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Canadian Pacific Railway
The Canadian Pacific Railway (French: Chemin de fer Canadien Pacifique) (reporting marks CP, CPAA, MILW, SOO), also known simply as CPR or Canadian Pacific and formerly as CP Rail (1968–1996), is a Canadian Class I railway incorporated in 1881. The railway is owned by Canadian Pacific Kansas City Limited, known until 2023 as Canadian Pacific Railway Limited, which began operations as legal owner in a corporate restructuring in 2001.
The railway is headquartered in Calgary, Alberta. In 2023, the railway owned approximately 20,100 kilometres (12,500 mi) of track in seven provinces of Canada and into the United States, stretching from Montreal to Vancouver, and as far north as Edmonton. Its rail network also served Minneapolis–St. Paul, Milwaukee, Detroit, Chicago, and Albany, New York, in the United States.
The railway was first built between eastern Canada and British Columbia between 1875 and 1885 (connecting with Ottawa Valley and Georgian Bay area lines built earlier), fulfilling a commitment extended to British Columbia when it entered Confederation in 1871; the CPR was Canada's first transcontinental railway. Primarily a freight railway, the CPR was for decades the only practical means of long-distance passenger transport in most regions of Canada and was instrumental in the colonization and development of Western Canada. The CPR became one of the largest and most powerful companies in Canada, a position it held as late as 1975. The company acquired two American lines in 2009: the Dakota, Minnesota and Eastern Railroad (DM&E) and the Iowa, Chicago and Eastern Railroad (IC&E). Also, the company owns the Indiana Harbor Belt Railroad, a Hammond, Indiana-based terminal railroad along with Conrail Shared Assets Operations. CPR purchased the Kansas City Southern Railway in December 2021 for US$31 billion. On April 14, 2023, KCS became a wholly owned subsidiary of CPR, and both CPR and its subsidiaries began doing business under the name of its parent company, CPKC.
The CPR is publicly traded on both the Toronto Stock Exchange and the New York Stock Exchange under the ticker CP. Its U.S. headquarters are in Minneapolis. As of March 30, 2023, the largest shareholder of Canadian Pacific stock exchange is TCI Fund Management Limited, a London-based hedge fund that owns 6% of the company.
The creation of the Canadian Pacific Railway was undertaken as the National Dream by the Conservative government of John A. Macdonald, together with mining magnate Alexander Tilloch Galt. As a condition for joining the Canadian Confederation, British Columbia had insisted on a transport link to the East, with the rest of the Confederation. In 1873, Macdonald, among other high-ranking politicians, bribed in the Pacific Scandal, granted contracts to the Canada Pacific Railway Company, which was unrelated to the current company, as opposed to the Inter-Ocean Railway Company, which was thought to have connections to the Northern Pacific Railway Company in the United States. After this scandal, the Conservatives were removed from power, and Alexander Mackenzie, the new Liberal prime minister, ordered construction of the railway under the supervision of the Department of Public Works.
Enabled by the CPR Act of 1874, work began in 1875 on the Lake Superior to Manitoba section of the CPR. The ceremonial sod-turning at Westfort on June 1, 1875, was prominently reported in the June 10 edition of the Toronto Globe. It noted that a crowd of "upwards of 500 ladies and gentlemen" gathered to celebrate the event on the left bank of the Kaministiquia River in the District of Thunder Bay, about four miles upriver from Fort William. Once completed in 1882 with a last spike at Feist Lake, near Vermilion Bay, Ontario, the line was turned over to the newly minted private Canadian Pacific Railway company. In 1883, the first wheat shipment from Manitoba was transported over this line to the Lakehead (Fort William and Port Arthur) on Lake Superior.
Macdonald would later return as prime minister and adopt a more aggressive construction policy; bonds were floated in London and called for tenders to complete sections of the railway in British Columbia. American contractor Andrew Onderdonk was selected, and his men began construction on May 15, 1880.
In October 1880, a new consortium signed a contract with the Macdonald government, agreeing to build the railway for $25 million in credit and 25 million acres (100,000 km2) of land. In addition, the government defrayed surveying costs and exempted the railway from property taxes for 20 years.
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Canadian Pacific Railway
The Canadian Pacific Railway (French: Chemin de fer Canadien Pacifique) (reporting marks CP, CPAA, MILW, SOO), also known simply as CPR or Canadian Pacific and formerly as CP Rail (1968–1996), is a Canadian Class I railway incorporated in 1881. The railway is owned by Canadian Pacific Kansas City Limited, known until 2023 as Canadian Pacific Railway Limited, which began operations as legal owner in a corporate restructuring in 2001.
The railway is headquartered in Calgary, Alberta. In 2023, the railway owned approximately 20,100 kilometres (12,500 mi) of track in seven provinces of Canada and into the United States, stretching from Montreal to Vancouver, and as far north as Edmonton. Its rail network also served Minneapolis–St. Paul, Milwaukee, Detroit, Chicago, and Albany, New York, in the United States.
The railway was first built between eastern Canada and British Columbia between 1875 and 1885 (connecting with Ottawa Valley and Georgian Bay area lines built earlier), fulfilling a commitment extended to British Columbia when it entered Confederation in 1871; the CPR was Canada's first transcontinental railway. Primarily a freight railway, the CPR was for decades the only practical means of long-distance passenger transport in most regions of Canada and was instrumental in the colonization and development of Western Canada. The CPR became one of the largest and most powerful companies in Canada, a position it held as late as 1975. The company acquired two American lines in 2009: the Dakota, Minnesota and Eastern Railroad (DM&E) and the Iowa, Chicago and Eastern Railroad (IC&E). Also, the company owns the Indiana Harbor Belt Railroad, a Hammond, Indiana-based terminal railroad along with Conrail Shared Assets Operations. CPR purchased the Kansas City Southern Railway in December 2021 for US$31 billion. On April 14, 2023, KCS became a wholly owned subsidiary of CPR, and both CPR and its subsidiaries began doing business under the name of its parent company, CPKC.
The CPR is publicly traded on both the Toronto Stock Exchange and the New York Stock Exchange under the ticker CP. Its U.S. headquarters are in Minneapolis. As of March 30, 2023, the largest shareholder of Canadian Pacific stock exchange is TCI Fund Management Limited, a London-based hedge fund that owns 6% of the company.
The creation of the Canadian Pacific Railway was undertaken as the National Dream by the Conservative government of John A. Macdonald, together with mining magnate Alexander Tilloch Galt. As a condition for joining the Canadian Confederation, British Columbia had insisted on a transport link to the East, with the rest of the Confederation. In 1873, Macdonald, among other high-ranking politicians, bribed in the Pacific Scandal, granted contracts to the Canada Pacific Railway Company, which was unrelated to the current company, as opposed to the Inter-Ocean Railway Company, which was thought to have connections to the Northern Pacific Railway Company in the United States. After this scandal, the Conservatives were removed from power, and Alexander Mackenzie, the new Liberal prime minister, ordered construction of the railway under the supervision of the Department of Public Works.
Enabled by the CPR Act of 1874, work began in 1875 on the Lake Superior to Manitoba section of the CPR. The ceremonial sod-turning at Westfort on June 1, 1875, was prominently reported in the June 10 edition of the Toronto Globe. It noted that a crowd of "upwards of 500 ladies and gentlemen" gathered to celebrate the event on the left bank of the Kaministiquia River in the District of Thunder Bay, about four miles upriver from Fort William. Once completed in 1882 with a last spike at Feist Lake, near Vermilion Bay, Ontario, the line was turned over to the newly minted private Canadian Pacific Railway company. In 1883, the first wheat shipment from Manitoba was transported over this line to the Lakehead (Fort William and Port Arthur) on Lake Superior.
Macdonald would later return as prime minister and adopt a more aggressive construction policy; bonds were floated in London and called for tenders to complete sections of the railway in British Columbia. American contractor Andrew Onderdonk was selected, and his men began construction on May 15, 1880.
In October 1880, a new consortium signed a contract with the Macdonald government, agreeing to build the railway for $25 million in credit and 25 million acres (100,000 km2) of land. In addition, the government defrayed surveying costs and exempted the railway from property taxes for 20 years.