Reynolds Securities
{{short description|American brokerage firm}}
{{Infobox company
| name = Reynolds Securities
| logo = File:Reynolds Securities logo.png
| type = Public
| fate = Assets Acquired By Dean Witter & Co.
| predecessor =
| foundation = {{Start date and age|1931}}
| founder = Richard S. Reynolds, Jr.
| defunct = {{End date and age|1978}}
| location = New York City, U.S.
| industry = Financial services
| products = Brokerage
| Subsidiaries =
| revenue =
| net_income =
| assets =
| homepage =
| num_employees =
}}
Reynolds Securities was a publicly traded brokerage firm. Founded in 1931 by 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.{{Cite news|url=https://www.nytimes.com/1977/10/04/archives/witter-reynolds-set-biggest-merger-in-wall-st-history-consolidation.html|title=WITTER, REYNOLDS SET BIGGEST MERGER IN WALL ST. HISTORY|last=Sloane|first=Leonard|access-date=2018-06-22|language=en}}{{Cite news|url=https://www.washingtonpost.com/archive/business/1977/10/04/dean-witter-reynolds-set-merger/2dce82ba-ed0f-4094-be2c-99821f24a91a/|title=Dean Witter, Reynolds Set Merger|last=Egan|first=Jack|date=1977-10-04|newspaper=Washington Post|access-date=2018-06-22|language=en-US|issn=0190-8286}}
The firm's tagline, "We work for a world of investors. One at a time." was adapted to "We measure success one investor at a time" and was used by 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.{{Cite news|url=https://www.washingtonpost.com/archive/local/1980/10/06/richard-s-reynolds-jr-dies-at-72/0f0f3ac9-e572-4fc4-85c4-754da27b32d2/|title=Richard S. Reynolds Jr. Dies at 72|date=1980-10-06|newspaper=Washington Post|access-date=2018-06-22|language=en-US|issn=0190-8286}}{{Cite web|url=http://www.referenceforbusiness.com/history2/11/Morgan-Stanley-Dean-Witter-Company.html|title=Morgan Stanley Dean Witter & Company - Company Profile, Information, Business Description, History, Background Information on Morgan Stanley Dean Witter & Company|website=www.referenceforbusiness.com|access-date=2018-06-22}}{{Cite web|url=https://www.findagrave.com/memorial/18419892/charles-henry-babcock|title=Charles Henry Babcock (1899-1967) - Find A Grave...|website=www.findagrave.com|access-date=2018-06-22}} 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.{{Cite news|url=https://www.nytimes.com/1992/07/25/obituaries/john-baker-dies-at-89-wall-street-executive.html|title=John Baker Dies at 89; Wall Street Executive|access-date=2018-06-22|language=en}}
Richard S. Reynolds' father Richard S. Reynolds, Sr. founded U.S. Foil Company, later 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.Owen, David. [https://books.google.com/books?id=iEwE89P6hr8C&pg=RA1-PA74 The Making of the Masters]. 1999 With the acquisition, Reynolds tripled its sales and shifted its emphasis toward underwritings.[https://web.archive.org/web/19970419005212/http://www.deanwitter.com/about/history.html Dean Witter History] (Archived). Retrieved, June 9, 2010
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.
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.[https://web.archive.org/web/20081221212759/http://www.time.com/time/magazine/article/0,9171,902916,00.html New Money for Merrill Lynch]. Time Magazine, Apr. 26, 1971 In 1976, Reynolds implements REYCOM, the most sophisticated high-speed wire system in the industry. Meanwhile, the firm was continuing its expansion, acquiring its first international offices in Lugano and Lausanne, Switzerland. A year later, Reynolds acquired Baker Weeks & Co. whose strength was securities research.Matthews, John. [https://books.google.com/books?id=0R0WudQp0bcC&pg=PA107 Struggle and survival on Wall Street]. 1994
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.