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.
History
The firm was founded as Carl M. Loeb & Co. by Jewish father Carl M. Loeb and son John Langeloth Loeb Sr. in 1931, shortly after the onset of the Great Depression. Carl M. Loeb & Co. merged with Rhoades & Company, a white shoe 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.[1] 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 in 1981.
Carl Loeb, who had built his personal wealth as president of American Metal Company