Henry Crown and Material Service Corporation
Preferred Shares Podcast
Intro
In this chapter, the hosts delve into the life and contributions of businessman Henry Crown, exploring his impact on infrastructure development and connections to previous episodes on the Interstate System and construction companies.
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.
“Lester Crown – Full interview about Henry Crown (father)”, Toldot Yisrael, August 3, 2018.
Additional Reading
Curious to see what else we’ve been working on? Below are some pieces we’ve written independently that we think you’d like:
"Going South: Implications of Business and Population Migration", a whitepaper by Douglas Ott (Andvari Associates) and Lawrence Hamtil (Fortune Financial) published June 2024.
Disclaimer
All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.
Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast.
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