Reynolds Securities

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Reynolds Securities

Reynolds Securities was a publicly traded

Richard S. Reynolds, Jr., the firm merged with Dean Witter & Co. to form Dean Witter Reynolds Organization Inc. in 1978, which was then the biggest merger in the history of Wall Street.[1][2]

The firm's tagline, "We work for a world of

Dean Witter and later Morgan Stanley
.

History

Reynolds & Company was founded in 1931 in New York City by Richard S. Reynolds, Jr., a 22-year-old tobacco heir, together with Charles H. Babcock and Thomas F. Staley.[3][4][5] In particular, Thomas F. Staley was Reynolds’ cousin (the grandson of Major D. Reynolds, an older brother of R.J. Reynolds). In 1951, another senior partner, John D. Baker, joined the company.[6]

Richard S. Reynolds' father

Reynolds Metals (Reynolds wrap), and his great uncle was the founder of R. J. Reynolds Tobacco Company
(RJR).

Like Dean Witter & Co., the company survived the Depression, generating a profit each year. In 1934, Reynolds acquired F.A. Willard & Co.[7] With the acquisition, Reynolds tripled its sales and shifted its emphasis toward underwritings.[8]

In 1958, Reynolds passed its leadership to the next generation with Thomas F. Staley departing and naming Robert M. Gardiner to head the firm. Under Gardiner, Reynolds embarks on major expansion, acquiring 26 offices from A.M. Kidder & Co. Reynolds acquired another three offices and opened nine firms in new regions in the U.S. in the early 1960s.[8]

Reynolds was incorporated in 1971 as Reynolds Securities in advance of an initial public offering. By early 1971, there was speculation that Merrill Lynch would sell shares to the public. Reynolds initial public offering (and shortly thereafter Dean Witter's IPO) was part of a rush of Wall Street firms to sell an interest in their privately held businesses to public investors, following Merrill Lynch's initial public offering.

Lausanne, Switzerland.[8] A year later, Reynolds acquired Baker Weeks & Co. whose strength was securities research.[10]

At the time of its merger with Dean Witter & Co. in 1978, Reynolds Securities had over 3,100 employees in 72 offices producing gross revenues of nearly $120 million.[8]

See also

References

  1. ^ Sloane, Leonard. "WITTER, REYNOLDS SET BIGGEST MERGER IN WALL ST. HISTORY". Retrieved 2018-06-22.
  2. ISSN 0190-8286
    . Retrieved 2018-06-22.
  3. ISSN 0190-8286
    . Retrieved 2018-06-22.
  4. ^ "Morgan Stanley Dean Witter & Company - Company Profile, Information, Business Description, History, Background Information on Morgan Stanley Dean Witter & Company". www.referenceforbusiness.com. Retrieved 2018-06-22.
  5. ^ "Charles Henry Babcock (1899-1967) - Find A Grave..." www.findagrave.com. Retrieved 2018-06-22.
  6. ^ "John Baker Dies at 89; Wall Street Executive". Retrieved 2018-06-22.
  7. ^ Owen, David. The Making of the Masters. 1999
  8. ^ a b c d Dean Witter History (Archived). Retrieved, June 9, 2010
  9. ^ New Money for Merrill Lynch. Time Magazine, Apr. 26, 1971
  10. ^ Matthews, John. Struggle and survival on Wall Street. 1994
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