Hayden, Stone & Co.


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 in 1972 and, after its name disappeared in 1979, was part of what would become Shearson/American Express in 1981.

History

In 1892, Clark, Ward, & Co. clerks Charles Hayden 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, 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, 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.

Acquisition history

The following is an illustration of the company's major mergers and acquisitions and historical predecessors :

Notable alumni