Harold L. Stuart
Encyclopedia
Harold L. Stuart was a prominent American financier
of the early 20th century, and founder of the investment firm Halsey, Stuart & Co.
.
in 1881, and moved to Chicago as a boy. He began working in Chicago at just 12 years old as a messenger boy for a printing firm. Some of his other early jobs included being a stock boy at Marshall Field & Company. As a teenager he became a bond salesman for the predecessor company to the Harris Trust Bank.
In 1903, he opened a Chicago branch office for the recently-founded New York investment firm, N. W. Halsey Company. Stuart competed with New York bankers when he started handling small bond offerings for the utility magnate Samuel Insull
in 1907. When N. W. Halsey died around the year 1911, Stuart bought the Chicago office of that organization and established Halsey, Stuart & Co. In 1922, due to his growing trust of Stuart, Insull entrusted Stuart with a $27 million bond offering at a time when the bond market did not look promising. Stuart was able to move the issue at an extremely low interest rate and as a result, Stuart become one of Insull’s chief financial officers. Later in his life, Stuart recalled that he and Insull did about $2.3 billion worth of business. In 1953, Federal Judge Harold R. Medina wrote that Stuart “probably knew more about the investment banking business than any other living person” after Stuart appeared as a government expert witness in an anti-trust suit brought against 17 leading investment houses. At the time of Stuart’s death in 1966, the New York Times called Halsey, Stuart “one of the largest investment banking firms.”
(IIT) received a $5 million bequest
from the Stuart estate which enabled the university to begin construction on the Stuart School of Business
. The Stuart family has been key to the growth and progress of both the educational and research programs at IIT’s Stuart School of Business.
Financier
Financier is a term for a person who handles typically large sums of money, usually involving money lending, financing projects, large-scale investing, or large-scale money management. The term is French, and derives from finance or payment...
of the early 20th century, and founder of the investment firm Halsey, Stuart & Co.
Halsey, Stuart & Co.
Halsey, Stuart was a Chicago-based investment bank founded in 1911.In 1952, the firm made headlines when its managing partner, Harold L. Stuart, testified before the U.S. Supreme Court for the government's antitrust case against Morgan Stanley and 16 other major investment banks...
.
Biography
Stuart was born in Providence, Rhode IslandProvidence, Rhode Island
Providence is the capital and most populous city of Rhode Island and was one of the first cities established in the United States. Located in Providence County, it is the third largest city in the New England region...
in 1881, and moved to Chicago as a boy. He began working in Chicago at just 12 years old as a messenger boy for a printing firm. Some of his other early jobs included being a stock boy at Marshall Field & Company. As a teenager he became a bond salesman for the predecessor company to the Harris Trust Bank.
In 1903, he opened a Chicago branch office for the recently-founded New York investment firm, N. W. Halsey Company. Stuart competed with New York bankers when he started handling small bond offerings for the utility magnate Samuel Insull
Samuel Insull
Samuel Insull was an Anglo-American innovator and investor based in Chicago who greatly contributed to creating an integrated electrical infrastructure in the United States. Insull was notable for purchasing utilities and railroads using holding companies, as well as the abuse of them...
in 1907. When N. W. Halsey died around the year 1911, Stuart bought the Chicago office of that organization and established Halsey, Stuart & Co. In 1922, due to his growing trust of Stuart, Insull entrusted Stuart with a $27 million bond offering at a time when the bond market did not look promising. Stuart was able to move the issue at an extremely low interest rate and as a result, Stuart become one of Insull’s chief financial officers. Later in his life, Stuart recalled that he and Insull did about $2.3 billion worth of business. In 1953, Federal Judge Harold R. Medina wrote that Stuart “probably knew more about the investment banking business than any other living person” after Stuart appeared as a government expert witness in an anti-trust suit brought against 17 leading investment houses. At the time of Stuart’s death in 1966, the New York Times called Halsey, Stuart “one of the largest investment banking firms.”
Legacy
In 1969, Illinois Institute of TechnologyIllinois Institute of Technology
Illinois Institute of Technology, commonly called Illinois Tech or IIT, is a private Ph.D.-granting university located in Chicago, Illinois, with programs in engineering, science, psychology, architecture, business, communications, industrial technology, information technology, design, and law...
(IIT) received a $5 million bequest
Bequest
A bequest is the act of giving property by will. Strictly, "bequest" is used of personal property, and "devise" of real property. In legal terminology, "bequeath" is a verb form meaning "to make a bequest."...
from the Stuart estate which enabled the university to begin construction on the Stuart School of Business
Stuart School of Business
IIT Stuart School of Business is an academic unit of the Illinois Institute of Technology, a private Ph.D.-granting technological university...
. The Stuart family has been key to the growth and progress of both the educational and research programs at IIT’s Stuart School of Business.
External links
- IIT Stuart, official site
- IIT, official site