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 ...

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 ...

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 ...

and Bache & Co.

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 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 ...

* Arthur Rock, venture capitalist * Samuel Howard Sloan *

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 ...

'', among others * Frank G. Zarb, former Energy Czar under

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 ...

References

CREATING A WALL STREET GIANT - For Weill, It's Doubly Sweet Deal
LA Times, March 13, 1993

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)

Acquisition history

Notable alumni

See also

References

External links