Arthur James Nesbitt (August 19, 1880 – October 24, 1954) was a Canadian businessman and

philanthropist Philanthropy is a form of altruism that consists of "private initiatives, for the Public good (economics), public good, focusing on quality of life". Philanthropy contrasts with business initiatives, which are private initiatives for private goo ...

. He was a cofounder of Nesbitt, Thomson and Company

stockbroker A stockbroker is a regulated broker, broker-dealer, or registered investment adviser (in the United States) who may provide financial advisory and investment management services and execute transactions such as the purchase or sale of stocks an ...

age and the Power Corporation of Canada.

Biography

Salesman and Royal Securities

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 A. T. 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 was hired by British newspaper magnate Max Aitken, better known as Lord Beaverbrook, to work for his Royal Securities Corporation stock brokerage. In 1906, after undergoing training in London, England, Aitken sent Nesbitt to open a Royal Securities office in Montreal, Quebec, the then financial center of Canada. Nesbitt prospered while working for Royal Securities.

Nesbitt, Thomson and Company

Nesbitt had remained in touch with his friend Peter Thomson, and in 1912 the two decided to open up their own stock brokerage, Nesbitt, Thomson and Company, with offices on St. James Street in Montreal and in Hamilton, Ontario. The business provided financing for the burgeoning mining and natural resource industries and underwrote stock and bond issues for the many new

electric power Electric power is the rate at which electrical energy is transferred by an electric circuit. The SI unit of power is the watt, one joule per second. Standard prefixes apply to watts as with other SI units: thousands, millions and billions o ...

generating companies that were springing up across the country. Nesbitt, Thomson and Company grew to become one of the largest brokerage houses in Canada.

Power Corporation and other holdings

By 1925, Nesbitt, Thomson and Company held major equity positions in a number of major electric utilities. The two partners established Power Corporation of Canada as a holding company for their substantial interests, with Nesbitt serving as its first president. In 1927, Nesbitt purchased the Ogilvy department store in Montreal that his son James Aird would successfully run for more than 50 years. Nesbitt's second son,

Arthur Deane Arthur Deane FRSE MRIA (1875 – 1954) was a Scottish botanist and photographer. He was the first director of botany at the Ulster Museum. He specialised in trees and in photo-micrographs of cell samples. Life He was born in Glasgow on 6 June ...

, would follow in his father's footsteps at the helm of the family's brokerage/investment business.

Philanthropy

Arthur Nesbitt supported various benevolent causes, including a gift to the hospital in his New Brunswick hometown to build a tuberculosis sanitarium for children, in memory of his parents.

Personal life

Funeral monument of Arthur James Nesbitt

By 1910, he was married with two sons and had purchased a home in the Westmount area of Montreal. On his death in 1954, Nesbitt was interred in the

Mount Royal Cemetery Opened in 1852, Mount Royal Cemetery is a terraced cemetery on the north slope of Mount Royal in the borough of Outremont in Montreal, Quebec, Canada. Temple Emanu-El Cemetery, a Reform Judaism burial ground, is within the Mount Royal grounds. Th ...

in Montreal. In 1989 his grandson A.R. Deane Nesbitt published his life story, ''Dry Goods & Pickles: The Story of Nesbitt, Thomson''.A.R. Deane Nesbitt. ''Dry Goods & Pickles: The Story of Nesbitt, Thomson''. (1989 - Nesbitt – Toronto)