MANAGEMENT: Share the Profits

Henry Crown, chairman of Chicago's Material Service Corp. and principal owner of Manhattan's Empire State Building, has parlayed his savvy in the financial world into a multimillion-dollar fortune. In 1945 he decided to share his savvy with employees, set up a profit-sharing plan into which the company plunked a sum equal to 15% of the employees' annual salaries. This week the employees got letters telling them of the fund's 1958 performance. The results proved that the fund's chief asset is still Henry Crown.

Crown's investment acumen puffed the fund by $1,700,000 in 1958 (plus $856,048 contributed by the company) for...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!