Word: olin
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Dates: during 1940-1949
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Ordinarily, such news would have set Wall Street's eager speculators grabbing for Olin's stock. But Olin's 56-year-old President John M. Olin, and Vice President Spencer T. Olin, 48, his brother, have prudently kept most of the 2,000,000 shares of unlisted common stock to themselves, their gross and profit a secret...
...Cornell-trained ('13) chemical engineer, John got his first good job at 25, running a brass mill to make shell-casings during World War I. In 1931, when New Haven's Winchester Repeating Arms Co. went into receivership, John spotted a chance to supplement the Olin cartridge line by buying one of the world's biggest sporting-firearm plants for $8,000.000. Since he likes to hunt, John has since neatly combined business with pleasure. He holds some 20 basic cartridge patents (e.g., Western Cartridge's "Super X" long-range load for small arms...
...World War II, John helped push the company to a peak employment of 61,685 (today's: 10,000). Their Winchester plant in New Haven developed the famed U.S. Mi carbine in 13 days, turned out nearly 500,000 Mis, along with more than 500,000 Garands. The Olins ran the St. Louis Ordnance plant, turned out a total of over six billion loaded rounds of ammunition. At war's end Franklin Olin stepped down as president (at 89, he is still a director), and John, long the big wheel in fact, took over...
With peace, the Olins branched out into such products as rollerskates, flashlights and skeet traps. The newest product: a tiny battery not much bigger than a penny, for. miniature radios and hearing aids. Brother John figures that the new Cellophane plant will add some $15 million a year to Olin Industries' gross. Said he, with feeling: "We look forward with real enthusiasm to Cellophane...
...Since 1908, Du Pont and Olin have each owned 49% of the Equitable Powder Manufacturing Co., which in turn controls three small subsidiaries which make blasting powder and dynamite...