Some history:
Whitehead and Hoag Co., founded by Benjamin S. Whitehead in Newark, N. J.. As a youth, Whitehead imprinted silk ribbon and button novelties for souvenirs and began experimenting with imprinting on thin sheets of a new material called celluloid. Whitehead went on to perfect the celluloid button, one of the best known and most widely used of all specialty advertising products. In 1891, his company was incorporated as Whitehead and Hoag. Hoag was Chester R. Hoag, a neighbor whom Whitehead had patronized for twine and other supplies.
The company was first organized under New Jersey laws in 1892. Whitehead and Hoag became fast friends and formed a business that later was incorporated in 1892 and became the country's largest manufacturer of novelties and pinback buttons. A long, successful partnership continued until Hoag died in 1935 (Whitehead died in 1940).
(Various sources)
Regarding the initials: I haven't a clue.
Don.....