96-609: OmniTRAX, Inc. is a transportation and transportation infrastructure holding company based in Denver , Colorado , in the United States. It primarily owns or operates railroads , with a network of 25 regional and shortline railroads in 12 U.S. states and three Canadian provinces. It is one of the largest privately owned railroad companies in the United States. The firm also invests in, develops, and operates ports , multimodal transportation terminals , and industrial parks . OmniTRAX
192-694: A £sd -based monetary system or a decimal monetary system based on the US dollar. The British North American provinces, for reasons of practicality in relation to the increasing trade with the neighbouring United States, had a desire to assimilate their currencies with the American unit, but the imperial authorities in London still preferred sterling as the sole currency throughout the British Empire . The British North American provinces nonetheless gradually adopted currencies tied to
288-498: A 3-mile (4.8 km) switching railroad in Peru, Illinois . By March 2016, OmniTRAX owned 20 shortline railroads operating in 12 U.S. states and three Canadian provinces. In the early months of the year, it spent $ 14 million restoring 7 miles (11 km) of track between Greeley and Windsor , Colorado. This halved the rail traffic passing through the town of Fort Collins by providing a shorter route for traffic intended for routing along
384-624: A 76.5-mile (123.1 km) BNSF Railway route in January 2005. This route, shaped like an inverted capital "U", ran from Kettle Falls, Washington , north to the U.S.-Canadian border at Laurier, Washington , crossed the border to reach Cascade City , British Columbia , traveled west to Almond Gardens , then south to cross the border to follow Washington State Route 21 to Republic, Washington . Another 83 miles (134 km) of line (from Kettle Falls southeast to Chewelah, Washington , and from Kettle Falls northwest to Columbia Gardens , British Columbia)
480-509: A Vancouver restaurant with Collins. Their conversation allegedly regarded the sale of a BC Rail spur line to OmniTRAX. The sale of the spur was cancelled after law enforcement officials revealed to Collins that the sale had been compromised due to the disclosure of confidential government information. Law enforcement officials investigated the dinner meeting, but never charged Broe, Johnson, or Collins with wrongdoing. OmniTRAX strongly asserted it had committed no ethical or legal infractions regarding
576-440: A common Canadian dollar. The gold standard was temporarily abandoned during World War I and definitively abolished on April 10, 1933. At the outbreak of World War II , the exchange rate to the U.S. dollar was fixed at Can$ 1.10 = US$ 1.00. This was changed to parity in 1946. In 1949, sterling was devalued and Canada followed, returning to a peg of Can$ 1.10 = US$ 1.00. However, Canada allowed its dollar to float in 1950, whereupon
672-618: A cut in interest rates made by the Bank of Canada due to concerns about exports to the U.S. Due to its soaring value and new record highs at the time, the Canadian dollar was named the Canadian Newsmaker of the Year for 2007 by the Canadian edition of Time magazine. Since the late 2000s, the Canadian dollar has been valued at levels comparable to the years before its swift rise in 2007. For most of
768-558: A firm that provided ultra-fine-grain sand for hydraulic fracturing purposes. These included three "frac sand" facilities (in Montana and Texas) and the mineral rights to a frac sand mine in Wisconsin. OmniTRAX intended to supply frac sand to Broe Group energy development companies as well as to other customers in Bakken Formation of Manitoba, Montana, North Dakota , and Saskatchewan;
864-409: A gift (a trip to Denver to see a football game), but OmniTRAX officials disregarded his advice. Law enforcement officials never charged OmniTRAX with any wrongdoing in regards to the bribery effort or the receipt of stolen documents. OmniTRAX ultimately bid C$ 710 million for BC Rail, a C$ 4 million increase over its initial second-round bid. Although Crown prosecutors believed the improved OmniTRAX bid
960-517: A matter of broadcast regulation . In the United States, a personal holding company is defined in section 542 of the Internal Revenue Code . A corporation is a personal holding company if both of the following requirements are met: A parent company is a company that owns enough voting power in another firm (or subsidiary ) to control management and operations by influencing or electing its board of directors . The definition of
1056-425: A parent company differs from jurisdiction to jurisdiction, with the definition normally being defined by way of laws dealing with companies in that jurisdiction. When an existing company establishes a new company and keeps majority shares with itself, and invites other companies to buy minority shares, it is called a parent company. A parent company could simply be a company that wholly owns another company, which
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#17330851402531152-907: A short line linking several industrial customers to the Port of Stockton , the Union Pacific, and the BNSF. The company expanded its operations in Oklahoma in June 2014 when it purchased the 32-mile (51 km) Sand Springs Railway between Tulsa, Oklahoma and Sand Springs, Oklahoma . In September 2016, it acquired the 146-acre (59 ha) former Gerdau steel mill site in Sand Springs. The company said it would work with other Broe Co. subsidiaries to build residential, retail, industrial, logistics, and transportation buildings and facilities there. June 2014 also saw OmniTRAX purchase
1248-624: A sterling-based unit, with decimal fractional coinage. The idea was that the decimal coins would correspond to exact amounts in relation to the U.S. dollar fractional coinage. In response to British concerns, in 1853, an act of the Parliament of the Province of Canada introduced the gold standard into the colony, based on both the British gold sovereign and the American gold eagle coins . This gold standard
1344-465: A tending subsidiary of the purchasing company, which, in turn, becomes the parent company of the subsidiary. (A holding below 50% could be sufficient to give a parent company material influence if they are the largest individual shareholder or if they are placed in control of the running of the operation by non-operational shareholders.) In the United Kingdom, the term holding company is defined by
1440-407: A wartime measure, nickel was replaced by tombac in the 5¢ coin, which was changed in shape from round to dodecagonal . Chromium-plated steel was used for the 5¢ in 1944 and 1945 and between 1951 and 1954, after which nickel was readopted. The 5¢ returned to a round shape in 1963. In 1935, the 0.800 silver voyageur dollar was introduced. Production was maintained through 1967 with the exception of
1536-504: Is French for "loon," the bird appearing on the coin). The French pronunciation of cent (pronounced similarly to English as /sɛnt/ or /sɛn/ , not like the word for hundred, /sɑ̃/ or /sã/ ) is generally used for the subdivision; sou is another, informal, term for 1¢. 25¢ coins in Quebec French are often called trente sous ("thirty cents") because of a series of changes in terminology, currencies, and exchange rates. After
1632-430: Is capable of holding up to 25 short tons (23 t) of frac sand or ceramic material. The bin can be used for transportation or storage, and contains its own dust suppression features. Holding company A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose
1728-425: Is cheaper for Canadian industries to purchase foreign material and businesses. The Bank of Canada currently has no specific target value for the Canadian dollar and has not intervened in foreign exchange markets since 1998. The Bank's official position is that market conditions should determine the worth of the Canadian dollar, although it occasionally makes minor attempts to influence its value. On world markets,
1824-458: Is defined by Part 1.2, Division 6, Section 46 of the Corporations Act 2001 (Cth) , which states: A body corporate (in this section called the first body) is a subsidiary of another body corporate if, and only if: Toronto-based lawyer Michael Finley has stated, "The emerging trend that has seen international plaintiffs permitted to proceed with claims against Canadian parent companies for
1920-523: Is governed by the Currency Act , which sets out limits of: Retailers in Canada may refuse bank notes without breaking the law. According to legal guidelines, the method of payment has to be mutually agreed upon by the parties involved with the transactions. For example, stores may refuse $ 100 banknotes if they feel that would put them at risk of being counterfeit victims; however, official policy suggests that
2016-400: Is not given back as change. The standard set of designs has Canadian symbols, usually wildlife, on the reverse, and an effigy of Charles III on the obverse . A large number of pennies, nickels, and dimes are in circulation bearing the effigy of Elizabeth II , and occasionally some depicting George VI can be found. It is also common for American coins to be found among circulation due to
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#17330851402532112-422: Is only available directly from the mint, therefore seeing very little circulation), $ 1 ( loonie ), and $ 2 ( toonie ). The last 1¢ coin ( penny ) to be minted in Canada was struck on May 4, 2012, and distribution of the penny ceased on February 4, 2013. Ever since, the price for a cash transaction is rounded to the nearest five cents. The penny continues to be legal tender, although it is only accepted as payment and
2208-453: Is sometimes done on a per- market basis. For example, in Atlanta both WNNX and later WWWQ are licensed to "WNNX LiCo, Inc." (LiCo meaning "license company"), both owned by Susquehanna Radio (which was later sold to Cumulus Media ). In determining caps to prevent excessive concentration of media ownership , all of these are attributed to the parent company, as are leased stations , as
2304-402: Is the fifth-most held reserve currency in the world, behind the U.S. dollar , euro , yen , and sterling . The Canadian dollar is popular with central banks because of Canada's relative economic soundness, the Canadian government's strong sovereign position, and the stability of the country's legal and political systems. The 1850s in Canada were a decade of debate over whether to adopt
2400-431: Is then known as a " wholly owned subsidiary ". Canadian dollar The Canadian dollar ( symbol : $ ; code : CAD ; French : dollar canadien ) is the currency of Canada. It is abbreviated with the dollar sign $ . There is no standard disambiguating form, but the abbreviations Can$ , CA$ and C$ are frequently used for distinction from other dollar -denominated currencies (though C$ remains ambiguous with
2496-428: Is to own stock of other companies to form a corporate group . In some jurisdictions around the world, holding companies are called parent companies , which, besides holding stock in other companies, can conduct trade and other business activities themselves. Holding companies reduce risk for the shareholders , and can permit the ownership and control of a number of different companies. The New York Times uses
2592-478: The 1963 election . The Canadian dollar returned to a fixed exchange rate regime in 1962 when its value was set at US$ 0.925 , where it remained until 1970. As an inflation -fighting measure, the Canadian dollar was allowed to float in 1970. Its value appreciated and it was worth more than the U.S. dollar for part of the 1970s. The high point was on April 25, 1974, when it reached US$ 1.0443 . The Canadian dollar fell in value against its American counterpart during
2688-674: The Brownsville and Rio Grande International Railroad in Texas , bringing its number of rail subsidiaries to 19. This made OmniTRAX the third-largest shortline railroad company in the United States, behind Genesee & Wyoming and Watco . As part of the Brownsville & Rio Grande purchase, OmniTRAX also received a 30-year lease on 1,200 acres (490 ha) within the Brownsville Navigation District (the governmental entity which runs
2784-877: The Central Kansas Railway to run on the lines. The Kansas Southwestern Railway merged into the Central Kansas Railway in May 2000, and then OmniTRAX sold the Central Kansas Railway to Watco in April 2001. OmniTRAX purchased 31 miles (50 km) of track between Borger and Panhandle, Texas , from the Atchison, Topeka & Santa Fe in November 1993. It formed the Panhandle Northern Railroad to operate on this track. Eighteen months later, in May 1995, OmniTRAX leased
2880-473: The Companies Act 2006 at section 1159. It defines a holding company as a company that holds a majority of the voting rights in another company, or is a member of another company and has the right to appoint or remove a majority of its board of directors, or is a member of another company and controls alone, pursuant to an agreement with other members, a majority of the voting rights in that company. After
2976-564: The Eagle Ford Shale of Texas; and the Permian Basin of New Mexico and Texas. OmniTRAX's attempt to open the Wisconsin mine led to a lawsuit in February 2017 by local residents who feared the noise, light, and traffic associated with the mine. Although OmniTRAX won a state permit to fill in 4 acres (1.6 ha) of wetland as part of a proposed 10-mile (16 km) railroad associated with
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3072-455: The Nicaraguan córdoba ). It is divided into 100 cents (¢). Owing to the image of a common loon on its reverse, the dollar coin, and sometimes the unit of currency itself, may be referred to as the loonie by English-speaking Canadians and foreign exchange traders and analysts. Accounting for approximately 2% of all global reserves, as of January 2024 the Canadian dollar
3168-493: The Port of Brownsville and other transportation and shipping infrastructure in the Brownsville, Texas , area). Under the terms of the deal, the company agreed to invest at least $ 8.5 million in rail and port upgrades, and help market 1,200 acres (490 ha) of undeveloped port land. OmniTRAX said it would build an industrial park on the land. By the end of 2014, the firm also controlled the Peru Industrial Railroad ,
3264-552: The Union Pacific Railroad in April 1991. In June 1992, OmniTRAX purchased all the outstanding stock of the Chicago West Pullman Transportation Co., which owned the 1.78-mile (2.86 km) Manufacturers' Junction Railway at Cicero, Illinois ; the 13-mile (21 km) Newburgh and South Shore Railroad at Cleveland , Ohio ; the 72-mile (116 km) Chicago Rail Link at Chicago , Illinois ;
3360-490: The chartered banks starting in the 1830s, by several pre- Confederation colonial governments (most notably the Province of Canada in 1866), and after confederation, by the Canadian government starting in 1870. Some municipalities also issued notes, most notably depression scrip during the 1930s. On July 3, 1934, with only 10 chartered banks still issuing notes, the Bank of Canada was founded. This new government agency became
3456-613: The financial crisis of 2007–2008 , many U.S. investment banks converted to holding companies. According to the Federal Financial Institutions Examination Council 's website, JPMorgan Chase , Bank of America , Citigroup , Wells Fargo , and Goldman Sachs were the five largest bank holding companies in the finance sector, as of December 2013 , based on total assets. The Public Utility Holding Company Act of 1935 caused many energy companies to divest their subsidiary businesses. Between 1938 and 1958
3552-405: The technological boom of the 1990s that was centred in the United States, and was traded for as little as US$ 0.6179 on January 21, 2002, which was an all-time low. Since then, its value against all major currencies rose until 2013, due in part to high prices for commodities (especially oil ) that Canada exports. The Canadian dollar's value against the U.S. dollar rose sharply in 2007 because of
3648-600: The $ 5 and $ 10 denominations began circulation on November 12, 2013. Since 1935, all banknotes are printed by the Ottawa-based Canadian Bank Note Company under contract to the Bank of Canada. Previously, a second company, BA International (founded in 1866 as the British American Bank Note Company), shared printing duties. In 2011, BA International announced it would close its banknote printing business and cease printing banknotes at
3744-420: The 1¢ plated in copper and the others plated in cupro-nickel . In 2012, the multi-ply plated-steel technology was introduced for $ 1 and $ 2 coins as well. Also in that year mintage of the 1¢ coin ceased and its withdrawal from circulation began in 2013. The first paper money issued in Canada denominated in dollars were British Army bills, issued between 1813 and 1815. Canadian dollar banknotes were later issued by
3840-662: The 25-mile (40 km) Chicago, West Pullman and Southern Railroad in Chicago; the 17.3-mile (27.8 km) Georgia Woodlands Railroad in Warren and Wilkes counties, Georgia ; and the Wisconsin and Calumet Railroad in southern Wisconsin and northern Illinois. The Wisconsin & Calumet was sold less than a month later to the Wisconsin and Southern Railroad . OmniTRAX purchased the abandoned Western Electric Hawthorne Works in Cicero, which
3936-606: The 25.5-mile (41.0 km) Northern Ohio & Western Railway from the Sandusky County/Seneca County/Tiffin Port Authority. OmniTRAX moved into Canada in November 1996 with its purchase of the Hudson Bay Railway , which ran from The Pas , Manitoba , to the Port of Churchill in Churchill, Manitoba . OmniTRAX then purchased the port itself for C$ 1 in November 1997. As part of the deal,
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4032-571: The American dollar. In 1841, the Province of Canada adopted a new system based on the Halifax rating . The new Canadian pound was equal to four US dollars (92.88 grains gold), making £1 sterling equal to £1.4 s .4 d . Canadian. Thus, the new Canadian pound was worth 16 shillings and 5.3 pence sterling. In 1851, the Parliament of the Province of Canada passed an act for the purposes of introducing
4128-461: The British conquest of Canada in 1760, French coins gradually went out of use, and sou became a nickname for the halfpenny , which was similar in value to the French sou . Spanish dollars and U.S. dollars were also in use, and from 1841 to 1858, the exchange rate was fixed at $ 4 = £1 (or 400¢ = 240 d ). This made 25¢ equal to 15 d , or 30 halfpence ( trente sous ). After decimalization and
4224-501: The Canadian dollar as a stable alternative to the Icelandic króna . Canada was favoured due to its northern geography and similar resource-based economy, in addition to its relative economic stability. The Canadian ambassador to Iceland said that Iceland could adopt the currency; although Iceland ultimately decided not to move on with the proposal. Since 76.7% of Canada's exports go to the U.S., and 53.3% of imports into Canada come from
4320-510: The Canadian dollar coin from the dollar bill. When the two-dollar coin was introduced in 1996, the derivative word toonie ("two loonies") became the common word for it in Canadian English slang. In French , the currency is also called le dollar ; Canadian French slang terms include piastre or piasse (the original word used in 18th-century French to translate "dollar") and huard (equivalent to loonie , since huard
4416-404: The Canadian dollar have tended to correlate with shifts in oil prices, reflecting the Canadian dollar's status as a petrocurrency owing to Canada's significant oil exports. The Canadian dollar traded at a record high of US$ 2.78 in terms of American greenbacks on July 11, 1864, since the latter was inconvertible paper currency. However, the Canadian dollar remained close to par or 1:1 versus
4512-407: The Canadian dollar historically tended to move in tandem with the U.S. dollar. An apparently rising Canadian dollar (against the U.S. dollar) was decreasing against other international currencies; however, during the rise of the Canadian dollar between 2002 and 2013, it gained value against the U.S. dollar as well as other international currencies. In recent years, dramatic fluctuations in the value of
4608-535: The Canadian dollar replaced the British Columbia dollar. In 1867, the Province of Canada, New Brunswick, and Nova Scotia united into a federation named Canada . As a result, their respective currencies were merged into a singular Canadian dollar. The Canadian Parliament passed the Uniform Currency Act in April 1871, tying up loose ends as to the currencies of the various provinces and replacing them with
4704-599: The Canadian government agreed to put C$ 34 million worth of upgrades, dredging, and repairs into the port, while OmniTRAX pledged to add C$ 45 million in upgrading the port facilities and Hudson Bay Railway. Three months later, OmniTRAX purchased the Carlton Trail Railway track bought from the Canadian National Railway . The 280 miles (450 km) ran from Warman, Saskatchewan , to White Star, Saskatchewan , and from Speers Junction (near White Star) to end of
4800-547: The Province of Canada. Except for 1¢ coins struck in 1859, no more coins were issued until 1870, when production of the 5¢ and 10¢ was resumed and silver 25¢ and 50¢ were introduced. Between 1908 and 1919, sovereigns (legal tender in Canada for $ 4.86 + 2 ⁄ 3 ) were struck in Ottawa with a "C" mintmark. Canada produced its first gold dollar coins in 1912 in the form of $ 5 and $ 10. These coins were produced from 1912 to 1914. The obverse carries an image of King George V and on
4896-416: The U.S. dollar for the first time in 30 years, at US$ 1.0052. On November 7, 2007, it hit US$ 1.1024 during trading, a modern-day high after China announced it would diversify its US$ 1.43 trillion foreign exchange reserve away from the U.S. dollar. By November 30, however, the Canadian dollar was once again at par with the U.S. dollar, and on December 4, the dollar had retreated back to US$ 0.98, through
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#17330851402534992-424: The U.S., Canadians are interested in the value of their currency mainly against the U.S. dollar. Although domestic concerns arise when the dollar trades much lower than its U.S. counterpart, there is also concern among exporters when the dollar appreciates quickly. A rise in the value of the dollar increases the price of Canadian exports to the U.S. On the other hand, there are advantages to a rising dollar, in that it
5088-560: The Union Pacific. In July of that year, the company partnered with the Topflight Grain Cooperative to operate the new Decatur Central Railroad . OmniTRAX purchased 16 miles (26 km) of Decatur Junction Railway track that connected Topflight's facility at the Midwest Inland Port near Cisco, Illinois , with a variety of grain and cereal processing plants in and around Macon County, Illinois . The top companies shared
5184-455: The United Kingdom, is generally held that an organisation holding a 'controlling stake' in a company (a holding of over 51% of the stock) is in effect the de facto parent company of the firm, having overriding material influence over the held company's operations, even if no formal full takeover has been enacted. Once a full takeover or purchase is enacted, the held company is seen to have ceased to operate as an independent entity but to have become
5280-492: The allegedly wrongful activity of their foreign subsidiaries means that the corporate veil is no longer a silver bullet to the heart of a plaintiff's case." The parent subsidiary company relationship is defined by Part 1, Section 5, Subsection 1 of the Companies Act, which states: 5.—(1) For the purposes of this Act, a corporation shall, subject to subsection (3), be deemed to be a subsidiary of another corporation, if — In
5376-403: The banknotes indefinitely. As of January 1, 2021, the $ 1, $ 2, $ 25, $ 500 and $ 1000 notes issued by the Bank of Canada are no longer legal tender. All other current and prior Canadian dollar banknotes issued by the Bank of Canada remain as legal tender in Canada. However, commercial transactions may legally be settled in any manner agreed by the parties involved. Legal tender of Canadian coinage
5472-422: The close proximity to the United States and the fact that the sizes and colours of the coins are similar. Commemorative coins with differing reverses are also issued on an irregular basis, most often quarters. 50¢ coins are rarely found in circulation; they are often collected and not regularly used in day-to-day transactions in most provinces. In 1858, bronze 1¢ and 0.925 silver 5¢, 10¢ and 20¢ coins were issued by
5568-658: The closure of the Canadian Wheat Board in 2008, it was no longer economical to operate the line or the Port of Churchill . As part of a 2008 contract between the Federal Government and OmniTRAX, the Government of Canada had given OmniTRAX C$ 20 million for upgrades to both the Railway and Port with the agreement that the company would match the funds. The contract stipulated that OmniTRAX could not reduce or abandon service on
5664-537: The company filed a complaint through NAFTA Chapter 11 claiming the Canadian Federal Government had sabotaged efforts to repair and transfer ownership of the railway. In June 2018 OmnitTRAX was ordered by federal regulators to repair the tracks. On August 31, 2018 the port and rail line were sold to Arctic Gateway Group , a consortium of investors including First Nations, local governments, financial holding companies, and grain producers. In 2003, OmniTRAX
5760-407: The company transports include aggregate , chemicals, clay, grain, and stone. OmniTRAX railroads often connect to Class I railroads. OmniTRAX also operates ports, terminals, and multimodal transhipment facilities. It sometimes engages (alone or in concert with other Broe Group companies) in industrial development. OmniTRAX owned and managed railroads include: TransCANADA Switching Services (TSS)
5856-418: The continued strength of the Canadian economy and the U.S. currency's weakness on world markets. During trading on September 20, 2007, it met the U.S. dollar at parity for the first time since November 25, 1976. Inflation in the value of the Canadian dollar has been fairly low since the 1990s. In 2007 the Canadian dollar rebounded, soaring 23% in value. On September 28, 2007, the Canadian dollar closed above
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#17330851402535952-679: The costs of equipment and operations of the railroad. OmniTRAX proposed buying Iowa Pacific Holdings ' Sanford Lake Branch track (also known as the Saratoga-North Creek Railway ), which ran 29 miles (47 km) from North Creek, New York , to Tahawus, New York , in August 2019. The firm also proposed buying track owned by Warren County which ran from North Creek to Corinth, New York . This would allow OmniTRAX to make additional connections with Class I railroads . Local residents, concerned that OmniTRAX would permit its track to be used for
6048-529: The currency of Prince Edward Island was absorbed into the Canadian system shortly afterwards, when Prince Edward Island joined the Dominion of Canada in 1873. Newfoundland went decimal in 1865, but unlike the Province of Canada, New Brunswick, and Nova Scotia, it decided to adopt a unit based on the Spanish dollar rather than on the U.S. dollar, and there was a slight difference between these two units. The U.S. dollar
6144-462: The currency rose to a slight premium over the U.S. dollar for the next decade. But the Canadian dollar fell sharply after 1960 before it was again pegged in 1962 at Can$ 1.00 = US$ 0.925. This was sometimes pejoratively referred to as the "Diefenbuck" or the "Diefendollar", after the then Prime Minister, John Diefenbaker . This peg lasted until 1970, with the currency's value being floated since then. Canadian English , similar to American English , used
6240-472: The decision was made to introduce a decimal coinage into the Province of Canada in conjunction with the U.S. dollar unit. Hence, when the new decimal coins were introduced in 1858, the colony's currency became aligned with the U.S. currency, although the British gold sovereign continued to remain legal tender at the rate of £1 = Can$ 4.86 + 2 ⁄ 3 right up until the 1990s. In 1859, Canadian colonial postage stamps were issued with decimal denominations for
6336-489: The end of 2012; since then, the Canadian Bank Note Company has been the sole printer of Canadian banknotes. All banknotes from series prior to the current polymer series are now considered unfit for circulation due to their lacking of any modern security features, such as a metallic stripe. Financial institutions must return the banknotes to the Bank of Canada, which will then destroy them. Individuals may keep
6432-400: The first time. In 1861, Canadian postage stamps were issued with the denominations shown in dollars and cents. In 1860, the colonies of New Brunswick and Nova Scotia followed the Province of Canada in adopting a decimal system based on the U.S. dollar unit. In 1871, Prince Edward Island went decimal within the U.S. dollar unit and introduced coins in the denomination of 1 cent. However,
6528-508: The gold or silver US dollar of the time. Unlike other currencies in the Bretton Woods system , whose values were fixed , the Canadian dollar was allowed to float from 1950 to 1962. Between 1952 and 1960, the Canadian dollar traded at a slight premium over the U.S. dollar, reaching a high of US$ 1.0614 on August 20, 1957. The Canadian dollar fell considerably after 1960, and this contributed to Prime Minister John Diefenbaker 's defeat in
6624-691: The line at Meadow Lake, Saskatchewan . OmniTRAX expanded its presence in the American Southeast in 2004 by purchasing the 245-mile (394 km) Georgia and Florida Railnet (renamed the Georgia and Florida Railway ) from North American RailNet . It also leased the 22-mile (35 km) terminal switching Fulton County Railway (based in Atlanta ), and the Alabama and Tennessee River Railway in Alabama . It purchased both lines outright in 2018. OmniTRAX made its first venture into Washington state when it purchased
6720-404: The line, or the funding would be required to be returned. On October 13, 2017, Minister of Natural Resources Jim Carr issued a notice of default to OmniTRAX, advising the company that they had 30 days to make repairs to the rail line or face default on the agreement. On November 14, the Federal Government issued a notice of default against OmniTRAX claiming C$ 18 million, plus interest. In response,
6816-633: The meeting. OmniTRAX is subsidiary of The Broe Group, a company with an array of financial interests in energy development, healthcare technology, real estate, transportation, and other industries. As of August 2019, OmniTRAX operated 21 rail lines, making it one of the largest privately-owned rail transportation companies in the United States. OmniTRAX's corporate strategy is to identify companies or groups of companies transporting cargo 500 to 1,000 miles (800 to 1,610 km) but not using railroads to do so. It then looks for unused or under-used rail opportunities nearby to serve these customers. Commodities which
6912-513: The mine, a state court permitted the lawsuit to proceed. In May 2019, OmniTRAX said it had abandoned the mine project. OmniTRAX Sand Holdings is a subsidiary of OmniTRAX which provides transportation options for frac sand and ceramics. It is a joint venture of OmniTRAX and Arrows Up, a bulk materials storage and transportation company. The joint venture is marketing the Arrows Up Jumbo Bin, a container which can be used by rail or trucks that
7008-415: The notes have occurred since 1935, with new series introduced in 1937, 1954, 1970, 1986, and 2001. In June 2011, newly designed notes printed on a polymer substrate, as opposed to cotton fibre, were announced; the first of these polymer notes, the $ 100 bill, began circulation on November 14, 2011, the $ 50 bill began circulation on March 26, 2012, the $ 20 denomination began circulation on November 7, 2012, and
7104-571: The number of holding companies declined from 216 to 18. An energy law passed in 2005 removed the 1935 requirements, and has led to mergers and holding company formation among power marketing and power brokering companies. In US broadcasting , many major media conglomerates have purchased smaller broadcasters outright, but have not changed the broadcast licenses to reflect this, resulting in stations that are (for example) still licensed to Jacor and Citicasters , effectively making them such as subsidiary companies of their owner iHeartMedia . This
7200-539: The privatization of CN. OmniTRAX operated the railway for the ensuing two decades, shipping mostly wheat to the Port of Churchill on behalf of the Canadian Wheat Board . In June 2017, OmniTRAX suspended service on the Churchill rail line after severe flooding washed out the line in multiple locations. OmniTRAX refused to repair the railway, claiming it was not economically feasible. The company claimed that due to
7296-476: The privatization of the line in the fall of 2002. OmniTRAX partnered with BNSF to bid on the line. OmniTRAX hired Pilothouse Communications, a Victoria-based lobbyist firm, to represent its interests. Pilothouse lobbyist Erik Bornmann bribed two ministerial aides from 2001 to 2003 with cash and gifts in exchange for confidential government documents that were then passed to OmniTRAX. Brian Kieran, Pilothouse's owner, claimed he advised OmniTRAX against offering one
7392-409: The public and the visually unappealing ones were melted. In 1920, the size of the 1¢ was reduced and the silver fineness of the 5¢, 10¢, 25¢ and 50¢ coins was reduced to 0.800 silver/.200 copper. This composition was maintained for the 10¢, 25¢ and 50¢ piece through 1966, but the debasement of the 5¢ piece continued in 1922 with the silver 5¢ being entirely replaced by a larger nickel coin. In 1942, as
7488-456: The retailers should evaluate the impact of that approach. In the case that no mutually acceptable form of payment can be found for the tender, the parties involved should seek legal advice. Canadian dollars, especially coins, are accepted by some businesses in the northernmost cities of the United States and in many Canadian snowbird enclaves, just as U.S. dollars are accepted by some Canadian businesses. In 2012, Iceland considered adopting
7584-599: The reverse is a shield with the arms of the Dominion of Canada. Gold from the Klondike River valley in the Yukon accounts for much of the gold in the coins. Two years into the coin's production World War I began and production of the coins stopped in favour of tighter control over Canadian gold reserves. Most of the 1914 coins produced never reached circulation at the time and some were stored for more than 75 years until being sold off in 2012. The high quality specimens were sold to
7680-463: The slang term " buck " for a former paper dollar. The Canadian origin of this term derives from a coin struck by the Hudson's Bay Company during the 17th century with a value equal to the pelt of a male beaver – a "buck". Because of the appearance of the common loon on the back of the $ 1 coin that replaced the dollar bill in 1987, the word loonie was adopted in Canadian parlance to distinguish
7776-560: The sole issuer of all federal notes. In 1935, it issued its first series of notes in denominations of $ 1, $ 2, $ 5, $ 10, $ 20, $ 25, $ 50, $ 100, $ 500 and $ 1000. The $ 25 note was a commemorative issue, released to mark the Silver Jubilee of King George V . In 1944, the chartered banks were prohibited from issuing their own currency, with the Royal Bank of Canada and the Bank of Montreal among the last to issue notes. Significant design changes to
7872-540: The stock of Company B, Company A will not pay taxes on dividends paid by Company B to its stockholders, as the payment of dividends from B to A is essentially transferring cash within a single enterprise. Any other shareholders of Company B will pay the usual taxes on dividends, as they are legitimate and ordinary dividends to these shareholders. Sometimes, a company intended to be a pure holding company identifies itself as such by adding "Holding" or "Holdings" to its name. The parent company–subsidiary company relationship
7968-590: The storage of oil tank cars, opposed the sale. Warren County officials did not want to sell their track for fear of losing control over the uses to which it could be put. After a year of public debate, OmniTRAX declined to pursue both deals. In July 2019, OmniTRAX purchased the 100-mile (160 km) Winchester & Western Railroad 's Virginia Division from Covia Holdings for $ 105 million. The division included 53 miles (85 km) of track in western Virginia and 47 miles (76 km) of track in New Jersey . The purchase
8064-511: The term parent holding company . Holding companies can be subsidiaries in a tiered structure . Holding companies are also created to hold assets such as intellectual property or trade secrets , that are protected from the operating company. That creates a smaller risk when it comes to litigation . In the United States, 80% of stock, in voting and value, must be owned before tax consolidation benefits such as tax-free dividends can be claimed. That is, if Company A owns 80% or more of
8160-426: The war years between 1939 and 1945. In 1967 both 0.800 silver/0.200 copper and, later that year, 0.500 silver/.500 copper 10¢ and 25¢ coins were issued. 1968 saw further debasement: the 0.500 fine silver dimes and quarters were completely replaced by nickel ones mid-year. All 1968 50¢ and $ 1 coins were reduced in size and coined only in pure nickel. Thus, 1968 marked the last year in which any circulating silver coinage
8256-511: The withdrawal of halfpenny coins, the nickname sou began to be used for the 1¢ coin , but the idiom trente sous for 25¢ endured. Coins are produced by the Royal Canadian Mint 's facilities in Winnipeg , Manitoba , and Ottawa , Ontario , in denominations of 5¢ ( nickel ), 10¢ ( dime ), 25¢ ( quarter ), 50¢ ( 50¢ piece ) (though the 50¢ piece is no longer distributed to banks and
8352-562: Was adjacent to the Manufacturers' Junction Railway, and began developing it as a multimodal transfer center. In October 1992, OmniTRAX purchased 800 miles (1,300 km) of track in Kansas and Oklahoma from the Atchison, Topeka & Santa Fe Railway . The main lines of track stretched from Salina, Kansas , to Osborne, Kansas , and from Marion, Kansas , to Scott City, Kansas . OmniTRAX formed
8448-631: Was created in 1792 on the basis of the average weight of a selection of worn Spanish dollars. As such, the Spanish dollar was worth slightly more than the U.S. dollar, and likewise, the Newfoundland dollar , until 1895, was worth slightly more than the Canadian dollar. The Colony of British Columbia adopted the British Columbia dollar as its currency in 1865, at par with the Canadian dollar. When British Columbia joined Canada as its sixth province in 1871,
8544-446: Was formed by OmniTRAX in 1996. In 1997, TSS won a contract to provide switching services at the newly-opened Deltaport , the Port of Vancouver 's new container shipping facility. OmniTRAX ceased to provide services at Deltaport in July 2008. OmniTRAX Logistics Services (OLS) is a subsidiary of OmniTRAX that provides materials handling. In 2016, OLS purchased the assets of Terracor Group,
8640-489: Was incorporated in 1986 as a subsidiary of The Broe Group, a privately held energy development and real estate company founded by Denver businessman Pat Broe in 1972. OmniTRAX purchased the Great Western Railway of Colorado that year in order to augment the value of Broe's industrial real estate developments in northeastern Colorado. OmniTRAX leased the 278-mile (447 km) Kansas Southwestern Railway from
8736-412: Was introduced with the gold sovereign being legal tender at £1 = US$ 4.86 + 2 ⁄ 3 . No coinage was provided for under the 1853 act. Sterling coinage was made legal tender and all other silver coins were demonetized. The British government in principle allowed for a decimal coinage but nevertheless held out the hope that a sterling unit would be chosen under the name of "royal". However, in 1857,
8832-438: Was issued in Canada. In 1982, the 1¢ coin was changed to dodecagonal, and the 5¢ was further debased to a cupro-nickel alloy. In 1987 a $ 1 coin struck in aureate-plated nickel was introduced. A bimetallic $ 2 coin followed in 1996. In 1997, copper-plated zinc replaced bronze in the 1¢, and it returned to a round shape. This was followed, in 2000, by the introduction of even cheaper plated-steel 1¢, 5¢, 10¢, 25¢ and 50¢ coins, with
8928-467: Was leased from BNSF. The Kettle Falls International Railway was created to run on these lines. OmniTRAX completed its purchase of all of North American Railnet's assets in April 2005 when it purchased the 509-mile (819 km) Nebraska Kansas Colorado Railway and the 113-mile (182 km) Illinois Railway . OmniTRAX moved into California for the first time in 2011 when it purchased the 25-mile (40 km) Stockton Terminal & Eastern Railroad ,
9024-549: Was one of three companies bidding for BC Rail , a 1,441-mile (2,319 km) province-owned railroad in British Columbia then being privatized by the government. OmniTRAX officials began communicating with provincial officials in 2001, urging the privatization of the railroad. Although the British Columbia Liberal Party had pledged during 2001 elections not to sell the road, OmniTRAX officials continued to urge them to do so in 2002. BC Rail officials recommended
9120-650: Was related to its receipt of leaked documents, court testimony indicated that the government's bid evaluation team thought the improved offer was merely an attempt to win the auction. OmniTRAX dropped out of the auction (police later alleged, based on wiretap information) after its officials came to believe that the provincial government had predetermined Canadian National Railway to be the successful bidder. David Basi, an aide to BC Finance Minister Gary Collins , then advised Collins to arrange an unnamed "consolation prize" for OmniTRAX. In December 2003, Pat Broe and Dwight Johnson (a vice president of The Broe Group) had dinner at
9216-571: Was subject to review and approval by the Surface Transportation Board , a federal agency. It was completed in September 2019. OmniTRAX picked up its 25th rail operation in August 2022, when it was selected to run the Port of Catoosa Industrial Railroad (PCIR) by Tulsa Ports. In 1997 the Canadian National Railway sold the Port of Churchill and accompanying rail line to OmniTRAX as part of
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