Mason , a much larger firm , whose capital was $ 94.5 million . John B . Levert Jr ., president of Howard Weil Financial Corporation , and Alan C . Arnold , the president of the brokerage subsidiary , became directors in Legg Mason . According to The Washington Post , “ Under the terms of the merger , approved by shareholders of both brokerage companies , Legg Mason issued 1.781 million shares of common stock to the 104 Howard Weil shareholders . Shareholders of Legg Mason also approved an increase in authorized shares of common stock from 12 million to 20 million .” Howard Weil retained its name and headquarters in New Orleans .
The Howard , Weil , Labouisse , Friedrichs & Co . trading floor in the Maritime Building in New Orleans .
the vice president of the Times-Picayune and the vice president of the Hibernia National Bank of New Orleans .
Howard , Weil , Labouisse , Friedrichs & Co . ( f . 1950 , New Orleans )
In 1950 , Howard , Labouisse , Friedrichs merged with Weil & Co ., a specialist in bonds , and the firm was renamed Howard , Weil , Labouisse , Friedrichs & Co . John P . Labouisse ’ s son , John P . Labouisse III , a Georgia Tech graduate , also became a partner in the firm . He represented the fourth generation of his family in business in New Orleans . In 1969 , Howard , Weil , Labouisse & Friedrichs merged with the New Orleans firm of Viguerie , Hayne & Chaffe , Inc ., whose partners became partners in Howard Weil .
Howard , Weil , Labouisse , Friedrichs & Co ., Inc . ( f . 1971 , New Orleans )
Howard Weil Financial Corporation ( holding company )
In 1971 , Howard , Weil , Labouisse , Friedrichs & Co . changed from a partnership to a corporation . G . Shelby Friedrichs became president and chief executive officer . By that time , the firm had 17 offices and 240 employees . In 1984 , Howard Weil Financial Corp .— the holding company of Howard , Weil , Labouisse , Friedrichs & Co .— filed an initial public offering of one million shares .
Friedrichs stepped down in 1985 , and John B . Levert Jr . and Alan C . Arnold were named executive officers of Howard Weil Financial Corporation . Levert became chairman of the board and chief executive officer . Arnold became president and Friedrichs became chairman emeritus . A New Orleans native and graduate of Loyola University ( New Orleans ), Arnold served in the Army Field Artillery and then joined Howard , Weil . He became executive vice president in 1976 .
Legg Mason Inc . ( 1987 )
In 1987 , Howard Weil Financial Corporation , the holding company of Howard , Weil , Labouisse , Friedrichs Inc ., merged with Legg Mason Inc ., a Baltimore brokerage house . At the time of the agreement made for the merger , Howard Weil had 26 brokerage offices in Louisiana and nearby states , as well as a capital of $ 19 million . The firm became a subsidiary of Legg
Scotiabank ( 2012 )
By 2012 , Howard Weil Incorporated was a US energy investment boutique firm . That year , it was acquired by Scotiabank , the descendant of the Bank of Nova Scotia . Howard , Weil , Labouisse , Friedrichs , Inc . changed its name to Scotia Howard Weil Inc . and became a subsidiary of Scotia Capital ( USA ). At the time of the acquisition , Mike Durland , the co-CEO of Global Banking and Markets for Scotiabank said , “… Howard Weil is strategically important for Scotiabank , providing not only an expansion of our product footprint in the energy sector , but also dedicated equity sales , trading and research capabilities in the US .”
Susie J . Pak is an Associate Professor in the Department of History at St . John ’ s University ( New York ). A graduate of Dartmouth College and Cornell University , she is the author of Gentlemen Bankers : The World of J . P . Morgan ( Harvard University Press ), a Trustee of the Business History Conference , co-chair of the Columbia University Economic History Seminar and a member of the editorial advisory board of the Business History Review . She is also a member of the Financial History editorial board .
About Where Are They Now ? The “ Where Are They Now ?” Series traces the origins and histories of 207 of the underwriters of the 1956 Ford Motor Company IPO . The research for this series has been generously funded by Charles Royce of The Royce Funds . The Museum ’ s “ Where Are They Now ?” blog can be found at : wherearetheynowblog . blogspot . com .
42 FINANCIAL HISTORY | Fall 2020 | www . MoAF . org