Hayden, Stone & Co. was a major American securities firm founded in 1892 by Charles Hayden and Galen L. Stone. The firm was acquired by Cogan, Berlind, Weill & Levitt in 1972 and, after its name disappeared in 1979, was part of what would become Shearson/American Express in 1981.[citation needed]
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| Company type | Acquired |
|---|---|
| Industry | Financial services |
| Founded | 1892 |
| Founder | Charles Hayden Galen L. Stone |
| Defunct | 1979 |
| Fate | Acquired in 1979 by Loeb, Rhoades, Hornblower & Co. |
| Successor | Shearson Hayden Stone, Shearson/American Express |
| Headquarters | , |
| Products | Investment banking, Brokerage |
History
editIn 1892, Clark, Ward, & Co. clerks Charles Hayden (later the benefactor of the Hayden Planetarium) and Galen L. Stone opened a new brokerage house, Hayden, Stone & Co.[1] While Stone was known for remaining silent, Hayden gained a reputation for quick decisions and mastery of the brokerage business.[2] Foreseeing the needs of electrification, Hayden made his fortune by investing in copper mining. The new investment firm prospered, expanding from its Boston base to open a New York City branch in 1906.[1]
In 1970, the prestigious Hayden, Stone found itself in financial trouble along with many other large securities firms. Hayden, Stone was acquired by Cogan, Berlind, Weill & Levitt (often jokingly referred to as Corned Beef With Lettuce), whose partners included Sandy Weill and Arthur Levitt, and renamed itself CBWL-Hayden, Stone, dropping the CBWL from the name just two years later, allowing Weill to rid himself of the Corned Beef With Lettuce moniker.[3]
The new Hayden Stone, Inc. then completed possibly its most significant acquisition to that point, merging with Shearson, Hammill & Co. Once again, Weill chose to adopt the target's branding to become Shearson Hayden Stone. The Hayden Stone name was finally abandoned in 1979, following the acquisition of Loeb, Rhoades, Hornblower & Co. to form Shearson Loeb Rhoades. Just two years later, in 1981, Weill sold the combined company to American Express to form Shearson/American Express.
At one point, the firm was considered to be the third largest "wire-house" in the country behind only Merrill Lynch and Bache & Co.
Acquisition history
editThe following is an illustration of the company's major mergers and acquisitions and historical predecessors (this is not a comprehensive list):[4]
Shearson Lehman Hutton (merged 1988) |
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Notable alumni
edit- Peter A. Cohen, former CEO of Shearson Lehman Hutton and current CEO of the Cowen Group
- Richard Donchian, commodities and futures trader, and pioneer in the field of managed futures
- Charles Hayden, founder
- Amos Hostetter Sr., noted trader and co-founder of Commodities Corporation
- Joseph P. Kennedy Sr., businessman and political figure, patriarch of the Kennedy family
- William O'Neil, American entrepreneur, stockbroker and writer, who founded the business newspaper Investor's Business Daily
- Joe Plumeri, Citigroup executive and CEO of the Willis Group[5][6]
- Arthur Rock, venture capitalist
- Samuel Howard Sloan
- Galen L. Stone, founder
- Lou Stone, broker, father of Oliver Stone, director of Wall Street, among others
- Frank G. Zarb, former energy czar under Gerald Ford and former chairman of NASDAQ
See also
editReferences
edit- ^ a b "Charles Hayden, Banker, Dies at 66". New York Times. January 9, 1937. p. 17.
- ^ "For Nobler Men". Time. January 25, 1937. Archived from the original on January 25, 2012.
- ^ "Creating a Wall Street Giant - For Weill, It's Doubly Sweet Deal". LA Times. March 13, 1993.
- ^ "Salomon Smith Barney" from Gambee, Robert. Wall Street. W. W. Norton & Company, 1999. p.73
- ^ "Look Who's Talking: Samuel J. Plumeri Jr". The Trentonian News. May 17, 2010. Archived from the original on March 1, 2012. Retrieved July 15, 2010.
- ^ Bianco, Anthony (March 30, 1998). "Joe Plumeri: The Apostle of Life Insurance E". Business Week. Archived from the original on December 9, 2012. Retrieved July 15, 2010.
External links
edit- Hayden, Stone, & Company Records at Baker Library Special Collections, Harvard Business School