Samuel M. Stone (February 19, 1869 – December 9, 1959) was a President of Colt's Manufacturing Company who saw the company through the build-up to World War I and the end of World War II.
Samuel M. Stone | |
|---|---|
| Born | Samuel M. Stone February 19, 1869 |
| Died | December 9, 1959 (aged 90) |
| Occupation | Company President |
| Employer | Colt's Manufacturing Company |
| Spouse | Alice Osborne Bailey Stone |
Early life
editStone was born in Urbana, Ohio in 1869 where he attended public schools. In 1890 he left Ohio for St. Louis to work as a buyer for Simmons Hardware Company. He worked at Simmons for 15 years, eventually leaving to accept a position at Colt Firearms.[1]
Colt's
editSamuel M. Stone started with Colt's Manufacturing Company in 1905 as a salesman. He was elected to company vice-president in 1916, and eventually President of Colt's from 1921 to 1944.[2][3]
Anticipating a military draw-down following World War I, Stone and company president William C. Skinner implemented a diversification program at Colt's Manufacturing similar to that done at the close of the American Civil War. Skinner and Stone acquired contracts for business machines, calculators, dishwashers, motorcycles, and automobiles; all marketed under a name other than Colt. Other measures included cutting the work week, reducing salaries, and keeping more employees on the payroll than they needed, all of which kept the company in business.[4]
Striking workers from the plant firebombed Stone's house in an act of terrorism in 1934.[5] Later that year, Stone was summoned to testify before the Nye Committee to address allegations that Colt (among many other companies also under investigation) had improperly campaigned for America to enter World War I, in order to increase arms sales to the U.S. government. Company records orived that this was incorrect, disclosing that Stone (and Colt as a whole) had been concentrating on selling pistols to markets in Latin America and Asia instead.[6]
In 1944 Colt faced labor and cash flow problems once again, as the demands of wartime production had required their workforce to surge dramatically, from 1100 workers in 1936, to a peak of over 13,000. The Federal Government intervened to ensure war materiel production was not interrupted, and had Stone step down as president.[7]
References
edit- ^ Hardware World: Plumbing & Heating. 1921. p. 138.
- ^ Ellsworth S. Grant (1982). The Colt legacy: the Colt Armory in Hartford, 1855–1980. Mowbray Co. p. 238. ISBN 978-0-917218-17-0.
- ^ American Machinist. McGraw-Hill. 1921. p. 1024.
- ^ Grant, Ellsworth (2002). "Colt Samuel (1814–1862)". In Gregg Lee Carter (ed.). Guns in American Society: An Encyclopedia of History, Politics, Culture, and the Law. Vol. 1. ABC-CLIO. p. 128. ISBN 978-1-57607-268-4.
- ^ Lendler, Marc (1997). Crisis and Political Beliefs: The Case of the Colt Firearms Strike. Yale University Press. p. 18. ISBN 978-0-300-06746-0.
- ^ Brandes, Stuart D. (1 January 1997). Warhogs: A History of War Profits in America. University Press of Kentucky. p. 217. ISBN 0-8131-7058-3.
- ^ "Uncle Sam lifts Colt's off rocks to security". Sunday Herald. April 20, 1951.