Park, Ryan Inc
Encyclopedia
Park Ryan Inc. was a municipal bond
firm on Wall Street, founded in 1953 by Darragh A. Park Jr. and James Van Pelt Ryan .
The firm, based at 70 Pine Street (the American International Building
) specialized in government tax-exempt bonds, and later in sinking fund
financing.
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. 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.
James Ryan died in 1964. After Darragh Park's death in 1973, Leonard J. Collins succeeded as Chairman of the firm. 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.
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. The firm ceased operating in the early 1990s.
Municipal bond
A municipal bond is a bond issued by a city or other local government, or their agencies. Potential issuers of municipal bonds includes cities, counties, redevelopment agencies, special-purpose districts, school districts, public utility districts, publicly owned airports and seaports, and any...
firm on Wall Street, founded in 1953 by Darragh A. Park Jr. and James Van Pelt Ryan .
The firm, based at 70 Pine Street (the American International Building
American International Building
The American International Building is a 66-story, 952 foot tall building in Lower Manhattan in New York City. The official address is 70 Pine Street, New York, NY 10270 and is also bordered by Cedar Street and Pearl Street. It was completed in 1932 by the Cities Service Company for the oil and...
) specialized in government tax-exempt bonds, and later in sinking fund
Sinking fund
A sinking fund is a fund established by a government agency or business for the purpose of reducing debt by repaying or purchasing outstanding loans and securities held against the entity. It helps keep the borrower liquid so it can repay the bondholder....
financing.
Park, Ryan participated in numerous syndicates for bond offerings led by large investment banks such as Goldman Sachs
Goldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...
, Merrill Lynch
Merrill Lynch
Merrill Lynch is the wealth management division of Bank of America. With over 15,000 financial advisors and $2.2 trillion in client assets it is the world's largest brokerage. Formerly known as Merrill Lynch & Co., Inc., prior to 2009 the firm was publicly owned and traded on the New York...
, and Dillon, Read & Co.
Dillon, Read & Co.
Dillon, Read & Co. was a prominent American investment bank from the 1920s into the 1960s.-Origins:Dillon Read traces its roots to 1832 with the founding of the Wall Street brokerage firm Carpenter & Vermilye. This firm was succeeded by Read & Company in which chief principal was William A. Read. ...
, occupying a secondary position alongside such firms as Roosevelt & Cross, Kean, Taylor & Co. and G.H. Walker & Co. The firm was a participating underwriter in the sale of 'Big Mac
Big Mac
The Big Mac is a hamburger sold by McDonald's, an international fast food restaurant chain. It is one of the company's signature products...
' bonds for the Municipal Assistance Corporation, created by the State of New York in 1975 to deal with New York City's fiscal crisis.
James Ryan died in 1964. After Darragh Park's death in 1973, Leonard J. Collins succeeded as Chairman of the firm. 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.
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. The firm ceased operating in the early 1990s.