the investment security business were not over-shadowed by that
of his contemporaries. He founded the financial house of L. J.
Forget & Company, one of the foremost in its line in Montreal and
remained its head during his life time. The Paris branch of L. J.
Forget & Company at 7 Rue Auber, was the first to be established
in continental Europe by a Canadian financial house and readily
secured a clientele that materially broadened the operations of
the firm.
[Illustration: HON. LOUIS J. FORGET]
Senator Forget was elected president of the Montreal Stock
Exchange in 1895 to succeed H. S. Macdougall and in May, 1896,
was reelected. His business and financial connections had been
constantly broadening and had long since included a prominent
identification with the foremost financial and industrial
projects of the time. In 1892 he became president of what was
then the Montreal City Passenger Railway Company, now the
Montreal Tramways Company. He remained its directing head until
1911, in which connection he accomplished what has meant much
to Montreal. To no one man is the city indebted as largely for
the upbuilding and development of its transportation system as
to Senator Forget. Under his regime the motive power was changed
from horses to electricity and the market value of the company’s
stock advanced from around one hundred dollars to three hundred
and thirty-seven dollars and a half per share.
In 1895 Senator Forget became president of the Richelieu &
Ontario Navigation Company. At that time the affairs of the
company were far from being on a dividend-paying basis and the
rehabilitation of its interests was but another illustration of
Senator Forget’s constructive genius. He resigned his position as
head of the company in 1905, but in the meantime the stock was
paying a six per cent dividend and the affairs of the company
generally were in a better condition than ever before.
One of the great achievements of Senator Forget was in carrying
through the merger of the Montreal Light, Heat & Power Company
and in doing so he accomplished what many predicted to be utterly
impossible, saying that nothing but failure and financial
disaster could result. This was in 1900 before the days when big
business interests were merged into mammoth enterprises and the
amount involved, seventeen million dollars, seemed to stagger
even the most progressive element in financial circles. Like
all of his undertakings, Mr. Forget had not entered into this
without due consideration and he had implicit confidence in its
success. It is doubtful if any but he could have swung that deal
and how well he succeeded is best indicated in the value of the
securities of the company in investment circles.
Public-domain text, read in full here on John Shaqi.
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