Samuel M. Stone

Samuel M. Stone
Born Samuel M. Stone
(1869-02-19)February 19, 1869
Urbana, Ohio
Died December 9, 1959(1959-12-09) (aged 90)
Hartford, Connecticut
Occupation Company President
Employer Colt's Manufacturing Company
Spouse(s) Alice Osborne Bailey Stone

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.

Early life

Stone 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

Samuel 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 summonned to testify before the Nye Committee against allegations that Colt was campaigning for America to enter World War I. Company records disclosed that this was false and that Stone had been concentrating on selling pistols to markets in Latin America instead.[6]

In 1944 Colt faced labor and money problems again as the wartime workforce surged from 1100 workers to over 13000. The Federal Government intervened and had Stone step down as president.[7]

References

  1. ↑ Hardware World: Plumbing & Heating. 1921. p. 138.
  2. ↑ Ellsworth S. Grant (1982). The Colt legacy: the Colt Armory in Hartford, 1855–1980. Mowbray Co. p. 238. ISBN 978-0-917218-17-0.
  3. ↑ American Machinist. McGraw-Hill. 1921. p. 1024.
  4. ↑ Grant, Ellsworth (2002). "Colt Samuel (1814–1862)". In Gregg Lee Carter. Guns in American Society: An Encyclopedia of History, Politics, Culture, and the Law. 1. ABC-CLIO. p. 128. ISBN 978-1-57607-268-4.
  5. ↑ 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.
  6. ↑ 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.
  7. ↑ "Uncle Sam lifts Colt's off rocks to security". Sunday Herald. April 20, 1951.
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