 Meanwhile, through the 1960s and 1970s, Sanford I. Weill, the chairman of the up-and-coming Cogan, Berlind, Weill & Levitt, had been acquiring many of Wall Streets oldest and most venerable investment banking and brokerage firms.By 1973 Weill's firm was known as Hayden Stone, Inc. following CBWL's acquisition of Hayden, Stone & Co.Despite its strong retail brokerage business, Shearson's capital reserves were diminished and, by 1974, it was clear that Shearson did not have sufficient capital to survive as an independent firm, opting to merge with Weill's better capitalized Hayden Stone, Inc..