Park Ryan
| Company type | Defunct |
|---|---|
| Industry | Brokerage |
| Founded | 1953 |
| Founder | Darragh A. Park Jr. James Van Pelt Ryan |
| Defunct | 1979 The company was briefly reopened in the 1980s |
| Fate | Liquidated |
| Headquarters | New York, New York |
| Products | Municipal bonds |
Park Ryan Inc. was a municipal bond firm on Wall Street, founded in 1953 by Darragh A. Park Jr. and James Van Pelt Ryan.[1]
The firm, based at 70 Pine Street (the American International Building) specialized in government tax-exempt bonds, and later in sinking fund financing.[citation needed]
Park, Ryan participated in numerous syndicates for bond offerings led by large investment banks such as Goldman Sachs, Merrill Lynch, and Dillon, Read & Co., occupying a secondary position alongside such firms as Roosevelt & Cross, Kean, Taylor & Co., and G.H. Walker & Co.[2] The firm was a participating underwriter in the sale of 'Big Mac' bonds for the Municipal Assistance Corporation, created by the State of New York in 1975 to deal with New York City's fiscal crisis.[3]
James Ryan died in 1964.[4] After Darragh Park's death in 1973,[5] Leonard J. Collins succeeded as Chairman of the firm.[6] Collins decided to close and liquidate Park, Ryan in 1979 in response to declines in the bond market caused by the Federal Reserve's tighter monetary policy.[7]
In 1983, a group of investors led by Little Rock, Arkansas bankers Glenn R. Schultz and J.A. McEntire III purchased the firm's name, and opened several branch offices outside of New York.[8] The firm ceased operating in the early 1990s.
References[edit]
- ^ New Bond Company Organized. New York Times, September 1, 1953
- ^ "Industry Documents Library".
- ^ http://newman.baruch.cuny.edu/DIGITAL/2003/amfl/mac/pdf_files/Bonds4/1978-10.pdf [bare URL PDF]
- ^ James J. Ryan. New York Times, September 23, 1964
- ^ Darrach A. Park Jr. New York Times, November 2, 1973,
- ^ Leonard J. Collins. New York Times, March 11, 1999
- ^ Park Ryan to Close. New York Times, October 24, 1979
- ^ "FindACase™ | CASALI v. SCHULTZ". Archived from the original on 2012-07-07. Retrieved 2009-10-02.
- Defunct financial services companies of the United States
- Former investment banks of the United States
- Financial services companies established in 1953
- Financial services companies disestablished in 1979
- Companies based in New York City
- 1953 establishments in New York City
- 1979 disestablishments in New York (state)