W. E. Hutton & Co.

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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.

History[edit]

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[edit]

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[edit]

References[edit]

  1. ^ "William E. Hutton Ill". The New York Times. 5 September 1934. Retrieved 12 May 2022.
  2. ^ a b "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.
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