Hayden, Stone & Co.
| Company type | Private |
|---|---|
| Industry | Brokerage firm, Financial services |
| Founded | 1892 |
| Founder | Charles Hayden, Galen L. Stone |
| Defunct | 1979 |
| Fate | Brand retired and merged into Shearson Loeb Rhoades |
| Headquarters | New York City , United States |
| Products | Brokerage services |
Hayden, Stone & Co. was a prominent American brokerage firm established in 1892 by Charles Hayden and Galen L. Stone. In 1972, it was purchased by Cogan, Berlind, Weill & Levitt, and after its brand ceased in 1979, it ultimately became integrated into what evolved into Shearson/American Express by 1981.
History
The origins of Hayden, Stone & Co. trace back to 1892 when Charles Hayden and Galen L. Stone, who were clerks at Clark, Ward, & Co., launched the firm. While Stone maintained a more reserved demeanor, Hayden was known for his swift decision-making skills and brokerage acumen. Capitalizing on the emerging electrification industry, Hayden secured gains through investments in copper mining ventures. The company grew beyond its Boston roots by establishing a New York City office in 1906.
By 1970, amid financial difficulties that were widespread among large securities firms at the time, Hayden, Stone was acquired by Cogan, Berlind, Weill & Levitt—familiarly called Corned Beef With Lettuce—which included partners such as Sandy Weill and Arthur Levitt. The firm was initially rebranded as CBWL-Hayden, Stone but dropped the CBWL designation two years later as part of a corporate rebranding strategy.
Subsequently, this iteration of Hayden Stone merged with Shearson, Hammill & Co., resulting in the Shearson Hayden Stone nameplate. Following the acquisition of Loeb, Rhoades, Hornblower & Co., the Hayden Stone identity was retired in 1979 to form Shearson Loeb Rhoades. In 1981, Sandy Weill sold this combined organization to American Express, which led to the creation of Shearson/American Express.
During its most successful period, Hayden, Stone ranked as the third largest "wire-house" brokerage firm in the United States, following only Merrill Lynch and Bache & Co..
Acquisition history
Key mergers and acquisitions involving the company and its antecedents include:
Notable alumni
- Peter A. Cohen, former CEO of Shearson Lehman Hutton and current leader of the Cowen Group
- Richard Donchian, pioneer in managed futures and commodities trading
- Charles Hayden, co-founder
- Amos Hostetter Sr., trader and co-founder of Commodities Corporation
- Joseph P. Kennedy Sr., businessman and head of the Kennedy family
- William O'Neil, entrepreneur, stockbroker, and founder of Investor's Business Daily
- Joe Plumeri, ex-executive at Citigroup and CEO of the Willis Group
- Arthur Rock, venture capitalist
- Samuel Howard Sloan
- Galen L. Stone, co-founder
- Lou Stone, broker and father of filmmaker Oliver Stone
- Frank G. Zarb, former energy administrator under Gerald Ford and past chairman of NASDAQ
See also
External links
- Hayden, Stone, & Company Records housed at Baker Library Special Collections, Harvard Business School
- Articles with short description
- American Express
- Defunct financial services companies of the United States
- Companies based in New York City
- Defunct companies based in New York (state)
- Shearson Lehman/American Express
- Financial services companies established in 1892
- Financial services companies disestablished in 1979
- Former investment banks of the United States
- 1892 establishments in New York (state)
- 1979 disestablishments in New York (state)