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Consolidated Lake Superior Company

$55.00

SKU: 7336
Product Details

 

Beautifully engraved antique stock certificate from the Consolidated Lake Superior Company dating back to the early 1900's. This document, which is signed by the company Vice President and Assistant Treasurer, was printed by the Franklin-Lee Bank Note Company and measures approximately 11 3/4" (w) by 8" (h). 

 

This certificate's fantastic vignette features a detailed industrial scene with workers, trains, trams and multiple smokestacks belching black smoke into the sky.

Images

You will receive the exact certificate pictured.

    Historical Context

    The Consolidated Lake Superior Company, and its transportation arm the Ontario Lake Superior Company, were financed by Philadelphia industrialists, and ruled the vast empire that had risen in less than a decade at Sault Ste. Marie.

     

    The Consolidated Lake Superior Company capped one organizational pyramid consisting of the Nickel Steel Company, the original Lake Superior Power Company, a pulp and paper company, the Canadian-Electro Chemical Company, and the company supplying water and light to the town.

     

    The Ontario Lake Superior Company controlled the Algoma Central Railway, the Algoma Commercial Company - a traction, forest products, real estate and mining property holding company - and a fleet of 16 ships.

     

    In December of 1901, the two companies were consolidated into the Consolidated Lake Superior Corporation. The following year, the Algoma Steel Company was added to the fold.

     

    At the head of this vast, sprawling enterprise stood Francis Hector Clergue - its architect, manager and tireless promoter.

     

    By 1902 the Consolidated Lake Superior Company had reached its peak. However the weaknesses of the Clergue industries were quickly becoming apparent and by December of 1902 the Consolidated Lake Superior Company was in need of a loan to meet expenses. A loan was secured from Speyer & Co. of New York in December, 1902. As part of the loan agreement the company's structure was reorganized. In 1903 the Consolidated Lake Superior Company defaulted on the loan forcing the company into receivorship.

     

    A Reorganization Committee was formed in 1903 and early in 1904 the Canadian Improvement Company Limited was formed to underwrite the bonds of a new holding company. In 1904 the Reorganization Committee negotiated with the Ontario Government to pass an act guatanteeing a loan of $2,000,000 to obtained by the Canadian Improvement Company. In 1904 it purchased the securities of all the subsidiary companies from Speyer & Company and transferred them to the new holding company, the Lake Superior Corporation which was incorporated on May 19, 1904. On May 23, 1904 the director's of the Consolidated Lake Superior Company held its last meeting.