Arthur James Nesbitt
Encyclopedia
Arthur James Nesbitt was a Canadian
businessman and philanthropist
who was a cofounder of Nesbitt, Thomson and Company
stockbrokerage and the Power Corporation of Canada
.
Born in Saint John, New Brunswick
, Arthur Nesbitt first worked as a dry goods
salesman, peddling products to area merchants. During the course of his travels he met Peter Thomson, a pickle
salesman for the Canadian arm of the H. J. Heinz Company
. The two struck up a friendship and would promote each other to their customers. Nesbitt would get his big break when he met Max Aitken
, a brilliant young business investor
who went on to become a newspaper
magnate in Great Britain
best known by his title, Lord Beaverbrook. Impressed with Nesbitt's business savvy and marketing skills, Aitken hired him to work for his Royal Securities Corporation
stockbrokerage. After undergoing training at the stockbrokerage office in London
, England
, in 1906 Aitken sent Arthur Nesbitt to open a Royal Securities office in Montreal, Quebec, the then financial center of Canada.
Arthur Nesbitt prospered while working for Royal Securities in Montreal and by 1910 was married with two sons and had purchased a small home at 578 Lansdowne Ave. in fashionable Westmount
. His continued business success would allow him to later build a mansion at 41 Forden Avenue in Westmount.
During his time at Royal Secuities, Nesbitt remained in touch with his friend Peter Thomson and the two decided to open up their own stockbrokerage. They formed Nesbitt, Thomson and Company in 1912 and simultaneously opened offices on St. James Street
in Montreal and Hamilton, Ontario
. Their business prospered as a provider of financing for the burgeoning mining
and natural resource
industries plus they achieved significant success underwriting stock and bond issues for the many new electric power
generating companies that were springing up across the country. Their success was such that by 1925 Nesbitt, Thomson and Company held major equity positions in a number of major electric utilities and the two partners established Power Corporation of Canada
as a holding company for their substantial interests with Arthur Nesbitt serving as its first president.
Arthur Nesbitt and his partner built their brokerage house into one of the largest and most successful in Canada becoming enormously wealthy in the process. He supported various benevolent causes and made a very substantial gift in memory of his parents in the form of the tuberculosis
sanitarium
for children as an addition to the hospital in his New Brunswick
hometown.
In 1927, Arthur Nesbitt purchased the Ogilvy
department store
in Montreal that his son James Aird
would successfully run for more than fifty years. Nesbitt's second son, Arthur Dean
, would follow in his father's footsteps at the helm of the family's brokerage/investment business.
On his passing in 1954, Arthur James Nesbitt was interred in the Mount Royal Cemetery
in Montreal. In 1989 his grandson A.R. Deane Nesbitt published his life story.
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
businessman and philanthropist
Philanthropist
A philanthropist is someone who engages in philanthropy; that is, someone who donates his or her time, money, and/or reputation to charitable causes...
who was a cofounder of Nesbitt, Thomson and Company
Nesbitt, Thomson and Company
Nesbitt Thomson and Company is a former Canadian stock brokerage firm founded in 1912 by Arthur J. Nesbitt and Peter A. T. Thomson. The company was headquartered on St. James Street in Montreal, Quebec and its success helped make the area the financial centre of Canada.In 1987, Nesbitt Thomson was...
stockbrokerage and the Power Corporation of Canada
Power Corporation of Canada
Power Corporation of Canada is a Canadian company with assets in North America and Europe in a number of industries. These industries include media, pulp and paper, and financial services....
.
Born in Saint John, New Brunswick
Saint John, New Brunswick
City of Saint John , or commonly Saint John, is the largest city in the province of New Brunswick, and the first incorporated city in Canada. The city is situated along the north shore of the Bay of Fundy at the mouth of the Saint John River. In 2006 the city proper had a population of 74,043...
, Arthur Nesbitt first worked as a dry goods
Good (economics and accounting)
In economics, a good is something that is intended to satisfy some wants or needs of a consumer and thus has economic utility. It is normally used in the plural form—goods—to denote tangible commodities such as products and materials....
salesman, peddling products to area merchants. During the course of his travels he met Peter Thomson, a pickle
Pickled cucumber
A pickled cucumber is a cucumber that has been pickled in a brine, vinegar, or other solution and left to ferment for a period of time, by either immersing the cucumbers in an acidic solution or through souring by lacto-fermentation.-Gherkin:A gherkin is not only...
salesman for the Canadian arm of the H. J. Heinz Company
H. J. Heinz Company
The H. J. Heinz Company , commonly known as Heinz and famous for its "57 Varieties" slogan and its ketchup, is an American food company with world headquarters in Pittsburgh, Pennsylvania.Perhaps best known for its ketchup, the H.J...
. The two struck up a friendship and would promote each other to their customers. Nesbitt would get his big break when he met Max Aitken
Max Aitken, 1st Baron Beaverbrook
William Maxwell "Max" Aitken, 1st Baron Beaverbrook, Bt, PC, was a Canadian-British business tycoon, politician, and writer.-Early career in Canada:...
, a brilliant young business investor
Investor
An investor is a party that makes an investment into one or more categories of assets --- equity, debt securities, real estate, currency, commodity, derivatives such as put and call options, etc...
who went on to become a newspaper
Newspaper
A newspaper is a scheduled publication containing news of current events, informative articles, diverse features and advertising. It usually is printed on relatively inexpensive, low-grade paper such as newsprint. By 2007, there were 6580 daily newspapers in the world selling 395 million copies a...
magnate in Great Britain
Great Britain
Great Britain or Britain is an island situated to the northwest of Continental Europe. It is the ninth largest island in the world, and the largest European island, as well as the largest of the British Isles...
best known by his title, Lord Beaverbrook. Impressed with Nesbitt's business savvy and marketing skills, Aitken hired him to work for his Royal Securities Corporation
Royal Securities Corporation
Royal Securities Corporation Limited was a Canadian stock brokerage firm founded in Halifax, Nova Scotia in early 1903 by John F. Stairs, its first president. The company was the first brokerage firm to be opened east of Montreal, Quebec, the then financial center of Canada.A prominent and...
stockbrokerage. After undergoing training at the stockbrokerage office in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, England
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
, in 1906 Aitken sent Arthur Nesbitt to open a Royal Securities office in Montreal, Quebec, the then financial center of Canada.
Arthur Nesbitt prospered while working for Royal Securities in Montreal and by 1910 was married with two sons and had purchased a small home at 578 Lansdowne Ave. in fashionable Westmount
Westmount, Quebec
Westmount is a city on the Island of Montreal, an enclave of the city of Montreal, in southwestern Quebec, Canada; pop. 20,494; area 4.02 km²; population density of 5,092.56 inhabitants/km²....
. His continued business success would allow him to later build a mansion at 41 Forden Avenue in Westmount.
During his time at Royal Secuities, Nesbitt remained in touch with his friend Peter Thomson and the two decided to open up their own stockbrokerage. They formed Nesbitt, Thomson and Company in 1912 and simultaneously opened offices on St. James Street
Saint Jacques Street
Saint Jacques Street is a major street in Montreal, Quebec, Canada.The street has had two official names: St. James Street in English after St. James's, London; and its current appellation, rue Saint-Jacques, in French. Both names are sometimes used in English, though Saint-Jacques is the most...
in Montreal and Hamilton, Ontario
Hamilton, Ontario
Hamilton is a port city in the Canadian province of Ontario. Conceived by George Hamilton when he purchased the Durand farm shortly after the War of 1812, Hamilton has become the centre of a densely populated and industrialized region at the west end of Lake Ontario known as the Golden Horseshoe...
. Their business prospered as a provider of financing for the burgeoning mining
Mining
Mining is the extraction of valuable minerals or other geological materials from the earth, from an ore body, vein or seam. The term also includes the removal of soil. Materials recovered by mining include base metals, precious metals, iron, uranium, coal, diamonds, limestone, oil shale, rock...
and natural resource
Natural resource
Natural resources occur naturally within environments that exist relatively undisturbed by mankind, in a natural form. A natural resource is often characterized by amounts of biodiversity and geodiversity existent in various ecosystems....
industries plus they achieved significant success underwriting stock and bond issues for the many new electric power
Electric power
Electric power is the rate at which electric energy is transferred by an electric circuit. The SI unit of power is the watt.-Circuits:Electric power, like mechanical power, is represented by the letter P in electrical equations...
generating companies that were springing up across the country. Their success was such that by 1925 Nesbitt, Thomson and Company held major equity positions in a number of major electric utilities and the two partners established Power Corporation of Canada
Power Corporation of Canada
Power Corporation of Canada is a Canadian company with assets in North America and Europe in a number of industries. These industries include media, pulp and paper, and financial services....
as a holding company for their substantial interests with Arthur Nesbitt serving as its first president.
Arthur Nesbitt and his partner built their brokerage house into one of the largest and most successful in Canada becoming enormously wealthy in the process. He supported various benevolent causes and made a very substantial gift in memory of his parents in the form of the tuberculosis
Tuberculosis
Tuberculosis, MTB, or TB is a common, and in many cases lethal, infectious disease caused by various strains of mycobacteria, usually Mycobacterium tuberculosis. Tuberculosis usually attacks the lungs but can also affect other parts of the body...
sanitarium
Sanatorium
A sanatorium is a medical facility for long-term illness, most typically associated with treatment of tuberculosis before antibiotics...
for children as an addition to the hospital in his New Brunswick
New Brunswick
New Brunswick is one of Canada's three Maritime provinces and is the only province in the federation that is constitutionally bilingual . The provincial capital is Fredericton and Saint John is the most populous city. Greater Moncton is the largest Census Metropolitan Area...
hometown.
In 1927, Arthur Nesbitt purchased the Ogilvy
Ogilvy (Montreal)
La Maison Ogilvy, commonly known as Ogilvy's , is a prominent department store in Montreal, Quebec, Canada, where its store at 1307 Saint Catherine Street West is a retail landmark...
department store
Department store
A department store is a retail establishment which satisfies a wide range of the consumer's personal and residential durable goods product needs; and at the same time offering the consumer a choice of multiple merchandise lines, at variable price points, in all product categories...
in Montreal that his son James Aird
J. Aird Nesbitt
James Aird Nesbitt was a Canadian department store owner. Born in Westmount, Quebec, he was the first of the two sons of the prominent stock broker, Arthur J. Nesbitt...
would successfully run for more than fifty years. Nesbitt's second son, Arthur Dean
Arthur Deane Nesbitt
Arthur Deane Nesbitt OBE, DFC, CdeG was a Canadian businessman and a decorated pilot and Wing Commander in World War II.- Early Life :...
, would follow in his father's footsteps at the helm of the family's brokerage/investment business.
On his passing in 1954, Arthur James Nesbitt was interred in the Mount Royal Cemetery
Mount Royal Cemetery
Opened in 1852, Mount Royal Cemetery is a 165-acre terraced cemetery on the north slope of Mount Royal in the borough of Outremont, Montreal, Quebec, Canada. The burial ground shares the mountain with the much larger adjacent Roman Catholic cemetery -- Cimetière Notre-Dame-des-Neiges...
in Montreal. In 1989 his grandson A.R. Deane Nesbitt published his life story.