Industrial Mortgage and Savings Company

Organisation

Industrial Mortgage and Savings Company

n.d.

In the nineteenth century, mortgage companies were an important part of the Canadian banking system, particularly in the period 1879-1883 when they underwent a major period of growth. Income was raised in Britain through the sale of debentures and imported into Canada where it was invested in farm mortgages. Surplus capital was made available for short term lending, a situation which resulted in direct competition with the banks. By the 1890s, Ontario mortgage companies began to invest in the West in the anticipation of settlement there. They also began to shift the focus of their Ontario activities to the cities because of vigorous rural competition and because of the demand by investors in factories, houses, ware-houses, land and stock deals. Industrial Mortgage and Savings was typical of this sort of business. In 1928, the name of the company was changed, and operations continued under the name Industrial Mortgage and Trust Company.

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