Episode
Henry Crown and Material Service Corporation
- Podcast
- Preferred Shares Podcast
- Published
- Jul 9, 2024
- Duration seconds
- 2829
- Processing state
not_requested
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Summary
Welcome to Episode 12 of the Preferred Shares Podcast. In this episode—the third in our series on the beneficiaries of the spending on the interstate highway system of the United States —Preferred Shares does a deep dive into the life of businessman and investor, Henry Crown. In this episode Henry Crown is born in Chicago in 1896 to a family of poor immigrants. Henry and his brother Sol started Material Service Corporation (MSC) in 1919. Henry enlists as a Lt. Colonel in the Army in WWII and is awarded the Legion of Merit at the end of the war. Three outstanding investments outside of MSC during the 1940s and 1950s: defaulted bonds of the Rock Island railroad; Hilton; and the Empire State building. Henry sells MSC to General Dynamics (GD) in 1959, is ousted from GD in 1966, and then acquires a 20% stake in GD in 1969 after GD’s share price tanks. Henry retires from GD’s board at the age of 89 in 1986. Henry dies in 1990 at the age of 94. The Crown family is worth billions. Episode Resources “Midwest Midas” , TIME , November 3, 1952. “Henry Crown: Sand, Gravel, and Money” , Fortune , April 1956. “Material Service Corporation to Become Dynamics Division” , Convairiety , July 8, 1959. “Personality: A Colonel Upholds Autonomy” , New York Times , Feb. 21, 1960. “The Clans of Vulcan” , Fortune , January 1960. “Crown to Get Seat at Dynamics” , New York Times , Feb. 26, 1970. “Taking Account of Henry Crown” , New York Times , Dec. 12, 1976. “Colonel Crown Greatly Influence the Development of General Dynamics” , General Dynamics World , May 1986. “Henry Crown, Industrialist, Dies; Billionaire, 94, Rose From Poverty” , New York Times , Aug. 16, 1990. “Col. Henry Crown, 1896-1990” , General Dynamics World , September 1990. “Ike’s Soldiers: Henry Crown” , Eisenhower Foundation . “…