History
E.F. Hutton & Co. was founded in San Francisco in 1904 by namesake Edward Francis Hutton and his brother Franklyn Laws Hutton. Hutton, an entrepreneur who later also became chairman of the General Foods Corporation and wrote a newspaper column for years, led the firm until his death in 1962.
In 1906, two years after it was founded, the firm's offices were destroyed in the San Francisco earthquake of 1906. In 1924, famed Wall Street trader Gerald M. Loeb joined the firm ultimately serving as Chairman. The firm developed a nationwide retail brokerage network to market its various debt and equity securities.
In 1970, Robert M. Fomon was appointed Hutton's Chief Executive Officer. Despite the failure or takeover of many of its peers in the 1960s and 1970s, Hutton retained its independence under Fomon's leadership. By the early 1980s, the original E.F. Hutton & Co. had become the principal component of what grew into a group of companies owned by E.F. Hutton Group Inc., listed on the New York Stock Exchange. Other subsidiaries of that Delaware-chartered holding company were E.F. Hutton Trust Company, E.F. Hutton Life Insurance Company, and E.F. Hutton Bank. The Hutton companies also managed many mutual funds and other investment vehicles, some of which were separately incorporated and/or registered, and participated actively in corporate mergers and public offerings of securities. In 1976, Western Union partnered with E. F. Hutton & Co..
Read more about this topic: E. F. Hutton & Co.
Famous quotes containing the word history:
“We are told that men protect us; that they are generous, even chivalric in their protection. Gentlemen, if your protectors were women, and they took all your property and your children, and paid you half as much for your work, though as well or better done than your own, would you think much of the chivalry which permitted you to sit in street-cars and picked up your pocket- handkerchief?”
—Mary B. Clay, U.S. suffragist. As quoted in History of Woman Suffrage, vol. 4, ch. 3, by Susan B. Anthony and Ida Husted Harper (1902)
“In history as in human life, regret does not bring back a lost moment and a thousand years will not recover something lost in a single hour.”
—Stefan Zweig (18811942)
“The history of modern art is also the history of the progressive loss of art’s audience. Art has increasingly become the concern of the artist and the bafflement of the public.”
—Henry Geldzahler (1935–1994)