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Description
companyID955
NameHAYDEN, STONE & COMPANY
dateStart1934
NationalityAMERICAN
Buisness SectorF1
Founding1892
countryOriginalUNITED STATES OF AMERICA
locationMainNew York
locationOtherLondon, Boston
serviceTypeFinance
Description

A 1934 NCDN advertisement presented the company in the following terms: "Investment bankers and brokers in securities and commodities" and claimed to offer "DAILY NEW YORK AND LONDON STOCK EXCHANGE SERVICE COMMODITY FUTURES ON THE PRINCIPAL AMERICAN MARKETS".

Source: Wikipedia, "Hayden, Stone & Co."

Hayden, Stone & Co. was a major securities firm founded in 1892 by Charles Hayden and Galen L. Stone. The firm was acquired by Cogan, Berlind, Weill & Levitt in 1972 and was part of what ultimately would become Shearson/American Express in 1981.

History

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.

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.

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. The Hayden Stone name was finally abandoned in 1979, following the acquisition of Loeb, Rhoades, Hornblower & 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 & Co..

References

[1] "Charles Hayden, Banker, Dies at 66". New York Times. January 9, 1937. p. 17.

[2] "For Nobler Men". Time. January 25, 1937.

[3] "Salomon Smith Barney" from Gambee, Robert. Wall Street. W. W. Norton & Company, 1999. p.73

[4] Look Who's Talking: Samuel J. Plumeri Jr.". The Trentonian News. May 17, 2010. Retrieved July 15, 2010.

[5] Bianco, Anthony (March 30, 1998). "Joe Plumeri: The Apostle of Life Insurance E". Business Week. Retrieved July 15, 2010.

serviceNameBank, broker, security firm
culturalGroupWestern, Foreign
MediumNorth China Daily News, newspaper, press
KeywordFinance, bank, broker, investment, security, stock, exchange, market, daily, New York, London, service, commodity, future, time, electricity, copper, mining
PeopleHAYDEN, Charles; STONE, Galen L.
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