Seneca County, Ohio - Chapter 12: Banks and Insurance, 1886

FOR years after the settlement of Seneca the banking house, as we know it to-day, did not exist in the county. Private enterprise, however, supplied the wants of the period, and moneys were loaned at any rate of interest which might be agreed upon, with u-onclad security. In many cases financial aid was given by one neighbor to another, with simply a ' ' promise to pay ' ' when convenient. A reference to the organic chapter points out the fact that loans of a few thousand dollars - a large sum for that period - were negotiated in Vii-ginia, and later in the more important cities in Ohio; then followed the "wild-cat" banks and counterfeiters' dens, which, on being wiped out, gave place to legitimate banking houses. The first bank may be said to have been established in July, 1847, when A\illiam H. Gibson, Benjamin Tomb, Samuel Waggoner, R. G. Pennington, Alfred Johnson, Rufus W. Reid, Daniel Smith, William Fleet, William M. Buel and Daniel Brown subscribed $15,000, and applied for power to open a banking house. Less than a month later the application was amended, the capital stock raised to §100.000. other memlsers added to the original company, and a charter granted by the county commissioners.

Aiif^iist 1), 1S47. Tbo bank was opened November 18, 1847. This was followed by the Bank of Tiffin, organized in iSoS; the National Exchange Bank, organized in ISC)."); the Tiffin Savings bank, organized in the spring of IS73, and incorporated March li, 1873, and the Commercial Bank, opened in June, liS76, one of the leading houses of northwestern Ohio. Fo.ster & Co. and Emerine & Co., of Fo.storia. are among the leading Ijankers of the State, while in the princijial villages throughout the county regularly organized banks are found, all of which are noticed in the township and city histories.

Insurance Companies. - The first local insurance corporation was known as/ the "Seneca County Mutual Fire Insurance Company" , chartered by the State, and organized March 19, 1850, with Antlrew Lugenbeel, president, and J. W. AVilson, secretary and general agent. The first policy was issued October 29, 1850. The secretary died at the beginning of the winter of 1S5(), when William Lang, who was president in 1851, was elected secretary. He found the company's affairs in bad condition, was unable to extricate the concern, and finally John McCauley was called in as directors' attorney, to coUect assessments, pay off debts and wind up its affairs.

The Farmers' Mutual Relief Insiirance Company was established in 1858, and reorganized under State law, April 12, 1878. Among its leading members are grouped some of the best citizens of the county.

The Tiffin Mutual Aid Association was organized January 23, 1879, with the following named members: Albert L. Flack. John Houck, Edward Joncw, W. P. Noble, A. J. Brickner and E. J. McCollum, M. D. This is one of the floiu'ishing local insiu-ance companies of the State.

The Golden Rule Aid Company, of Tiffin, was organized October 19, 1 880, with J. W. Ridgely, J. W. Chamberlin, S. Chamberlin, Charles Martin and L. Montague, members.

The Mechanics' Mutual Protection Society No. 25, was organized under State law, January 20. 1849, on motion of D. Cunningham, with H. T. Dewey, S. P. ; John Pool-man, J. P. ; Cyrus Milhouse, R. S. ; William Kielholls, Jacob Huss and Cyrus Milhouse, trustees. The first annual election of officers of the Union Aid Society of Tiffin, was held August 1 8, 1883, and the following officers were elected for the ensuing year: President, W. H. Myers; vice-j)resident, L. Friedel; secretai-y, Nicholas Smith; treasurer. John Lawrence.

The foreign insurance companies introduced their business into the county about twenty-nine years ago, when the Home Insurance Company wrote policies. This was followed by the Mias., and so on until the capital represented liere now may be said to amount to $1,000,000,000.

Gabriel J. Keen insured at a time when all policies were written at the home offices of the companies he represented. John T. Huss, whose tragic ending is refen-ed t« in other pages, was also an insurance agent. Bachman <fc Keppel transacted a very large business here for some years. A. H. Byers and A. L. Flack were also extensively engaged. The latter was succeed(>d by H. T. Hell(>r. of Ottawa County, who has now one of the leading insurance agency offices of the county. A. C. Barber's agency was established about 1873, and conducted by him until his interests wore purchased by Charles J. M. Sullivan, ten years later. The companies represented by Mr. Sullivan are among the best known doing business in the United States.