Financier, philanthropist Jack Stephens of Arkansas dead at 81

<p>Jack Stephens, a financier and philanthropist who built the largest brokerage off Wall Street and formerly served as chairman of the Augusta National Golf Club, died Saturday at age 81.</p><p>Stephens, along with his brother W.R. "Witt" Stephens, was one of Arkansas' richest and most powerful individuals. Witt Stephens started the Little Rock investment house Stephens Inc. in 1933 and Jack, who joined the firm in 1946, built it to its peak, making it the largest brokerage off Wall Street.</p><p>"There can be no doubt that he was one of the most astute investors in the history of American finance," said Curt Bradbury, chief operating officer of Stephens Inc.</p><p>Stephens Inc. spokesman Frank Thomas said Stephens died Saturday after being in declining health for some time after a stroke several years ago. Thomas said Stephens had been in a hospital for the last month and went home Thursday.</p><p>Stephens in 1962 became a member of the Augusta National Golf Club _ which hosts the annual Masters tournament _ and served as its fourth chairman, from 1991-1998.</p><p>"Augusta National Golf Club and the Masters tournament have lost a wonderful individual and an outstanding past chairman and personally I have lost a dear friend," said current Augusta chairman Hootie Johnson, who succeeded Stephens. "Under Jack's leadership, the Masters continued to grow and his integrity helped maintain its success. On behalf of the club's membership, I want to express our deepest sympathy to Jack's family."</p><p>Stephens grew up on a farm near Prattsville during the Depression. He picked cotton and worked a mule on the farm before taking jobs in nearby Hope in his teens. He graduated from the United States Naval Academy in 1946.</p><p>After graduation, Stephens agreed to work with his brother and in 1956 the two became equal partners in Stephens Inc. Jack Stephens' son Warren became chief executive officer in 1986 and Jack became the company's chairman.</p><p>One of Stephens' classmates at the Naval Academy was former President Jimmy Carter, who visited Little Rock in 2003 to dedicate a spinal institute whose construction was supported by $48 million that Jack Stephens donated.</p><p>Stephens was known as a hard worker who demanded much from his employees.</p><p>"I can tolerate any mistake that's an honest mistake after having been given careful thought _ people make judgments, and if it's wrong, I can tolerate it," Stephens said in a 1979 interview. "I can't tolerate people not doing their homework, not knowing what they're getting into."</p><p>In a statement, his company said Stephens' business acumen was responsible for the creation of hundreds of businesses and thousands of jobs. Companies aided by his investments include Wal-Mart Stores Inc., Tyson Foods Inc. and Dillard Department Stores, Stephens said.</p><p>Among his philanthropic projects, Stephens has donated money to help those in the Arkansas Delta, several scholarship programs, the Arkansas Arts Center, a $20.4 million sports arena at the University of Arkansas at Little Rock and The First Tee program, which makes golf affordable for children.</p>

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