Fonds 999.8.3 - Algoma Central Terminals fonds

Title and statement of responsibility area

Title proper

Algoma Central Terminals fonds

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    Fonds

    Reference code

    CA ON00264 999.8.3

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    Statement of scale (cartographic)

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    Issuing jurisdiction and denomination (philatelic)

    Dates of creation area

    Date(s)

    • 1912-1955 (Creation)

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    Physical description

    50 cm textual records 7 reels microfilm

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    Administrative history

    Algoma Central Terminals was incorporated by letters Patent on October 18, 1912 to own and operate railway terminal facilities. It was capitalized at $100,000. The company was created in reponse to the Algoma Central Railway's need for funds in order to complete its rail line to the National Transcontinental Rail line. The Algoma Central Railway needed to complete the rail line if it was to have any hope of becoming profitable however the company had reached the limit of what it could mortgage to raise the necessary funds. Following the incorporation of the Algoma Terminals Company, the directors of the Algoma Central Railway passed a resolution stating that the terminal facilities of the railway were no longer necessary to the operation of the railway. These facilities including tracks, land and buildings were then sold to the Algoma Central Terminals for $1 and then promptly leased back to the railway for 999 years. The Algoma Central Terminals then issued a series of first mortgage bonds which were sold in England. This raised enough money to complete construction of the rail line. Similarly the Algoma Eastern Terminals Co. was also created to own and operate the railway terminal facilities of the Algoma Eastern Railway and its mortgage bonds were also sold to raise funds. The Algoma Central Terminals went into receiverships with the Algoma Central Railway in February of 1915. A Scheme of Arrangement was reached with the bondholders in February of 1916. The Algoma Central Terminals was dissolved on November 30, 1955.

    Custodial history

    Scope and content

    This fonds consists of balance sheets, documents relating to the 1916 Scheme of Arrangement, property ledgers, Bond Holder Committee Reports, construction statements and voucher journals.

    Notes area

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    Immediate source of acquisition

    Donated by the Algoma Central Corporation 2000.

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        Open

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        An inventory is available for this fonds.

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