W. E. Hutton & Co.

Last updated

W. E. Hutton & Co. was an American investment bank that became a powerhouse Wall Street stock brokerage. It was founded in Ohio in 1887 and was absorbed by Thomson & McKinnon Auchincloss Kohlmeyer, Inc., another investment bank. in 1974.

Contents

History

William E. Hutton III, the founder's grandson, testifying before the Securities and Exchange Commission, 1937 Young Hutton testifies before S.E.C. Washington, D.C., April 15. W.E. Hutton (...) testified before the Securities and Exchange Commission today on the charge that W.E. Hutton & Co. LCCN2016871557.jpg
William E. Hutton III, the founder's grandson, testifying before the Securities and Exchange Commission, 1937

The firm was founded in Cincinnati in 1887 by William E. Hutton. [1] Hutton stepped down in 1925 and was succeeded in the business by his sons, James Morgan Hutton and William Dunn Hutton. [2] His nephews, Edward Francis Hutton and Franklyn Laws Hutton, were the founders of the New York brokerage house of E. F. Hutton & Co., which was unaffiliated with his firm. [2]

In 1935, Joseph Iglehart and Benjamin D. Williams, the heads of the bond department of Field, Glore & Co. both joined Hutton and the firm took over the Baltimore office of Field, Glore & Co. [3] [4]

In 1937, counsel for the Securities and Exchange Commission attempted to show that the firm "unlawfully obtained information from a stock specialist's book in 1935-36." [5] [6] Executives from the Atlas Tack Corporation testified on behalf of Hutton. [7] [8] His eldest son, James Morgan Hutton, was senior partner of the firm upon his death in 1940. [9] [10]

1974 merger

By July 1974, the firm had already lost $1 million on top of the $2 million it had lost the previous year, leading it to negotiate a merger into Thomson & McKinnon Auchincloss Kohlmeyer (which was led by chairman William E. Ferguson and president John J. Maloney Jr.). The merger was announced by William E. Hutton, senior partner and grandson of the founder of the Hutton firm. [11] The Thomson firm was itself a result of a 1970 merger between Thomson & McKinnon and Auchincloss, Parker & Redpath, [12] [13] followed by a 1973 merger with Kohlmeyer and Co. [14] and with Halle & Stieglitz. [15]

On July 8, 1974, Thomson & McKinnon Auchincloss Kohlmeyer, Inc., took control of the W. E. Hutton & Co. offices in Boston, Baltimore, Los Angeles, San Francisco, Philadelphia, Chicago, Washington, D.C., Atlanta, and Fort Lauderdale, Florida followed by an absorption of another twenty offices, including in Maine and Hutton's strongest region, Ohio, where it had offices in Cincinnati, Dayton and Columbus. The Wayne, New Jersey office, however, joined Bache & Co. instead of Thomson & McKinnon Auchincloss. [16]

See also

Related Research Articles

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.

Morgan Stanley Wealth Management is an American multinational financial services corporation specializing in retail brokerage. It is the wealth & asset management division of Morgan Stanley. On January 13, 2009, Morgan Stanley and Citigroup announced that Citigroup would sell 51% of Smith Barney to Morgan Stanley, creating Morgan Stanley Smith Barney, which was formerly a division of Citi Global Wealth Management. The combined brokerage house has 17,646 financial advisors and manages $2 trillion in client assets. Clients range from individual investors to small- and mid-sized businesses, as well as large corporations, non-profit organizations and family foundations.

Dean Witter Reynolds was an American stock brokerage and securities firm catering to a variety of clients. Prior to the company's acquisition, it was among the largest firms in the securities industry with over 9,000 account executives and was among the largest members of the New York Stock Exchange. The company served over 3.2 million clients primarily in the U.S. Dean Witter provided debt and equity underwriting and brokerage as mutual funds and other saving and investment products for individual investors. The company's asset management arm, Dean Witter InterCapital, with total assets of $90.0 billion prior to the acquisition, was one of the largest asset management operations in the U.S.

<span class="mw-page-title-main">1 New York Plaza</span> Office skyscraper in Manhattan, New York

1 New York Plaza is an office building in the Financial District of Manhattan in New York City, at the intersection of South and Whitehall Streets near South Ferry. The building, measuring 640 feet (200 m) tall with 50 floors, is the southernmost skyscraper in Lower Manhattan. It was designed by William Lescaze & Assocs. and Kahn & Jacobs, and developed by Sol Atlas and John P. McGrath.

PaineWebber & Co. was an American investment bank and stock brokerage firm that was acquired by the Swiss bank UBS in 2000. The company was founded in 1880 in Boston, Massachusetts, by William Alfred Paine and Wallace G. Webber. Operating with two employees, they leased premises at 48 Congress Street in May 1881. The company was renamed Paine, Webber & Co. when Charles Hamilton Paine became a partner. Members of the Boston Stock Exchange, in 1890 the company acquired a seat on the New York Stock Exchange. Wallace G. Webber retired after the business weathered a major financial crisis of 1893.

<span class="mw-page-title-main">Hugh D. Auchincloss Jr.</span> American stockbroker and lawyer

Hugh Dudley Auchincloss Jr. was an American stockbroker and lawyer. He became the second husband of Nina S. Gore, mother of Gore Vidal, and also the second husband of Janet Lee Bouvier, the mother of First Lady Jacqueline Kennedy Onassis and Caroline Lee Bouvier.

Lee, Higginson & Co. was a Boston-based investment bank established in 1848 that was the home of many members of the Boston Brahmin establishment. The bank collapsed in the Swedish match scandal in 1932 while under the leadership of Jerome Davis Greene. The bank helped finance the growth of General Motors during the nascent phase of the American automobile industry.

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.

<span class="mw-page-title-main">Shearson</span> Series of investment banking and retail brokerage firms

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.

<span class="mw-page-title-main">Colliers (company)</span> Real estate investment firm

Colliers International Group Inc. is a Canada-based diversified professional services and investment management company with approximately 18,000 employees in more than 400 offices in 65 countries.

McDonald & Co. was a full-service investment firm based in Cleveland, Ohio, established in 1927. Internally, it was referred to as "McD" (mick-D). It was sold to hometown bank KeyCorp in 1998, but was eventually sold to the U.S. investment arm of Swiss banking giant UBS AG in 2007.

<span class="mw-page-title-main">Prudential Securities</span> American financial services company

Prudential Securities, also formerly known as Prudential Securities Incorporated (PSI), was the financial services arm of the insurer, Prudential Financial. In 2003, Prudential Securities was merged into Wachovia Securities, a division of Wachovia Bank.

<span class="mw-page-title-main">Shearson, Hammill & Co.</span>

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.

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.

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.

Jackson & Curtis was founded in 1879 in Boston, Massachusetts, by Charles Cabot Jackson and Laurence Curtis. Operating with two employees, they leased premises on Congress Street in May 1881, not far from Paine Webber. Members of the Boston Stock Exchange, in 1890 the company acquired a seat on the New York Stock Exchange.

<span class="mw-page-title-main">Cassatt & Company</span>

Cassatt & Company was a Philadelphia based investment banking and brokerage firm founded in 1872. The firm was acquired by Merrill Lynch in 1940, shortly after Merrill's merger with E.A. Pierce & Co. that created Merrill Lynch, E.A. Pierce & Cassatt.

DuPont Walston, Inc. was a former U.S. brokerage and investment banking firm. At its peak in the early 1970s, DuPont Walston was the second largest brokerage firm in the U.S. However, the firm collapsed following a series of mergers and closed in 1974.

<span class="mw-page-title-main">Dominick & Dickerman</span> American financial services company

Dominick and Dickerman LLC is an investment and merchant banking firm headquartered in New York City. It also has offices in Basel, Switzerland. From 1899 to 2015, the firm was known as Dominick and Dominick but after selling off its wealth management business, the firm reverted to its original name, Dominick and Dickerman.

<span class="mw-page-title-main">John Clarke Lee</span>

John Clarke Lee was an American lawyer, merchant, banker and politician who co-founded the prominent stock brokerage firm of Lee, Higginson & Co.

References

  1. "William E. Hutton Ill". The New York Times . 5 September 1934. Retrieved 12 May 2022.
  2. 1 2 "WILLIAM E. HUTTON DEAD IN CINCINNATI; Investment Broker, 89, Was a Charter Member of the Stock Exchange in Ohio City. ONE-DESK HOUSE AT FIRST His Faith in America Told in EpigramConcern Grew to National Importance". The New York Times . 9 September 1934. Retrieved 12 May 2022.
  3. "Joins W.E. Hutton & Co". The New York Times . 30 January 1935. Retrieved 12 May 2022.
  4. TIMES, Special to THE NEW YORK (31 January 1935). "Bond Men to Join W.E. Hutton". The New York Times . Retrieved 12 May 2022.
  5. "FIRM FIGHTS SEC MOVE; W. E. Hutton & Co. Deny They Got a Specialist's Data". The New York Times . 31 March 1937. Retrieved 12 May 2022.
  6. "HUTTON HELD STOCK A 'SPECULATIVE BUY'; Head of Detroit Office of W. E. Hutton & Co. Heard in Manipulation Case". The New York Times . 15 April 1937. Retrieved 12 May 2022.
  7. "ATLAS TACK BLAMES SEC FOR TRADE lOSS; Head of Company Testifies for W. E. Hutton & Co., Charged With Manipulation". The New York Times . 19 May 1937. Retrieved 12 May 2022.
  8. "DEFENSE ON TODAY IN 'RIGGING' CASE; W. E. Hutton & Co. and Other Respondents to Appear Before the SEC Here". The New York Times . 12 May 1937. Retrieved 12 May 2022.
  9. "J. M. HUTTON DIES; NOTED FINANCIER; Senior Partner of the Firm of Investment Bankers Stricken in Wall Street Offices AIDED MIDWEST INDUSTRY Cincinnatian Spread Activity of Company to Several Cities --Aided in Philanthropies". The New York Times . 2 March 1940. Retrieved 12 May 2022.
  10. Goss, Charles Frederic (1912). Cincinnati, the Queen City, 1788-1912. S. J. Clarke Publishing Company. pp. 344–345. Retrieved 12 May 2022.
  11. Kilborn, Peter T. (3 July 1974). "W.E. Hutton and Thomson & McKinnon in Talks". The New York Times . Retrieved 12 May 2022.
  12. Smith, William D. (16 December 1969). "Thomson & McKinnon Sets Link; Auchincloss Agrees BROKERAGE FIRMS PLANNING MERGER". The New York Times . Retrieved 12 May 2022.
  13. Ennis, Thomas W. (22 November 1976). "Hugh Auchincloss Sr., Stockbroker, Dead". The New York Times . Retrieved 18 October 2016.
  14. "Wall St. Finns to Merge". The New York Times . 25 July 1973. Retrieved 12 May 2022.
  15. Wilcke, Gerd (26 June 1973). "Thomson and Halle, Brokerage Firms, To Combine July 9". The New York Times . Retrieved 12 May 2022.
  16. Kilborn, Peter T. (9 July 1974). "Thomson Absorbing W.E. Hutton Offices". The New York Times . Retrieved 12 May 2022.