Fonds 1996.9.1 & 1999.8.1 & 2001.1.1 - Algoma Central and Hudson Bay Railway Company fonds

The Algoma Central Railway Company, originally part of the industrial complex in Sault Ste. Marie developed by Francis H. Clergue, was incorporated by a Special Act of the Ontario Legislature in 1899. Its charter allowed the company to construct a railway between Sault Ste. Marie and the CPR with branches up to 12 miles in length; to operate telephone and telegraph lines; to operate steamships; to build and operate dock facilities and the right to secure grants and aid from government bodies. A Dominion Charter containing similar provisions was obtained the same year. By 1900. the first rail line between the Helen Mine and Michipicoten Harbour was completed and used for transporting iron ore. In 1901 the Algoma Central Railway Company changed its name to the Algoma Central and Hudson Bay Railway Company and its charter was amended to enable it to extend its line to James Bay. The company received cash and tax subsidies from all three levels of government and a land grant which included timber and mineral rights from the Provincial government for each mile of track completed. In return the company was to settle 1000 male immigrants each year along the line for ten years and was to establish a steamship line from Michipicoten Harbour to Sault Ste. Marie. The Algoma Central Steamship Line operated as a department of the company, running a fleet of lake boats which transported iron ore from Michipicoten Harbour to Sault Ste. Marie as well as carrying other freight. Following the crash of the Consolidated Lake Superior Company in 1902, the Algoma Central and Hudson Bay Railway Co.'s land grants which had been consigned to the Algoma Commercial Co.,were returned. In December 1914, the Algoma Central and Hudson Bay Railway Co. failed to meet interest payments on their first mortgage bonds and was thrown into receivorship. The Lake Superior Corporation had guaranteed the bonds but was unable to fulfill its obligations to the bondholders. On February 21, 1916 a Scheme of Arrangement was reached between the Lake Superior Corporation and the Bondholder's Committee. The Bondholder's Committee took control of the railway until the principle and interest of the bonds were paid in full. In 1931 a Scheme of Arrangement was reached which created the Algoma Consolidated Corporation. Through a series of transfers, the interests of the Algoma Steel Corporation and the Algoma Central and Hudson Bay Railway were separated. The Algoma Central and Hudson Bay Railway remained in receivorship until 1959. In 1937 the railway dropped the idea of extending its line to Hudson Bay, however it was not until 1965 that the railway changed its name back to the Algoma Central Railway Company. In 1990 the Algoma Central Railway Company changed its name to the Algoma Central Corporation and the company was divided into three distinct operating groups, Algoma Central Marine, Algoma Central Railway & Algocen Mines and Algoma Central Properties. In 1994 the Algoma Central Corporation sold its facilities at Michipicoten Harbour. Then in 1995 a deal with Wisconsin Central Railway to purchase the rolling stock was reached with the road beds, rails, buildings, yards and land corridor being purchased by the province and leased to Wisconsin Central Railway. In 1997 the Algoma Central Corporation sold its considerable land holdings north of Sault Ste. Marie to the McDonald Investment Co. Inc. of Birmingham, Alabama and in 1998 moved its offices to St. Catharines to be in closer contact with its Great Lakes shipping fleet which is now the company's primary focus.