page_title: Colt's Manufacturing Company
section_title: 1900–1920s
hierarchical_section_title: Colt's Manufacturing Company / History / 20th century / 1900–1920s
caption_attribution_description: English: Thompson 1921 SMG
context_page_description: Colt's Manufacturing Company, LLC is an American firearms manufacturer, founded in 1855 by Samuel Colt. It is the successor corporation to Colt's earlier firearms-making efforts, which started in 1836. Colt is known for the engineering, production, and marketing of firearms, most especially between the 1850s and World War I, when it was a dominating force in its industry and a seminal influence on manufacturing technology. Colt's earliest designs played a major role in the popularization of the revolver and the shift away from earlier single-shot pistols. Although Samuel Colt did not invent the revolver concept, his designs resulted in the first very successful ones.
  The most famous Colt products include the Colt Walker, made in 1847 in the facilities of Eli Whitney Jr., the Colt Single Action Army or Peacemaker, the Colt Python, and the Colt M1911 pistol, which is currently the longest-standing military and law enforcement service handgun in the world and is still used today. Though they did not develop it, for a long time Colt was also primarily responsible for all AR-15 and M16 rifle production, as well as many derivatives of those firearms.
context_section_description: During World War I, Colt surpassed all previous production achievements. John Browning worked for Colt for a time, and came up with a design for a semiautomatic pistol, which debuted as the Colt M1900 pistol and eventually evolved into the M1911. Prior to America's entry into the war, orders from Canada and the United Kingdom swelled the backlog of orders to three years. Colt hired 4,000 more workers, making a total of 10,000 employees—and its stock's price increased by 400%. By 1918, Colt had produced and sold 425,500 of the famous Browning-designed M1911. Because the factory could not keep up with demand for this pistol, the US Military decided to accept Colt New Service revolvers in caliber .45 ACP, called the M1917 revolver, as a substitute weapon. Competing manufacturer Smith & Wesson made double-action revolvers in .45 ACP, which were accepted and issued by the U.S. military under the same name. Colt produced 151,700 revolvers during the war as well as 13,000 Maxim-Vickers machine guns and 10,000 Browning machine guns with an additional 100,000 under subcontract to other companies.
  Since Auto-Ordnance had no tooling for production of the newly developed Thompson submachine gun, John T. Thompson, in August 1920, entered into contact with Colt's to manufacture 15,000 Thompson 1921 submachine guns. The contract was signed on August 18, 1920. Colt's tooled up and produced the 15,000 units between April 1921 and March 1922.
  The stock market crash of 1929 and the ensuing Great Depression resulted in a slowing down of production for Colt. In anticipation of this, company presidents William C. Skinner and Samuel M. Stone implemented a diversification program similar to that done at the close of the American Civil War. Colt acquired contracts for business machines, calculators, dishwashers, motorcycles, and automobiles; all marketed under a name other than Colt. Samuel Stone acquired a firm which manufactured plastics and renamed it "Colt rock" as well as a company that manufactured electrical products. Colt weathered the financial crises of the time by cutting the work week, reducing salaries, and keeping more employees on the payroll than they needed. These measures kept the company in business but ate up the cash surplus they had acquired during the World War I years.
caption: Colt-Thompson Model 1921 with Type C drum magazine
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