Franklin William Olin stands six feet high, weighs 240 lb., and is one of the best known blackpowder men in the country. Last week Powderman Olin, in his 72nd year, put through a deal which once would have seemed incredible.
Thirty-four years ago powder-wise Mr. Olin founded Western Cartridge Co. in East Alton, 111. Soon the company was well entrenched in the munitions field and from time to time since the War it has set the pace for the industry, continually improving its products. Its most notable recent accomplishment was Super X shells, with a slow-burning powder to give shotguns a more even explosion, a shorter shot-string. Super X was developed in the company's laboratories by President Olin's son John, a vice president.
Although Western is privately owned, the following facts are known: its assets are around $10,000,000; it has made a profit every year since 1908; its earnings averaged $1,432,000 annually for the five years ended with 1930; this year it may make a million dollars against $878,000 last year. In good times it employs 2,300 men; now it employs 1,500. It makes clay pigeon traps, sportsmen's targets and detonators as well as shells and cartridges, is affiliated with four powder companies. President Olin hates waste and laziness, does not like to hire baseball enthusiasts or golfers. The atmosphere in the plant is friendly and open, but whenever there is an explosion (on July 10, 1923, twelve employes were killed by one) first-hand information on the cause becomes scarce.
Last week massive President Olin was in New Haven. In the arms & munitions industry New Haven has long meant but one thing: Winchester. Since Civil War days Winchester has been one of the foremost names in the U. S. firearms business. Its .30-.30 became the standard deer rifle, its .405 caliber rifle was known from the day it was first sold as death to moose and elk, its 45-.90 probably killed more buffaloes than any other firearm. The company was one of the pioneers in the popular .22 rifle field, has also been a big maker of ammunitions. Since the War. Winchester's fortunes have fallen. It tried to beat guns into fishing tackle, roller and ice skates, cutlery, flashlights. It tried even to enter the chainstore business through purchase of Simmons Hardware Co. in 1922. Last winter it was unable to pay a bill owed to Thomas Albert Dwight ("Tad") Jones, Yale's longtime football coach, a coal dealer. On Jan. 22 the great Winchester Repeating Arms Co., whose stock (largely held by New Haven's Bennett family) was quoted at $3,000 a share during the War, passed into the control of a Federal receiver. Thus it was that last week Powderman Olin did not go to New Haven as a western manufacturer anxious to learn from Winchester, but as a munitions tycoon in his own right ready to buy and absorb a fallen rival.