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 Cogan, Berlind, Weill & Levitt, originally Carter, Berlind, Potoma & Weill, was an American investment banking and brokerage firm founded in 1960 and acquired by American Express in 1981. In its two decades as an independent firm, Cogan, Berlind ...

in 1972 and, after its name disappeared in 1979, was part of what would become

Shearson/American Express Shearson was the name of a series of investment banking and retail brokerage firms from 1902 until 1994, named for Edward ShearsonCharles Hayden (later the benefactor of the

Hayden Planetarium The Rose Center for Earth and Space is a part of the American Museum of Natural History in New York City. The Center's complete name is The Frederick Phineas and Sandra Priest Rose Center for Earth and Space. The main entrance is located on the ...

) and Galen L. Stone opened a new brokerage house, Hayden, Stone & Co. While Stone was known for remaining silent, Hayden gained a reputation for quick decisions and mastery of the brokerage business. Foreseeing the needs of

electrification Electrification is the process of powering by electricity and, in many contexts, the introduction of such power by changing over from an earlier power source. In the context of history of technology and economic development, electrification refe ...

, Hayden made his fortune by investing in

copper Copper is a chemical element; it has symbol Cu (from Latin ) and atomic number 29. It is a soft, malleable, and ductile metal with very high thermal and electrical conductivity. A freshly exposed surface of pure copper has a pinkish-orang ...

mining. The new investment firm prospered, expanding from its Boston base to open a

New York City New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...

branch in 1906. In 1970, the prestigious Hayden, Stone found itself in financial trouble along with many other large securities firms. Hayden, Stone was acquired by

(often jokingly referred to as ''Corned Beef With Lettuce''), whose partners included Sandy Weill and

Arthur Levitt Arthur Levitt Jr. (born February 3, 1931) is the former chairman of the United States Securities and Exchange Commission (SEC). He served from 1993 to 2001 as the twenty-fifth and longest-serving chairman of the commission. Widely hailed as a ...

, 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. 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 Shearson was the name of a series of investment banking and retail brokerage firms from 1902 until 1994, named for Edward ShearsonLoeb, Rhoades, Hornblower & Co. to form

Shearson Loeb Rhoades Shearson was the name of a series of investment banking and retail brokerage firms from 1902 until 1994, named for Edward ShearsonAmerican Express American Express Company or Amex is an American bank holding company and multinational financial services corporation that specializes in payment card industry, payment cards. It is headquartered at 200 Vesey Street, also known as American Expr ...

to form

Shearson/American Express Shearson was the name of a series of investment banking and retail brokerage firms from 1902 until 1994, named for Edward Shearson

Acquisition history

The following is an illustration of the company's major mergers and acquisitions and historical predecessors (this is not a comprehensive list):"Salomon Smith Barney" from Gambee, Robert.
Wall Street
'. W. W. Norton & Company, 1999. p.73

Notable alumni

*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 *Arthur Rock, venture capitalist *Samuel Sloan (chess player), Samuel Howard Sloan * Galen L. Stone, founder *Lou Stone, broker, father of Oliver Stone, director of ''Wall Street (1987 film), Wall Street'', among others *Frank G. Zarb, former energy czar under Gerald Ford and former chairman of NASDAQ

References

External links

Hayden, Stone, & Company Records
at Baker Library Special Collections, Harvard Business School {{DEFAULTSORT:Hayden, Stone and Co. 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)

Notable alumni

See also

References

External links