Edward Shearson (August 3, 1864 - October 30, 1950) was a banker, millionaire and founder of Shearson, Hammill & Co., which was among the largest brokerage and investment banking firms in the United States. [1] [2]
Edward Shearson (August 3, 1864 - October 30, 1950) was a banker, millionaire and founder of Shearson, Hammill & Co., which was among the largest brokerage and investment banking firms in the United States. [1] [2]
Shearson was born in Galt, in Canada West on August 3, 1864 to William A. and Marion W. Shearson. At the age of 17, he left school to pursue work. Shearson traveled West and took up farming and stock-raising for a brief time. [2]
At 19, he was an office boy for the Accounting Department of the Chicago and Northwestern Railroad. Shearson advanced through the company, occupying several positions, until he relocated to Milwaukee in 1887. There, he served as chief clerk of the Accounts Department of the Wisconsin Central Railroad. After a year, he was promoted to Auditor of Disbursements. In 1890, Shearson returned to Chicago, where he eventually retired from railroad service and entered the steel industry in 1898. [2] Before forming Shearson, Hammill & Co. with Caleb Wild Hammill in 1902, Shearson had served as comptroller of U.S. Steel and of Federal Steel Company. Shearson was also an active member of New York society. [3]
Shearson, Hammill merged with Hayden, Stone & Co. in 1974 and the combined firm was named Shearson Hayden Stone, retaining Shearson's name, which was widely recognized as a major underwriter and brokerage. [4]
The Shearson name was finally abandoned in 1994 following Primerica's acquisition of Shearson from American Express. Although initially Primerica had intended to brand its retail brokerage business as Smith Barney Shearson, the Shearson name was dropped. [5]
Shearson married Flora Josephine Shea on November 14, 1903. The couple resided on the Upper East Side of Manhattan and kept a house in Greenwich, Connecticut. [6]
He died on October 30, 1950. [1]
EF Hutton was an American stock brokerage firm founded in 1904 by Edward Francis Hutton and his brother, Franklyn Laws Hutton. Later, it was led by well known Wall Street trader Gerald M. Loeb. Under their leadership, EF Hutton became one of the most respected financial firms in the United States and for several decades was the second largest brokerage firm in the country.
American Express Company (Amex) is an American multinational financial services corporation that specializes in payment cards. Headquartered in New York City, it is one of the most valuable companies in the world and one of the 30 components of the Dow Jones Industrial Average. The company's logo, adopted in 1958, is a gladiator or centurion, whose image appears on the company's well-known traveler's cheques, charge cards, and credit cards. It is based in the American Express Tower, located in the Battery Park City neighborhood of Lower Manhattan, where it maintains its corporate offices. The company is the largest provider of traveler's cheques worldwide.
Sanford I. "Sandy" Weill is an American banker, financier and philanthropist. He is a former chief executive and chairman of Citigroup. He served in those positions from 1998 until October 1, 2003, and April 18, 2006, respectively.
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Lehman Brothers Inc. was an American global financial services firm founded in 1847. Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States, with about 25,000 employees worldwide. It was doing business in investment banking, equity, fixed-income and derivatives sales and trading, research, investment management, private equity, and private banking. Lehman was operational for 158 years from its founding in 1850 until 2008.
Kuhn, Loeb & Co. was an American multinational investment bank founded in 1867 by Abraham Kuhn and his brother-in-law Solomon Loeb. Under the leadership of Jacob H. Schiff, Loeb's son-in-law, it grew to be one of the most influential investment banks in the late 19th and early 20th centuries, financing America's expanding railways and growth companies, including Western Union and Westinghouse, and thereby becoming the principal rival of J.P. Morgan & 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, after its name disappeared in 1979, was part of what would become Shearson/American Express in 1981.
Shearson was the name of a series of investment banking and retail brokerage firms from 1902 until 1994, named for Edward Shearson and the firm he founded, Shearson Hammill & Co. Among Shearson's most notable incarnations were Shearson / American Express, Shearson Lehman / American Express, Shearson Lehman Brothers, Shearson Lehman Hutton and finally Smith Barney Shearson.
Shearson, Hammill & Co. was a Wall Street brokerage and investment banking firm founded in 1902 by Edward Shearson and Caleb Wild Hammill. The firm originally built its business as a stock broker as well as a broker of various commodities, particularly grain and cotton. The firm was a member of the New York Stock Exchange, the Chicago Stock Exchange and the Chicago Mercantile Exchange.
Loeb, Rhoades & Co. was a Wall Street brokerage firm founded in 1931 and acquired in 1979 by Sanford I. Weill's Shearson Hayden Stone. Although the firm would operate as Shearson Loeb Rhoades for two years, the firm would ultimately be acquired in 1981 by American Express to form Shearson/American Express and three years later Shearson Lehman/American Express.
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, Berlind, Weill & Levitt served as a vehicle for the rollup of more than a dozen brokerage and securities firms led by Sanford I. Weill that culminated in the formation of Shearson Loeb Rhoades.
Shearson was a well-known brand in the financial services industry from 1901 through 1993, related to the following:
Hornblower & Weeks was an investment banking and brokerage firm founded by Henry Hornblower and John W. Weeks in 1888. At its peak in the late 1970s, Hornblower ranked eighth among member firms of the New York Stock Exchange in number of retail offices, with 93 retail sales offices located in the United States and Europe.
Frederick H. Joseph (1937—2009) was the former president and chief executive officer of the investment bank Drexel Burnham Lambert during the 1980s.
Caleb Wild Hammill (1863-1921) was one of the founders of the stockbrokerage and banking investment firm of Shearson, Hammill & Co., founded in 1902 by Mr. Hammill & Edward Shearson. It was in existence from 1902 to 1974 under that original name.
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Joseph J. Plumeri II 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 17,000 employees in 400 offices, located in 120 countries. As of June 2010, Willis had the third-highest insurance brokerage revenues in the world.
Hammill is a surname. Notable persons with that surname include:
Alger "Duke" Chapman Jr. was the President and CEO of Shearson, Hammill & Co. and Chairman and CEO of the Chicago Board Options Exchange from 1986 to 1997.
John Langeloth Loeb Sr. was an American investor and executive who served as president of Loeb, Rhoades & Company.
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