CALGARY - Canadian Rockies: Including Banff and Jasper National Parks - page 442

In 1886, a major fire destroyed most of the town's buildings. City planners decreed that
all new structures were to be built of sandstone, which gave the fledgling town a more per-
manent look. The many sandstone buildings still standing today—the Palliser Hotel, the
Hudson's Bay Company store, and the courthouse, for example—are a legacy of this early
bylaw.
Ranching
An open grazing policy, initiated by the Dominion Government, encouraged ranchers in
the United States to drive their cattle from overgrazed lands to the fertile plains around
Calgary. Slowly, a ranching industry and local beef market developed. The first large ranch
was established west of Calgary, and soon many NWMP retirees, English aristocrats, and
wealthy American citizens had invested in nearby land. Calgary's first millionaire was Pat
Burns, who developed a meatpacking empire that still thrives today. Linked to internation-
al markets by rail and sea, Calgary's fortunes continued to rise with those of the ranching
industry, receiving only a minor setback in 1905 when Edmonton was declared the provin-
cial capital. During the first 10 years of the 20th century, the city's population increased
1,000 percent, and rail lines were built in all directions, radiating from the city like enorm-
ous spokes. Immigration slowed, and the economy spiraled downward as the effects of
World War I were felt.
Oil
The discovery of oil at Turner Valley in Calgary's backyard in 1914 signaled the start of
an industry that was the making of modern Calgary. The opening of an oil refinery in 1923
and further major discoveries nearby transformed a medium-size cow town into a world
leader in the petroleum and natural-gas industries. At its peak, the city was the headquar-
ters of more than 400 related companies. Calgary became Canada's fastest-growing city,
doubling its population between 1950 and 1975. During the worldwide energy crisis of the
1970s, oil prices soared. Although most of the oil was extracted from farther afield, the
city boomed as a world energy and financial center. Construction in the city center during
this period was never-ending, as many corporations from around the world moved their
headquarters to Alberta. During this period, Calgary had Canada's highest per capita dis-
posable income and was home to more Americans than any other Canadian city. Much of
the wealth obtained from oil and gas was channeled back into the city, not just for office
towers but also for sporting facilities, cultural centers, and parks for citizens and visitors
alike to enjoy. During the early 1980s, the province was hit by a prolonged downturn in
the oil market. But good fortune prevailed when the International Olympic Committee an-