Hon. Louis Joseph Forget

Hon. Louis Joseph Forget, whose name is written large on the pages of financial and industrial history of Montreal during the past forty years, left the impress of his great constructive force and energy upon mammoth projects which are figured as some of the Dominion’s leading enterprises. He was born March 11, 1853, at Terrebonne, P. Q., a district that has produced many eminent statesmen, writers, merchants and financiers. He was one of the nine sons of Mr. and Mrs. Joseph Forget and was descended from a family that came to Canada from Normandy in 1600. Among those nine sons there were two priests, one of whom declined episcopal robes, a notary, two lawyers, two contractors, one farmer and he who was destined to become a power in the financial world, Louis Joseph Forget. His education was acquired at Masson College and his entrance into business circles was in connection with a dry-goods establishment. He had almost reached the determination of trying his fortune in the United States when he chanced upon a newspaper that contained an advertisement of office help being needed by Thomas Caverhill. Mr. Forget applied for the position the next morning and was accepted. From the beginning of his work with Mr. Caverhill the young man displayed unusual aptness as well as great eagerness to learn. He was not an ordinary boy. He took great interest in his work and often asked questions about other features of the business that did not come within his particular line of duties, but a knowledge thereof added to his capability and rendered him fit for promotion and opportunity offered later. It is only natural that a young man of this character should attract the attention of his employer. Mr. Caverhill took great interest in him and was instrumental in causing Mr. Forget to enter the brokerage business. The financial exploit during Jay Gould’s celebrated Black Friday in Wall Street reflected no little credit upon Mr. Forget, displaying in notable manner his insight and ability, and soon afterward he was nominated for membership in the Montreal Stock Exchange by his former employer. It is interesting in this connection to note that he was the first French-Canadian to be admitted to membership in that body and that before he had reached his majority he purchased his seat therein at a cost of nine hundred dollars. He began business as a stock broker in Montreal in 1873, from which time until his death, thirty-eight years later, his prominence and success in 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.

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.

He was a prominent figure in the notable contest which took place between the Dominion Coal Company and the Dominion Iron & Steel Company. Originally a director and vice president of the coal company he espoused the cause of the steel company in its fight over the coal supply and ultimately the matter was carried to the privy council and was there decided in favor of the steel company. Mr. Forget was elected vice president of the steel corporation when eventually the two companies were merged and he continued to take an active part in the administration of the affairs of the company to the time when his health began to fail. Evidence of his wonderful insight and sagacity in business matters is shown in the fact that when the trouble first arose from which resulted the extended litigation between the Dominion Iron & Steel Company and the Dominion Coal Company Senator Forget went over the point in contention in his characteristic deliberate manner and at once concluded that the claim of the steel corporation would be sustained by the courts, notwithstanding the contrary opinion of some of the greatest legal authorities and business men of the day and time proved that his judgment was correct.

He was the first French-Canadian to be elected to the directorate of the Canadian Pacific Railway and was a member of its board at the time of his death. His greatest enthusiasm was aroused while viewing the untold resources of the west during the many times he accompanied Sir Thomas Shaughnessy and R. B. Angus on their annual tours of inspection. When the life work of Senator Forget was ended the Montreal Daily Star said in part: “By the death of Senator Forget a man of affairs has been lost to Canada. A man of wide vision who saw far into the future and who modeled his career accordingly. A glance through the financial district at the half-masted flags at once conveys an idea of the number and the prominence of the institutions that Senator Forget had been interested in. Senator Forget stood out in Canadian finance, but more than that, he was a true Canadian citizen and had done his share towards the public weal, forgetting not his duty towards the state in the midst of tremendous private enterprises. He was a man of sympathies. At all times courteous and approachable, he could thrust aside great business matters to attend to the small wants of individuals, nor was he ever found wanting or indifferent when charity offered a plea.

“In finance Senator Forget was a true leader. He was one of the first men to loom large in high finance in Canada. He realized many possibilities which other men have realized too—but he followed that by action. He had the courage to follow his convictions and many solid institutions which today enjoy in themselves prosperity and largely aid in the advancement of the Dominion, owe to him debts which can never be repaid to the individual, though they will be to the people of the country. His financial ability brought him into prominence in connection with several of the largest corporations in the Dominion, prominent among which were the Montreal Street, the Richelieu & Ontario Navigation Company and the Montreal Light, Heat & Power Company, the Dominion Coal Company, and the Dominion Iron & Steel Company.

“Senator Forget was one of the colossal figures about whom have surged the tides and currents of Canadian finance. The news of his death this morning was as much of a shock as a surprise, both to those with whom he had been so long associated in connection with the organization and the management of the great financial and industrial enterprises of the Dominion and to the thousands of others to whom his name had come to be the shibboleth of success.

“But if Senator Forget represented one thing more than success it was absolute unswerving fidelity to his word. In all the heat and confusion of the stock market amidst the treacheries which sometimes attend on high financing and the deception and duplicity which beset the path of the successful man everywhere, there was never a question of his own unfaltering veracity. Senator Forget was wisely charitable, an intelligent patron of the arts, and a strong supporter of all movements which made for the better government of the city and the state. He will long be remembered for what he was as well as for what he did.”

Another Montreal paper said of him: “His rise to financial fame is written on the business history of Montreal, and the story of his success in the financial world is the history of the development of the city. Although Senator Forget’s estate will count up into the millions, its accumulation was not effected by continuous plain sailing.”

Obstacles and difficulties of grave import arose, but his financial capacity and strict integrity had won the confidence and trust of friends who rallied to his support, and although he saw the storm clouds gather, he was able to turn threatened disaster into brilliant achievement. His investments were most judiciously made and his judgment concerning important financial transactions seemed never at fault. Once his mind was made up as to the value of a security nothing could shake his confidence, and much of his success in life was due to his unerring judgment.

Slow to make a promise or express an opinion, Senator Forget never failed to fulfill a promise and when he gave his opinion it was the expression of his honest conviction and indicated a course which he would follow in a similar position. If he advised an investor it meant that he would not hesitate a moment in investing his own money in the same security. His unquestioned loyalty to his friends covered his entire business career. His recommendation of a security to an investor meant that he would fully support that security and there were instances in his career when even his vast resources were taxed in such support. This was true in connection with the Montreal Stock Exchange in a security where large sums were invested on his recommendation. The implicit confidence that capital had in his judgment enabled him to finance and successfully carry out projects that probably no other man of his time could have handled. His word was as good as his bond. His denial of a rumor killed it immediately just as an admission from him settled all doubt. He could see through a proposition readily and would decide important and extensive matters quickly. His decision was never hasty or ill advised but came as the result of the fact that he had mastered many grave business affairs and with readiness comprehended every phase of a situation that came before him. He was a man of strong personality. His was never the command of the tyrant to go but ever the call of the leader to come. He was never vacillating in his opinions of the best methods to be followed or the manner in which a given work was to be done. He was a most considerate and appreciative man and was always ready to encourage one who was striving upward. He was not a talkative man, that is he talked but comparatively little, yet he talked to the point and with great earnestness and thinking men listened to him with attention. He never laughed aloud, but his smile was one full of humor, enjoyment and good nature. Judging his manner by first appearance might do him an injustice, for a habit of earnest thought had brought a deep furrow in the forehead that might be regarded as a frown. An acquaintance, however, always received the most polite attention from him and his unfailing courtesy of manner showed him to be a perfect gentleman in the highest and best sense of the term.

His interest in benevolent and charitable projects was wide and his support thereof most generous. He became a director of the Notre Dame Hospital and was a governor of both the General Hospital and the Western Hospital. He was a governor of the Art Association and life governor of the Numismatic & Antiquarian Society; also president of the board of governors of Laval University. His political career is an interesting one, for he was not always a supporter of the liberal-conservative party. Although a fellow townsman of Sir Adolphe Chapleau, the Senator had been allied with Sir Henri Gustave Joly de Lotbinière in that leader’s contest with Chapleau, Angers and the rest of the conservative leaders of his time. In federal politics, however, Hon. Mr. Forget declined to follow the free trade policy of Mackenzie and Cartwright, which had been forced against his will upon Rodolphe Laflamme, and from the days of the national policy the Senator worked with the present conservative party. He was appointed to the upper house during the elections of 1896 and was the last conservative senator to enter that branch of the Canadian parliament. Senator Forget seldom addressed the senate, yet his advice in committee was of great value to his fellow members and it was here that the close friendship sprang up between Senator Forget and the ex-prime minister, Sir Mackenzie Bowell. The Senator was a loyal follower of R. L. Borden as leader of the conservative party, both in parliament and in the country. He realized that it was a very difficult matter for any leader to find complete favor in the eyes of all the provinces, but he was confident that Mr. Borden gave his services to the party and to the country in a patriotic manner and consequently deserved the support of a united party in both houses. The Montreal Gazette some years ago termed him “an astute and enterprising man of affairs.” He was more than that. He was a constructionist and builded where others saw no opportunity; he was a patriot without narrow partisanship; a Roman Catholic and stanch churchman without a particle of race prejudice, in evidence of which fact his closest friend in the senate of the Dominion was an ex-grand master of the Orange Grand Lodge of British North America—Sir Mackenzie Bowell. High honors had been accorded him, distinction and notable success had come to him. These things made him an eminent citizen, but, more than that, attractive social qualities and genuine personal worth had gained him the highest regard, confidence, good-will and friendship of his contemporaries and colleagues.

While Senator Forget was a member of a number of clubs, he manifested keenest interest perhaps in the Mount Royal Club, of which he was one of the founders. Among the other clubs to which he belonged were the St. James, of which he had been president; the Royal St. Lawrence Yacht Club; the Forest and Stream; the Montreal Hunt; the Country Club of Ottawa and the Manhattan Club of New York.

In May, 1876, Senator Forget married Miss Maria Raymond, a daughter of Gustav A. Raymond of Montreal. They were the parents of five children: Loulou, now Mrs. W. W. Skinner; Raymond, who died at the age of four years; Blanche, now Mrs. Guy Boyer; Marguerite; and Pauline. The two younger daughters accompanied their parents abroad and the family was sojourning at Nice when Senator Forget passed away, April 7, 1911.