Wall Street
Wall Street is a street in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It runs eight city blocks between Broadway (Manhattan), Broadway in the west and South Street (Manhattan), South Str ...
brokerage firm founded in 1931 and acquired in 1979 by Sanford I. Weill's
Shearson Hayden Stone
Shearson was the name of a series of investment banking and retail brokerage firms from 1902 until 1994, named for Edward ShearsonShearson Loeb Rhoades
Shearson was the name of a series of investment banking and retail brokerage firms from 1902 until 1994, named for Edward ShearsonAmerican Express
American Express Company or Amex is an American bank holding company and multinational financial services corporation that specializes in payment card industry, payment cards. It is headquartered at 200 Vesey Street, also known as American Expr ...
to form
Shearson/American Express
Shearson was the name of a series of investment banking and retail brokerage firms from 1902 until 1994, named for Edward ShearsonShearson Lehman/American Express
Shearson was the name of a series of investment banking and retail brokerage firms from 1902 until 1994, named for Edward ShearsonJewish
Jews (, , ), or the Jewish people, are an ethnoreligious group and nation, originating from the Israelites of History of ancient Israel and Judah, ancient Israel and Judah. They also traditionally adhere to Judaism. Jewish ethnicity, rel ...
Great Depression
The Great Depression was a severe global economic downturn from 1929 to 1939. The period was characterized by high rates of unemployment and poverty, drastic reductions in industrial production and international trade, and widespread bank and ...
. Carl M. Loeb & Co. merged with
Rhoades & Company
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 acqui ...
, a
white shoe
In the United States, "white-shoe firm" is a term used to describe prestigious professional services firms that have been traditionally associated with the upper-class elite who graduated from Ivy League colleges. The term comes from white buckski ...
Wall Street brokerage firm, in 1937 to form what became Loeb, Rhoades & Co. Rhoades & Company had been founded in 1905 by John Harsen Rhoades Jr. (born 1869), formerly a partner of Rhoades & Richmond. The firm operated under the Loeb, Rhoades name from 1937 through 1979 when it briefly used the name Shearson Loeb Rhoades, for two years prior to its acquisition by
American Express
American Express Company or Amex is an American bank holding company and multinational financial services corporation that specializes in payment card industry, payment cards. It is headquartered at 200 Vesey Street, also known as American Expr ...
in 1981.
Carl Loeb, who had built his personal wealth as president of
American Metal Company
American Metal Company was an American nonferrous metal trading and production company.
History
The origin of the American Metal Company (AMCO) begins with Metallgesellschaft AG of Germany, one of whose founders, Wilhelm Ralph Merton, tasked one ...
resigned from the company and bought a seat on the
New York Stock Exchange
The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It is the List of stock exchanges, largest stock excha ...
, at the urging of his son John in 1931. While on the New York Stock Exchange, he pushed through many reforms. Three years after Loeb left American Metals, the company's stock was nearly worthless. Together with his son, Carl ran Loeb, Rhoades for its first 24 years, from 1931 until his death in 1955. John L. Loeb was a partner in the firm from 1931 to 1955 and following the death of his father became the senior partner, a role which he retained through 1977 when the firm was merged. In 1951, John Loeb became a governor of the
New York Stock Exchange
The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It is the List of stock exchanges, largest stock excha ...
. In 1956, Loeb, Rhoades acquired a controlling interest in the Cuban Atlantic Sugar Company and sold its stake on December 31, 1958, a day before the
Cuban Revolution
The Cuban Revolution () was the military and political movement that overthrew the dictatorship of Fulgencio Batista, who had ruled Cuba from 1952 to 1959. The revolution began after the 1952 Cuban coup d'état, in which Batista overthrew ...
.
In 1973, Carl M. Mueller assumed management control of the firm before Loeb resumed his management responsibilities in the firm in 1977. Loeb oversaw the merger of Loeb, Rhoades with
Hornblower, Weeks, Noyes & Trask
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 ...
to form Loeb, Rhoades, Hornblower & Co. in January 1978 before handing over day to day control of the firm to his nephew, Thomas Kempner, a grandson of Carl Loeb who had joined the firm in 1950.
The Hornblower merger turned out to be disastrous for Loeb, Rhoades. The two firms incurred significant costs attempting to merge their back office operations, both of which had issues prior to the merger. By the end of 1978, less than a year after the merger, the combined firm was losing millions of dollars. Through the 1960s and 1970s, Sanford I. Weill was acquiring brokerage firms and by 1979 was running
Shearson Hayden Stone
Shearson was the name of a series of investment banking and retail brokerage firms from 1902 until 1994, named for Edward ShearsonShearson Loeb Rhoades
Shearson was the name of a series of investment banking and retail brokerage firms from 1902 until 1994, named for Edward ShearsonThe Urge to Merge New York Magazine, May 28, 1979, p. 13
In 1981, Shearson Loeb Rhoades bought the Boston Company holding company of the Boston Safe Deposit & Trust Co., a money manager. The same year, Weill sold the combined company to
American Express
American Express Company or Amex is an American bank holding company and multinational financial services corporation that specializes in payment card industry, payment cards. It is headquartered at 200 Vesey Street, also known as American Expr ...
to form
Shearson/American Express
Shearson was the name of a series of investment banking and retail brokerage firms from 1902 until 1994, named for Edward Shearsonfamily office
A family office is a privately held company that handles investment management and wealth management for a wealthy family, generally one with at least $50–100 million in investable assets, with the goal being to effectively grow and transfer ...
clients.
In 2008, Loeb Capital Management, a d/b/a for Loeb Arbitrage Management, Loeb Offshore Management and Carl M. Loeb Advisory Partners Inc., was launched under common control with Loeb Partners Corporation.
In 2013 Loeb Capital Management was renamed Loeb King Capital Management.
Acquisition history
The following is an illustration of the company's major mergers and acquisitions and historical predecessors (this is not a comprehensive list):"Salomon Smith Barney" from Gambee, Robert. Wall Street '. W. W. Norton & Company, 1999. p.73
United States Ambassador to Austria
This is a list of ambassadors of the United States to Austria.
The United States first established diplomatic relations with Austria in 1838 during the time of the Austrian Empire. Relations between the United States have been continuous since ...
*
Mario Gabelli
Mario Joseph Gabelli (born June 19, 1942) is an American stock investor, investment advisor, and financial analyst. He is the founder, chairman, and CEO of Gabelli Asset Management Company Investors (Gamco Investors), an investment firm head ...
Michael Steinhardt
Michael H. Steinhardt (born December 7, 1940) is an American billionaire Hedge fund, hedge fund manager, philanthropist, and former antiquities collector. In 1967, he founded a hedge fund, Steinhardt Partners which he ran until he closed it in 19 ...
, investor and philanthropist
* Walter Schloss, American Investor, fund manager, and philanthropist (1916–2012)
* Armand G. Erpf, investor and art collector, chairman of the
Crowell-Collier Publishing Company
Crowell-Collier Publishing Company was an American publisher that owned the popular magazines ''Collier's'', ''Woman's Home Companion'' and ''The American Magazine''. Crowell's subsidiary, P.F. Collier and Son, published ''Collier's Encyclopedia ...
Cogan, Berlind, Weill & Levitt
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 ...
Hornblower & Weeks
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 ...
*
Shearson/American Express
Shearson was the name of a series of investment banking and retail brokerage firms from 1902 until 1994, named for Edward ShearsonShearson, Hammill & Co.