5 January 2011

Millionaires' Row Name Inaccurate

Summerland British Columbia - At the Dale Meadows Sports Complex is a heritage sign reads Millionaires' Row.
 
Since the earliest days of the community the name was used to describe this part of town where wealthy business people had purchased orchard land.
 
These people included three national bank presidents:  Bank of Montreal, the Royal Bank, and the Dominion Bank (later the TD Bank.)
 
All three bank presidents were knighted for their contributions to Canada:  Sir Herbert Holt, Sir Edmund Osler, and R.B. Angus.
 
Angus was knighted twice, for his railway and banking contributions, but declined the title both times.
 
But the name Millionaires' Row is not correct.
 
By 1913, all three were billionaires according to Park in the text Anatomy of Big Business.
 
These three were also directors of the Canadian Pacific Railway.
 
The railway wanted to develop the fruit growing lands of the Okanagan Valley.
 
The company president, Thomas Shaughnessy had personally acquired most of the land that is now Summerland.
 
These business partners bought orchard land here because they wanted to support Shaughnessy's efforts.
 
R.B. Angus Angus was one of Canada's most influential citizens.
 
He was knighted on two separate occasions, but declined the title.
 
He was the co-founder of the Canadian Pacific Railway, along with George Stephen, Duncan McIntyre, and J.J. Hill in 1881.
 
Angus was a company president or director of many companies.
 
He was the national president of the Bank of Montreal.
 
Angus was one of the first to purchase a "fruit ranch" in Summerland.
 
Angus maintained his Summerland property until his death in 1922.
 
Angus's Summerland orchard home, identical to Shaughnessy's, is beautifully preserved on Dodwell Avenue in Prairie Valley.
 
A Summerland road and a seniors' facility are named in his honour.
 
Herbert Holt
 
C.P.R. executive Sir Herbert Holt also purchased an orchard in Summerland.
 
Holt was the national president of the Royal Bank.
 
He was a president or director of many companies.
 
The company that is most recognizable is Holt Renfrew, but in business circles he was best known for his absolute control over utilities.
 
He was president of the Montreal Light Heat and Power Company which in 1944 was "nationalized" to form Hydro Quebec.
 
According to the text, Anatomy of Big Business, by 1932, Holt's assets exceeded $4.8 billion.
 
When one takes into account the value of the Canadian dollar in 1932, he still is considered Canada's wealthiest citizen.
 
On an annual basis Shaughnessy, Angus, and Holt would conduct an inspection of railway properties and activities.
 
These tours included an inspection of the progress of Summerland.
 
Holt's Summerland property was directly behind the Angus property bordering on Dale Meadows Road.
 
A Summerland road in Prairie Valley is named in Holt's honour.
 
Edmund Osler
 
Sir Edmund Osler and his brother Frank Osler also were early supporters of Shaughnessy's new community.
 
These two brothers were part of the Osler family, arguably Canada's most famous family.
 
Other brothers included Sir William Osler (medicine,) Britton Osler (lawyer the Louis Riel trial), and Featherstone Osler (Supreme Court judge).
 
Sir Edmund and Frank both had properties in Prairie Valley.
 
Sir Edmund was the national president of the Dominion Bank, later to become the Toronto Dominion Bank.
 
Following his death in 1924, according to his will, Osler had his Toronto Craigleigh mansion demolished and then donated the 5.26-hectare Craigleigh Gardens, to the citizens of Toronto.
 
His large collection of Paul Kane paintings were donated to the Royal Ontario Museum.
 
One Paul Kane painting, "Scene in the Northwest" is still on record as being the most expensive Canadian painting (sold in 2002 for $5 million).
 
His orchard was where the Rutherford Fruit Stand is located today.
 
His Summerland orchard home was demolished.
 
His nephew Ralph Osler (Frank's son), was killed in France in World War I and is listed on the Summerland cenotaph.
 
A hundred years ago, these three businessmen provided much of the initial capital to finance western Canada's timber, mining, transportation, and utility industries.
 
David Gregory.