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Hayden Stone & Co.

Hayden, Stone & Co.
Acquired
Industry Financial services
Fate Acquired in 1981 by American Express
Successor Shearson Hayden Stone, Shearson/American Express
Founded 1892
Founder Charles Hayden
Galen L. Stone
Defunct 1981
Headquarters New York, New York, United States
Products Investment banking, Brokerage

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.

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. 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 (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.


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