In 1892, Clark, Ward, & Co. clerks Charles Hayden (later the benefactor of the Hayden Planetarium) and Galen L. Stone opened a new brokerage house, Hayden, Stone & Co.[1] While Stone was known for remaining silent, Hayden gained a reputation for quick decisions and mastery of the brokerage business.[2] Foreseeing the needs of electrification, Hayden made his fortune by investing in copper mining. The new investment firm prospered, expanding from its Boston base to open a New York City branch in 1906.[1]
CBWL logo
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 (often jokingly referred to as Corned Beef With Lettuce), whose partners included Sandy Weill and Arthur Levitt, 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.[3]
^ ab"Charles Hayden, Banker, Dies at 66". New York Times. January 9, 1937. p. 17.
^. Time. January 25, 1937. Archived from the original on January 25, 2012.
^"Creating a Wall Street Giant - For Weill, It's Doubly Sweet Deal". LA Times. March 13, 1993.
^"Salomon Smith Barney" from Gambee, Robert. Wall Street. W. W. Norton & Company, 1999. p.73
^"Look Who's Talking: Samuel J. Plumeri Jr". The Trentonian News. May 17, 2010. Retrieved July 15, 2010.
^Bianco, Anthony (March 30, 1998). "Joe Plumeri: The Apostle of Life Insurance E". Business Week. Archived from the original on December 9, 2012. Retrieved July 15, 2010.
External linksedit
Hayden, Stone, & Company Records at Baker Library Special Collections, Harvard Business School
January 01, 1970
hayden, stone, major, american, securities, firm, founded, 1892, charles, hayden, galen, stone, firm, acquired, cogan, berlind, weill, levitt, 1972, after, name, disappeared, 1979, part, what, would, become, shearson, american, express, 1981, citation, needed,. Hayden Stone amp 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 amp Levitt in 1972 and after its name disappeared in 1979 was part of what would become Shearson American Express in 1981 citation needed Hayden Stone amp Co Company typeAcquiredIndustryFinancial servicesFounded1892 1892 FounderCharles HaydenGalen L StoneDefunct1979 1979 FateAcquired in 1979 by Loeb Rhoades Hornblower amp Co SuccessorShearson Hayden Stone Shearson American ExpressHeadquartersNew York New York United StatesProductsInvestment banking Brokerage Contents 1 History 2 Acquisition history 3 Notable alumni 4 See also 5 References 6 External linksHistory editIn 1892 Clark Ward amp Co clerks Charles Hayden later the benefactor of the Hayden Planetarium and Galen L Stone opened a new brokerage house Hayden Stone amp Co 1 While Stone was known for remaining silent Hayden gained a reputation for quick decisions and mastery of the brokerage business 2 Foreseeing the needs of electrification Hayden made his fortune by investing in copper mining The new investment firm prospered expanding from its Boston base to open a New York City branch in 1906 1 nbsp CBWL logo 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 amp Levitt often jokingly referred to as Corned Beef With Lettuce whose partners included Sandy Weill and Arthur Levitt 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 3 The new Hayden Stone Inc then completed possibly its most significant acquisition to that point merging with Shearson Hammill amp Co Once again Weill chose to adopt the target s branding to become Shearson Hayden Stone The Hayden Stone name was finally abandoned in 1979 following the acquisition of Loeb Rhoades Hornblower amp Co to form Shearson Loeb Rhoades Just two years later in 1981 Weill sold the combined company to American Express to form Shearson American Express At one point the firm was considered to be the third largest wire house in the country behind only Merrill Lynch and Bache amp Co Acquisition history editThe following is an illustration of the company s major mergers and acquisitions and historical predecessors this is not a comprehensive list 4 Shearson Lehman Hutton merged 1988 Shearson Lehman Brothers merged 1984 Shearson American Express merged 1981 American Express est 1850 Shearson Loeb Rhoades acquired 1981 Shearson Hayden Stone merged 1973 Hayden Stone Inc formerly CBWL Hayden Stone merged 1970 Cogan Berlind Weill amp Levitt formerly Carter Berlind Potoma amp Weill est 1960 Hayden Stone amp Co Shearson Hammill amp Co est 1902 Loeb Rhoades Hornblower amp Co merged 1978 Loeb Rhoades amp Co merged 1937 Carl M Loeb amp Co est 1931 Rhoades amp Company est 1905 Hornblower Weeks Noyes amp Trask merged 1953 1977 Hornblower amp Weeks est 1888 Hemphill Noyes amp Co est 1919 acq 1963 Spencer Trask amp Co est 1866 as Trask amp Brown Paul H Davis amp Co est 1920 acq 1953 Lehman Brothers Kuhn Loeb merged 1977 Lehman Brothers est 1850 Kuhn Loeb amp Co est 1867 Abraham amp Co est 1938 acq 1975 E F Hutton amp Co est 1904 Notable alumni editPeter 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 5 6 Arthur Rock venture capitalist Samuel Howard Sloan Galen L Stone founder Lou Stone broker father of Oliver Stone director of Wall Street among others Frank G Zarb former Energy Czar under Gerald Ford and former Chairman of NASDAQSee also editWilko v SwanReferences edit a b Charles Hayden Banker Dies at 66 New York Times January 9 1937 p 17 For Nobler Men Time January 25 1937 Archived from the original on January 25 2012 Creating a Wall Street Giant For Weill It s Doubly Sweet Deal LA Times March 13 1993 Salomon Smith Barney from Gambee Robert Wall Street W W Norton amp Company 1999 p 73 Look Who s Talking Samuel J Plumeri Jr The Trentonian News May 17 2010 Retrieved July 15 2010 Bianco Anthony March 30 1998 Joe Plumeri The Apostle of Life Insurance E Business Week Archived from the original on December 9 2012 Retrieved July 15 2010 External links editHayden Stone amp Company Records at Baker Library Special Collections Harvard Business School Retrieved from https en wikipedia org w index php title Hayden Stone 26 Co amp oldid 1224612141, wikipedia, wiki, book, books, library,
