On today’s date in 1899, the Dominion Copper Company (DCC) was incorporated in Toronto by Canadian senator and businessman George Albertus Cox and several associates from Mackenzie, Mann and Company.
During its short yet tumultuous existence, the DCC sold stock certificates in an attempt to generate the income necessary to continue its operations. Some of these certificates were printed by the American Bank Note Company in 1906.
That year, the DCC offered $5 million worth of market shares.
THE DCC DEFAULTS
A story published on the front page of the Phoenix Pioneer two years later explains a new receivership was appointed to the DCC in a Canadian court only a few days prior.
“The application was made by reason of default in the terms of the company’s mortgage, under which bonds to the extent of $1,000,000 were issued,” reads the Oct. 10, 1908 story. “The mortgage provided that an amount equal to 10 per cent of the outstanding bonds should, by June 1st of each year, be turned into the sinking fund for the annual retirement a portion of the issue.”