The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

12 + WATERLOO CHRONICLE + Wednesday, July 18, 200 S STORE HOURS: MONâ€"FRI. 9:30â€"9, SAT. 9:30â€"6, SUN. 11â€"5 14Work Wearhouse Clothes That Work. IIG Waterloo opened for business e new industries that T:ere founded and grew in 19thâ€"century Waterloo often needed financing for new buildings, machinery and wages. A burgeoning realâ€"estate market, both rural and urban, also needed access to loans and mortgages. The constant threat of fire demanded safeguards that only financially solid companies could underwrite. In the early days of Waterloa, a number of highly competent individuals jumped in to respond to those needs. Two banks opened branches in the village: the Commercial, before 1861, and the Bank of Montreal, in 1862. More recently, in 1914, Molâ€" son‘s Bank purchased vacant land on the southwest corner of King and Erb streets, long a popular meeting place, and built sturdity in 1914. (That building has been recognized of historical significance by Waterâ€" loo‘s Heritage Committee.) Much more significant than banks in the history of early Waterioo is the saga of its variâ€" ous insurance companies. A few physical relics of their development can still be seen today. The Waterloo County Mutual Fire Insurance Co. opened for business in 1863. The principals Its first president was Moses Springer, the first reeve of Waterloo Village and the first mayor of the town. Apparently he did insurance very well, too. in it learned about insurance by doing it. In 1868, that company set up a branch: the Ontario Mutual Life Assurance Co. The employâ€" ees learned about doing life insurance. And they did it very well. The North Waterloo Farmers Mutual Fire Insurance Co. was formed in 1874. From 1924 it used a small office on Erb Street West, behind the Devitt Block (itself behind the present Bank of Montreal, and now sadly gone) and (appropriately) next to a blacksmith‘s forge. It then moved eastward on Erb Street. The Mutual Life Insurance Co. was formed in 1878 and with great confidence built an imposing home on Erb Street West, across Albert from the new town hall. The building at Erb and Albert is still doing insurance work by housing a police diviâ€" sion. Mutual Life continued to grow until it needed the noble 1912 edifice at King and Union streets (itself also designated a heritage building}. Dominion Life was founded in 1889 and operated from a 500 Fairway Rd. S. and 1400 Ottawa St. in the Sunrise Shopping Centre 50 WESTMOUNT RD. N. WATERLOO Prices also in effect at our Kitchener locations suitably sober building on the southeast corner of King and Duke (Dupont) streets. In 1912 it inherited the old Mutual Life building. Waterloo Trust was estabâ€" lished in 1913 and began opera tions unremarkably in the Erb and Albert building. The King and Dupont buildâ€" ing, enlarged, became home in turn to the Waterloo Mutual Fire Insurance Co. The practice of financial musical chairs was continued by the Equitable Life Insurance Co. Founded in 1920, it moved its offices out of the King and Dupont "Insurance Building"into the Devitt Block and later into its own premises A number of other financial institutions originated in Waterâ€" loo. The initiative and capability of many local businessmen have accounted for Waterloo‘s reputation as the insurance capital of Canada. Terence Scully, a member of the Municipal Heritage Comâ€" mittee, with the support of the Waterloo public library, and Heritage Resources, will be writâ€" ing a column biâ€"weekly throughout 2007 to celebrate Waterloo‘s 150th anniversary. Scully can be reached by emailâ€" ing tscully@wlu.ca.