Edward D. Jones
Edward David Jones Sr. | |
|---|---|
| Born | Template:Birth date St. Louis, Missouri, U.S. |
| Died | October 10, 1982 (aged 89) |
| Occupation | Investment banker |
| Known for | Founder of Edward Jones Investments |
Edward David Jones Sr. (July 29, 1893 – October 10, 1982) was a prominent investment banker who established the company currently known as Edward Jones Investments.
Early life and education
Jones was born in St. Louis, Missouri. His mother passed away at his birth, and he was brought up by relatives while his father worked overseas. The family relocated multiple times, including periods spent in Chattanooga, Tennessee and Panama. After his father remarried, they settled in Bellefontaine, Ohio, where Jones completed high school in 1913. He later obtained a degree in business administration from New York University in 1916.
Career
Following two and a half years of service in the U.S. Navy during World War I, Jones embarked on a career in finance as a bond salesman for N. W. Halsy & Company in New York City, initially managing accounts related to the Woolworth Building. Subsequently, he served as a field representative for Blair & Co., relocating first to Ohio and then to St. Louis; he departed the firm after a disagreement concerning sales commissions. Additionally, Jones utilized his expertise in livestock auctioneering to engage in mule and cattle farming in Missouri.
Jones married Ursula Griesedieck on April 19, 1923; her family owned several breweries, including Stag Beer. Before the end of prohibition, he persuaded the family to take their brewery public. Around 1945, following the passing of his father-in-law, Jones assumed the roles of president and chairman of the brewery company, balancing responsibilities between Edward D. Jones & Co. and the Griesedieck enterprises. He eventually divested Stag Beer's assets in 1954.
Edward D. Jones & Co.
In 1922, Edward D. Jones established Edward D. Jones & Co in St. Louis as a traditional brokerage firm.
The company purchased a seat on the New York Stock Exchange in 1942 for $21,000 plus $4,000 in associated fees. The next year, it merged with Whittaker & Co., founded in 1871 and recognized as the oldest brokerage west of the Mississippi River.
The firm's inaugural branch office opened its doors in 1957 in Mexico, Missouri. Leadership shifted to Jones' son, Ted, in 1968, while Edward D. Jones began scaling back his involvement from 1979 onward but continued active participation until his death at age 89 in 1982. By that time, Edward D. Jones & Co. had grown to encompass 495 branches across 33 states.