The Kapuskasing River Pulp and Timber limit, that included 4500 sqkm of timber and hydro leases at Sturgeon Falls, White Spruce Rapids (Spruce Falls) and Big Beaver Falls, was awarded to speculators Saphrenous A. Mundy and Elihu Stewart in 1917, and Spruce Falls Pulp and Paper Ltd. was incorporated, but no development took place.