carry on in the name of Mc Clatchy. Others among Pacific Mutu al': founders John H. Carroll, Samuel Lavenson, Daniel W Earl, James Anthony. Darius O. Mills, Robert Christopher Clark each functioned as a stalwart builder of this early west. It was the policy of Pacific Mutual to move constructively In all directions. Sound princi ples. That might have been Its slogan from the start, and could be today as well. At the start it got the services of Elizur Wright, who has been called "the father of modern Ameri can life insurance," and consid ered among the foremost life insurance actuaries of all time By 1870 the company was of fering life insurance protection to the people of California, Ne vada, Idaho, the Dakotas, Utah and Oregon, and had establish ed an office in Chicago. Four years later it was doing bust ness from coast to coast and from the Mexican to the Cana dian border. Moving rapidly, in the early '70s Pacific Mutual recognized the importance of combining a death benefit for family protec tion with a savings-investmen element for personal benefit' in later years. In 1885 it enti-red accident and sickness insurance field. In 1888 came the railroad de partment, to serve railroad em ployes with accident and sick ness protection. Within the next decade it ex panded into industrial insurance and later the Industrial business was transferred to another com pany specializing In that field. Early the company identified itself with the development of California's agriculture and in dustry, which it aided with In vestment of its funds. Many en terprises were financed includ ing grain growing, livestock, vinyards and orchards, trans portation of numerous other industries. The company's offices were moved to San Francisco in 1881 and occupied Its own seven-story building. It was recognized now as one of the great financial in stitutions of the Pacific coast. In 1803 Leland Stanford died A panic was on. Stanford was rated a millionaire, but it turn ed out that the $10,000 Pacific Mutual policy he owned, the first ever issued by the company, was the only item of immediately available cash in his estate. His widow used it to keep open the doors of Stanford university. Early in this century the com pany introduced two new cov erase plans. One was permanent total disability benefit. The other combined accident and sickness benefit with life insurance. In 1905 Conservative Life In surance company was brought under the same management with Pacific Mutual. New opera Hon plans were made. Then came the San Francisco earthquake and fire of 1906. The company's home office building' was destroyed, but the vaults containing Its records and secu rities were saved. That led to the decision to move the home office to Los Angeles A policy of careful selection of the men who represent it in the sale of its coverages to the public has been followed, and a sales training course established The 1920s brought develop ment in one field of protection that had not been fully provided for personal old age income. Well developed now is the program of basic coverage known as the Pacific Mutual New and Unusual Savings Plan. This plan, providing, in practical combina tions, income protection in case of accident and sickness and for old age and death, forms the basis of a big percentage of Pa cific Mutual s current sales to younger-age clients who pre also family heads. Nineteen thousand accidental deaths occur annually on Amer ican farms. a minnow AND CHEESE DIDDER HI m) if ha) Dick Eckley, who is in charge of the ice cream de partment. Berg's makes its own ice cream, and has two machines at the right of the Center street entranre. Antarctica is almost as large as South America. RICH IN CHEDDAR CHEESE! Hera a Macaroni mi Qmm Dkmar that b raa&f food, for It's Bade with plenty of sharp American Cheddar Cheese, combined with the rich, d Scion (oodoM of Mmto. Macaroni! Toal Im it It's handy id tht cap board, easy to prepare, and make a debcioM dinner for foarl Ask for it at your grocer' t today ! ITS MEALTIME MAGIC! Talk about tptrd! Jutt 9 miiufva from pock of to loNa iHm'i mil fa lnkm to mfrto thit oVMrloaa mool-itolii that laaM to good mnd moat to littltl PAR-TT-IPAIX Wishes You Success ELMER BERG, In Your New MODERN FOOD STORE mKMmt.mssimm NEW DISTRIBUTING CO. Distributors of Por-T-Pak Beverages 975 Shipping Street PICKLES Your Table! Your Sandwiches! Deserve the Finest SERVE "HOMESTILE PRODUCTS" From Grower to Consumer Insures QUALITY and ECONOMY PICKLES-KRAUT Best Wishes ON YOUR NEW MARKET Mr. Berg We are proud to be part of your Super Market CURLEY'S DAIRY The WILLAMETTE GROCERY CO. Distributors of Elsinore and Tasty Pak Fine. Foods Congratulate You The opening of this fine new market is another step to a greater Salem, and we feel that the people of Oregon will appreciate your efforts in making this one of Oregon's Finest Stores. Hr,w i .-a ELSINORE & TASTY PAK "The Brands in Demand" These well-known brands will be featured in this Newest Super Market WILLAMETTE GROCERY CO. Distributors of Elsinore and Tasty Pak Fine Foods SALEM OREGON
