Algoma Consolidated Corporation Limited

Incorporated in 1930 as the holding company for the companies which had been part of the industrial complex developed in Sault Ste. Marie by Francis H. Clergue then held by Lake Superior Corporation  Through a series of agreements the Lake Superior Corporation lost all of its interests in the Algoma Central and Hudson Bay Railway and a third of its assets in other subsidiary companies and the shareholders of the Lake Superior Corporation acquired two thirds of the stock of the Algoma Consolidated Corporation. The Scheme of Arrangement failed when the Lake Superior Corporation’s main asset, the Algoma Steel Corporation went into receivership in 1932. In 1934, Sir James Dunn enlarged his control over Algoma Steel and reorganised it as a company of the same name. Dunn then went on to purchase any outstanding Lake Superior Corporation bonds and then wound up both companies in 1939.
Capital 400,000 7% Cumulative Redeemable Preference shares of $5 and 800,000 Common shares of no par value.