Daily Herald - August 15, 1990, Chicago, Illinois
Henry Crown, 94, billionaire industrialist
CHICAGO — Billionaire industrialist and philanthropist Henry Crown died Tuesday of natural causes. He was 94. Crown once owned the Empire State Building and founded the construction supply firm Material Services Corp, which served as the cornerstone of his farflung financial empire. Crown died in his Lake Shore Drive apartment. Crown began working at the age of 12, delivering ties for 50 cents a day At 19 he had $50 in the bank and an eighth-grade education. Crown, the son of a Lithuanian immigrant was fired from his first office boy job when he was 14 because he dispatched two wagon loads of gravel to a construction site. He was supposed to send one load of sand and another of gravel but at the time did not know both are needed to make concrete. He and his brothers Sol and Irving, formed Material Service Corp in 1919 wi th $10,000, most of it borrowed. The company grew into the world's largest building supply firm by the mid-1950s and the industrialist described the enterprise as his proudest achievement. Crown who married his secretary, Gladys Kay in 1946 following the 1943 death of his fist wife said he built Material Service through a good reputation and a record for honorable dealings. The firm was merged in 1959 with General Dynamics of St Louis and though Crown maintained a substantial stake, he was not happy with the relationship. "If I had known what I learned later, I never would have merged Material Service into General Dynamics", he said in 1971. After Crown guided General Dynamics out of its financial difficulties — the result of its effort to enter commercial aviation, the company bought out the Crown family interest in 1966 for $132 million — $62 per share Crown then started buying General Dynamics stock as an investment in 1967 for less than $33 per share and eventually built up a 22 percent stake. In 1951, Crown headed up a syndicate that bought New York's Empire State Building for $51.5 million and later bought out his partners. He sold what was then the world's tallest building in 1961 because he said "The building no longer interested me ",
"When we took over the Empire State 11 years ago, Crown said in 1961, " was known as the Empty State Building". It was only 80 percent occupied, had no air conditioning and attracted only 400,000 visitors a year. "We spent millions to renovate the building. A television mast on top cost $5 million alone. But today there is a waiting list of tenants and over 10 million persons visit the observation deck ". Crown held interests in banks, building materials, electrical equipment electronics, financing, hotels, insurance, natural gas oil, retailing, railroads, shipbuilding and towing and had widespread real estate interests throughout Illinois, California and New York. The Crown family, whose wealth Forbes magazine estimates at $2.15 billion reportedly has a 10 to 12 percent stake in the New York Yankees, an investment second only to George L Stembrenner's. The Crown family donated millions of dollars to Northwestern University in Evanston and the family's name is plastered on numerous structures and parks throughout the Chicago area Crown served in the Army Corps of Engineers during World War II and earned the rank of colonel. He was an economic optimist who encouraged people to build their own fortunes by saving $1 for every $2 earned and investing it opportunities are even better now than four or five decades ago, with such new fields as space and electronic " Crown said in the 1960s. He said the secrets of success are hard work, honesty and doing more than the boss expects. Services were scheduled for Thursday at Temple Shalom with burial at Rosehill Cemetery. He is survived by his wife, Gladys, sons Lester and John, 15 grandchildren and several great grandchildren.
Henry Crown, 94, billionaire industrialist
CHICAGO — Billionaire industrialist and philanthropist Henry Crown died Tuesday of natural causes. He was 94. Crown once owned the Empire State Building and founded the construction supply firm Material Services Corp, which served as the cornerstone of his farflung financial empire. Crown died in his Lake Shore Drive apartment. Crown began working at the age of 12, delivering ties for 50 cents a day At 19 he had $50 in the bank and an eighth-grade education. Crown, the son of a Lithuanian immigrant was fired from his first office boy job when he was 14 because he dispatched two wagon loads of gravel to a construction site. He was supposed to send one load of sand and another of gravel but at the time did not know both are needed to make concrete. He and his brothers Sol and Irving, formed Material Service Corp in 1919 wi th $10,000, most of it borrowed. The company grew into the world's largest building supply firm by the mid-1950s and the industrialist described the enterprise as his proudest achievement. Crown who married his secretary, Gladys Kay in 1946 following the 1943 death of his fist wife said he built Material Service through a good reputation and a record for honorable dealings. The firm was merged in 1959 with General Dynamics of St Louis and though Crown maintained a substantial stake, he was not happy with the relationship. "If I had known what I learned later, I never would have merged Material Service into General Dynamics", he said in 1971. After Crown guided General Dynamics out of its financial difficulties — the result of its effort to enter commercial aviation, the company bought out the Crown family interest in 1966 for $132 million — $62 per share Crown then started buying General Dynamics stock as an investment in 1967 for less than $33 per share and eventually built up a 22 percent stake. In 1951, Crown headed up a syndicate that bought New York's Empire State Building for $51.5 million and later bought out his partners. He sold what was then the world's tallest building in 1961 because he said "The building no longer interested me ",
"When we took over the Empire State 11 years ago, Crown said in 1961, " was known as the Empty State Building". It was only 80 percent occupied, had no air conditioning and attracted only 400,000 visitors a year. "We spent millions to renovate the building. A television mast on top cost $5 million alone. But today there is a waiting list of tenants and over 10 million persons visit the observation deck ". Crown held interests in banks, building materials, electrical equipment electronics, financing, hotels, insurance, natural gas oil, retailing, railroads, shipbuilding and towing and had widespread real estate interests throughout Illinois, California and New York. The Crown family, whose wealth Forbes magazine estimates at $2.15 billion reportedly has a 10 to 12 percent stake in the New York Yankees, an investment second only to George L Stembrenner's. The Crown family donated millions of dollars to Northwestern University in Evanston and the family's name is plastered on numerous structures and parks throughout the Chicago area Crown served in the Army Corps of Engineers during World War II and earned the rank of colonel. He was an economic optimist who encouraged people to build their own fortunes by saving $1 for every $2 earned and investing it opportunities are even better now than four or five decades ago, with such new fields as space and electronic " Crown said in the 1960s. He said the secrets of success are hard work, honesty and doing more than the boss expects. Services were scheduled for Thursday at Temple Shalom with burial at Rosehill Cemetery. He is survived by his wife, Gladys, sons Lester and John, 15 grandchildren and several great grandchildren.
Daily Herald - August 15, 1990, Chicago, Illinois
Henry Crown, 94, billionaire industrialist
CHICAGO — Billionaire industrialist and philanthropist Henry Crown died Tuesday of natural causes. He was 94. Crown once owned the Empire State Building and founded the construction supply firm Material Services Corp, which served as the cornerstone of his farflung financial empire. Crown died in his Lake Shore Drive apartment. Crown began working at the age of 12, delivering ties for 50 cents a day At 19 he had $50 in the bank and an eighth-grade education. Crown, the son of a Lithuanian immigrant was fired from his first office boy job when he was 14 because he dispatched two wagon loads of gravel to a construction site. He was supposed to send one load of sand and another of gravel but at the time did not know both are needed to make concrete. He and his brothers Sol and Irving, formed Material Service Corp in 1919 wi th $10,000, most of it borrowed. The company grew into the world's largest building supply firm by the mid-1950s and the industrialist described the enterprise as his proudest achievement. Crown who married his secretary, Gladys Kay in 1946 following the 1943 death of his fist wife said he built Material Service through a good reputation and a record for honorable dealings. The firm was merged in 1959 with General Dynamics of St Louis and though Crown maintained a substantial stake, he was not happy with the relationship. "If I had known what I learned later, I never would have merged Material Service into General Dynamics", he said in 1971. After Crown guided General Dynamics out of its financial difficulties — the result of its effort to enter commercial aviation, the company bought out the Crown family interest in 1966 for $132 million — $62 per share Crown then started buying General Dynamics stock as an investment in 1967 for less than $33 per share and eventually built up a 22 percent stake. In 1951, Crown headed up a syndicate that bought New York's Empire State Building for $51.5 million and later bought out his partners. He sold what was then the world's tallest building in 1961 because he said "The building no longer interested me ",
"When we took over the Empire State 11 years ago, Crown said in 1961, " was known as the Empty State Building". It was only 80 percent occupied, had no air conditioning and attracted only 400,000 visitors a year. "We spent millions to renovate the building. A television mast on top cost $5 million alone. But today there is a waiting list of tenants and over 10 million persons visit the observation deck ". Crown held interests in banks, building materials, electrical equipment electronics, financing, hotels, insurance, natural gas oil, retailing, railroads, shipbuilding and towing and had widespread real estate interests throughout Illinois, California and New York. The Crown family, whose wealth Forbes magazine estimates at $2.15 billion reportedly has a 10 to 12 percent stake in the New York Yankees, an investment second only to George L Stembrenner's. The Crown family donated millions of dollars to Northwestern University in Evanston and the family's name is plastered on numerous structures and parks throughout the Chicago area Crown served in the Army Corps of Engineers during World War II and earned the rank of colonel. He was an economic optimist who encouraged people to build their own fortunes by saving $1 for every $2 earned and investing it opportunities are even better now than four or five decades ago, with such new fields as space and electronic " Crown said in the 1960s. He said the secrets of success are hard work, honesty and doing more than the boss expects. Services were scheduled for Thursday at Temple Shalom with burial at Rosehill Cemetery. He is survived by his wife, Gladys, sons Lester and John, 15 grandchildren and several great grandchildren.
Henry Crown, 94, billionaire industrialist
CHICAGO — Billionaire industrialist and philanthropist Henry Crown died Tuesday of natural causes. He was 94. Crown once owned the Empire State Building and founded the construction supply firm Material Services Corp, which served as the cornerstone of his farflung financial empire. Crown died in his Lake Shore Drive apartment. Crown began working at the age of 12, delivering ties for 50 cents a day At 19 he had $50 in the bank and an eighth-grade education. Crown, the son of a Lithuanian immigrant was fired from his first office boy job when he was 14 because he dispatched two wagon loads of gravel to a construction site. He was supposed to send one load of sand and another of gravel but at the time did not know both are needed to make concrete. He and his brothers Sol and Irving, formed Material Service Corp in 1919 wi th $10,000, most of it borrowed. The company grew into the world's largest building supply firm by the mid-1950s and the industrialist described the enterprise as his proudest achievement. Crown who married his secretary, Gladys Kay in 1946 following the 1943 death of his fist wife said he built Material Service through a good reputation and a record for honorable dealings. The firm was merged in 1959 with General Dynamics of St Louis and though Crown maintained a substantial stake, he was not happy with the relationship. "If I had known what I learned later, I never would have merged Material Service into General Dynamics", he said in 1971. After Crown guided General Dynamics out of its financial difficulties — the result of its effort to enter commercial aviation, the company bought out the Crown family interest in 1966 for $132 million — $62 per share Crown then started buying General Dynamics stock as an investment in 1967 for less than $33 per share and eventually built up a 22 percent stake. In 1951, Crown headed up a syndicate that bought New York's Empire State Building for $51.5 million and later bought out his partners. He sold what was then the world's tallest building in 1961 because he said "The building no longer interested me ",
"When we took over the Empire State 11 years ago, Crown said in 1961, " was known as the Empty State Building". It was only 80 percent occupied, had no air conditioning and attracted only 400,000 visitors a year. "We spent millions to renovate the building. A television mast on top cost $5 million alone. But today there is a waiting list of tenants and over 10 million persons visit the observation deck ". Crown held interests in banks, building materials, electrical equipment electronics, financing, hotels, insurance, natural gas oil, retailing, railroads, shipbuilding and towing and had widespread real estate interests throughout Illinois, California and New York. The Crown family, whose wealth Forbes magazine estimates at $2.15 billion reportedly has a 10 to 12 percent stake in the New York Yankees, an investment second only to George L Stembrenner's. The Crown family donated millions of dollars to Northwestern University in Evanston and the family's name is plastered on numerous structures and parks throughout the Chicago area Crown served in the Army Corps of Engineers during World War II and earned the rank of colonel. He was an economic optimist who encouraged people to build their own fortunes by saving $1 for every $2 earned and investing it opportunities are even better now than four or five decades ago, with such new fields as space and electronic " Crown said in the 1960s. He said the secrets of success are hard work, honesty and doing more than the boss expects. Services were scheduled for Thursday at Temple Shalom with burial at Rosehill Cemetery. He is survived by his wife, Gladys, sons Lester and John, 15 grandchildren and several great grandchildren.
