Charles Meredith (banker)
Charles Meredith | |
|---|---|
| Born | Template:Birth date London, Canada West |
| Died | January 7, 1928 (aged 73) |
| Occupation(s) | Entrepreneur, stockbroker |
| Known for | President of Montreal Stock Exchange; founder of C. Meredith & Co.; major shareholder in Ritz-Carlton Hotel |
Charles Meredith (December 17, 1854 – January 7, 1928) was a prominent Canadian entrepreneur who served as president of both the Montreal Stock Exchange and C. Meredith & Co., which was Montreal's foremost brokerage firm during the early 1900s. He played a key role in establishing the Mount Royal Club and owned the property where the Ritz-Carlton Hotel was developed, becoming a major shareholder with considerable influence on its progress. His residence in Montreal’s Golden Square Mile, now known as Charles Meredith House, is incorporated into McGill University.
Early life
Born in 1854 in London, Canada West, Meredith was the seventh son of John Walsingham Cooke Meredith and Sarah Pegler. He belonged to the distinguished group known as the "Eight London Merediths," which included his brothers Sir William Ralph Meredith and Sir Vincent Meredith, both notable figures. His education was primarily private, supplemented briefly by studies at Hellmuth College, before he embarked on his business ventures.
C. Meredith & Co.
Meredith’s career commenced in 1872 at Sir Hugh Allan's Merchant's Bank, where he progressed to oversee branches in Regina and Brandon in Western Canada. In 1887, he relocated to Montreal, secured a seat on the Montreal Stock Exchange, and founded C. Meredith & Co. Ltd, Stock and Bond Brokers on St-Francois-Xavier Street. The company swiftly became the city’s leading bond brokerage before being acquired by United Financial Corporation Ltd., with Meredith assuming presidency of both entities until their consolidation with National City Company.
By 1908, under the leadership of secretary-treasurer Gerald Farrell, C. Meredith & Co. diversified into promoting industrial mergers aligned with Western Canada's economic expansion. The firm established a London office by 1910 and functioned as an issue house by 1913. Following Dominion Securities of Toronto, it was among the earliest Canadian brokerages to open a London branch, capitalizing on strong connections with the Bank of Montreal—then chaired by his brother Sir Vincent Meredith—and overlapping roles in directorships and significant shareholdings.
Meredith held the presidency of the Montreal Stock Exchange from 1902 until 1905. Additionally, he chaired Hillcress Collieries Ltd. beginning in 1910 and served on the boards of Tuckett Tobacco and British & Colonial Press Service. He was actively involved with the Montreal Board of Trade and Board of Arbitration. Renowned for emphasizing sound investment practices over speculative ventures, he earned a reputation for integrity within financial sectors. Although health concerns led to his retirement in 1924, he maintained substantial financial stakes and close ties with those who succeeded him.
Ritz-Carlton Hotel
Meredith owned land situated at the intersection of Drummond Street and Sherbrooke Street in Montreal, which he sold in 1909 to the Carlton Hotel Company of Montreal. Principal investors included Charles Hosmer, Sir Charles Gordon (vice-president of C. Meredith & Co., later president of the Bank of Montreal), Sir Montagu Allan, and Sir Herbert Holt.
In exchange, Meredith received $787,500 in preferred shares—comprising $314,404 paid in cash and $469,096 recorded as "goodwill, benefits and advantages"—establishing him as a key shareholder with considerable sway over the operations and development of the Ritz-Carlton Hotel.
Marriage and residences
In 1893, Meredith united in marriage with Elspeth Hudson Angus (1858–1936), the daughter of Richard B. Angus, who co-founded the Canadian Pacific Railway and served as president of the Bank of Montreal. As a nuptial gift, Angus engaged architect Edward Maxwell to construct "The Gatehouse" at 3674 Peel Street, now incorporated into the McGill Faculty of Law and recognized as Angus-McIntyre House.
By 1904, the Merediths had commissioned Maxwell once more to create a more spacious residence at 1130 Pine Avenue West, which was completed in 1905. Situated adjacent to Ardvarna—the home built for Meredith's brother Vincent—this property stayed within the family until Elspeth passed away in 1936. She left it in her will to be utilized as accommodation for nurses at the Royal Victoria Hospital. Later acquired by McGill University in 1975, it currently functions as part of the McGill Faculty of Medicine, under the name Charles Meredith House. The Peel Street property was subsequently occupied by John Stanley Meredith (1843–1920), who was general manager of the Merchant's Bank.
In 1897, the couple acquired Bally Bawn,[1] a Gothic Revival estate dating from 1864, built around a Sulpician library from 1750, located at 202 Senneville Road, Senneville, Quebec. They enlisted Edward Maxwell to undertake modifications and expansions, with additional enlargements completed in 1909 by architect Robert Findlay. This estate was distinguished by three prominent gables and encompassed extensive grounds featuring amenities such as a tennis court, garages, staff cottages, henhouses, greenhouses, and various outbuildings.
Private life
Mirroring many of his brothers, Meredith had a strong enthusiasm for floriculture. His Montreal residence included an expansive conservatory, where he notably had his portrait captured. His proficiency in horticulture and arboriculture was considered on par with that of a seasoned professional gardener.
During his younger years, Meredith gained recognition as an accomplished athlete, excelling particularly in rowing and boxing, while also enjoying outdoor pursuits like fishing and shooting. He held directorships at both the Quebec Fish and Game Association and the Montreal Parks and Playgrounds Association. His affiliations spanned several elite clubs including the Mount Royal Club, St. James's Club, Montreal Racquet Club, Royal Montreal Golf Club, Empire Club of Canada, Montreal Jockey Club, Royal St. Lawrence Yacht Club, and the Montreal Hunt.
Throughout his lifetime, Meredith maintained an active interest in international matters and earned a reputation within Montreal’s business circles as a considerate and philanthropic individual. Often referred to as "the popular stockbroker," he played a vital role in supporting civic development projects and charitable initiatives.
Charles and Elspeth Meredith did not have children. Charles fostered a close bond with his longtime employee Hartland MacDougall, described as resembling a father-son relationship. Mrs. Meredith served as godmother to several members of the Angus family as well as to Roseanna Seaborn Todd, a prominent figure in Montreal theatre and granddaughter of Sir Edward Clouston, 1st Baronet. Both Charles and Elspeth were interred at Mount Royal Cemetery, resting near Sir Vincent and Lady Meredith and Frederick Edmund Meredith.