Hayden, Stone & Co. was a major securities firm founded in 1892 by Charles Hayden and
Galen L. Stone
Galen Luther Stone (November 21, 1862 – December 26, 1926) was an American financier and philanthropist.
Biography
Stone was born in Leominster, Massachusetts. In his teens, he worked as an office clerk in Boston, Massachusetts. He becam ...
. 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, Berlin ...
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 no ...
) and
Galen L. Stone
Galen Luther Stone (November 21, 1862 – December 26, 1926) was an American financier and philanthropist.
Biography
Stone was born in Leominster, Massachusetts. In his teens, he worked as an office clerk in Boston, Massachusetts. He becam ...
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.
The broad meaning of the term, such as in the history of technology, economic histor ...
, Hayden made his fortune by investing in
copper
Copper is a chemical element with the symbol Cu (from la, cuprum) 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 pinkis ...
mining. The new investment firm prospered, expanding from its Boston base to open a
New York City
New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...
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
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, Berlin ...
(often jokingly referred to as ''Corned Beef With Lettuce''), whose partners included
Sandy Weill
Sandy may refer to:
People and fictional characters
*Sandy (given name), including a list of people and fictional characters
* Sandy (surname), a list of people
*Sandy (singer), Brazilian singer and actress Sandy Leah Lima (born 1983)
* (Sandy) ...
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 c ...
, 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 (Amex) is an American multinational corporation specialized in payment card services headquartered at 200 Vesey Street in the Battery Park City neighborhood of Lower Manhattan in New York City. The company was found ...
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 ShearsonMerrill Lynch
Merrill (officially Merrill Lynch, Pierce, Fenner & Smith Incorporated), previously branded Merrill Lynch, is an American investment management and wealth management division of Bank of America. Along with BofA Securities, the investment bank ...
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
Peter A. Cohen is the chairman and CEO of Andover National Corporation, a public holding company. He was formerly the chairman and CEO of Cowen Inc., also known as Cowen & Company. Prior to his current role, Cohen founded Ramius Capital Management ...
, former CEO of
Shearson Lehman Hutton
Shearson was the name of a series of investment banking and retail brokerage firms from 1902 until 1994, named for Edward ShearsonCowen Group
Cowen Inc., is an American multinational independent investment bank and financial services company that operates through two business segments: a broker-dealer and an investment management division. The company's broker-dealer division offers ...
*
Richard Donchian
Richard Davoud Donchian (September 1905, in Hartford, Connecticut – April 24, 1993, in Fort Lauderdale, Florida) was an American commodities and futures trader, and a pioneer in the field of managed futures.
The first publicly managed ...
, 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
Commodities Corporation (frequently referred to as "CC") was a financial services company, based in Princeton, New Jersey that traded actively across various commodities. The firm was noted as one of the leading commodity and futures trading firm ...
*
Joseph P. Kennedy Sr.
Joseph Patrick Kennedy (September 6, 1888 – November 18, 1969) was an American businessman, investor, and politician. He is known for his own political prominence as well as that of his children and was the patriarch of the Irish-American Ke ...
, businessman and political figure, patriarch of the Kennedy family
*
William O'Neil
William J. O'Neil (born March 25, 1933) is an American entrepreneur, stockbroker and writer, who founded the stock brokerage firm William O'Neil & Co. Inc in 1963 and the business newspaper ''Investor's Business Daily'' in 1984. He is the aut ...
, American entrepreneur, stockbroker and writer, who founded the business newspaper Investor's Business Daily
*
Joe Plumeri
Joseph J. Plumeri II (born July 7, 1943) is vice chairman of the First Data Board of Directors. He was the chairman and CEO of Willis Group Holdings (Willis), a New York Stock Exchange-listed insurance broker, until July 2013. The company has 1 ...
,
Citigroup
Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking ...
executive and CEO of the
Willis Group
Willis Group Holdings plc was a multinational risk advisor, insurance brokerage and reinsurance brokerage company with its headquarters in the Willis Building in London until its merger of equals with financial services company Towers Watson i ...
Galen L. Stone
Galen Luther Stone (November 21, 1862 – December 26, 1926) was an American financier and philanthropist.
Biography
Stone was born in Leominster, Massachusetts. In his teens, he worked as an office clerk in Boston, Massachusetts. He becam ...
, founder
*Lou Stone, broker, father of
Oliver Stone
William Oliver Stone (born September 15, 1946) is an American film director, producer, and screenwriter. Stone won an Academy Award for Best Adapted Screenplay as writer of '' Midnight Express'' (1978), and wrote the gangster film remake '' Sc ...
, director of ''
Wall Street
Wall Street is an eight-block-long street in the Financial District of Lower Manhattan in New York City. It runs between Broadway in the west to South Street and the East River in the east. The term "Wall Street" has become a metonym for t ...
Gerald Ford
Gerald Rudolph Ford Jr. ( ; born Leslie Lynch King Jr.; July 14, 1913December 26, 2006) was an American politician who served as the 38th president of the United States from 1974 to 1977. He was the only president never to have been elected ...
and former Chairman of
NASDAQ
The Nasdaq Stock Market () (National Association of Securities Dealers Automated Quotations Stock Market) is an American stock exchange based in New York City. It is the most active stock trading venue in the US by volume, and ranked second ...
See also
*''
Wilko v. Swan
''Wilko v. Swan'', 346 U.S. 427 (1953), is a United States Supreme Court decision on the arbitration of securities fraud claims. It had originally been brought by an investor who claimed his broker at Hayden Stone had sold stock to him without di ...