Sinking Fund Debenture Bond, issued/canceled1970'sSecurity-Columbian Bank Note CompanyThe item shown is representative of the piece you will receive
Based in Waukegan, Ill., the company got its start back in 1909 when Ole Evinrude first invented the gasoline powered outboard motor on his farm in Christian, Norway. Two years after inventing it he launched a national advertising campaign and the concept of a internal combustion engine took off. It was the birth of the recreational marine industry.
Ole's hand-built Evinrude outboard--a 1 1/2 horsepower, single cylinder unit---would make rowing a thing of the past. Four years later he had sold 9,400 units.
He sold his company in 1914 but by 1921 had re-entered the outboard manufacturing business with his light weight, twin-cylinder motor. At two-thirds the weight of his original engine, the newer motors pioneered the use of aluminum for marine engines. By 1924, his newer company ELTO, was outselling the original Evinrude motors.
In 1929, ELTO was merged with Evinrude and the Lockwood-Ash Motor Company forming Outboard Marine Manufacturing. It later merged with Johnson motors. In 1956, the company adopted the name of OMC.
The company kept refining and many innovations were industry firsts, including the first V-4 in 1958, and the first V-8 in 1985. Just a few years ago it introduced Fict Ram Injection which offered 35 percent better fuel economy, lower hydrocarbon exhaust emissions and up to 50 percent reduction in oil consumption.
In the late 1980's many outboard manufacturers, including such giants as OMC and Brunswick's Mercury Marine Division, began buying boat companies and established packaged deals where consumers purchased this or that boat already rigged out with a certain brand of outboard, trolling motor, electronics, etc....
Some analyst say this was the beginning of a problem. Others saw it as a strategic move in the marketplace. The consumer did get a little price break and the dealers could cut costs of rigging.
There were, however, problems in the road ahead as many consumers didn't like having to buy this or that brand outboard in order to get the boat they wanted. And, the maneuver alienated some dealers who had long been loyal to this or that brand of boat. Suddenly, they found themselves having to choose one over the other as the OMC Corp., started offering its boat brands to its Evinrude and Johnson authorized dealers only.
OMC had enjoyed success with its two lines of outboards that had interchangeable parts but different cosmetic appearances. This way, they had provided dealer protection with two different brands yet the boating industry was somewhat different. But nothing is forever, and the company filed for bankruptcy protection in December of 2000, and is currently in the process of selling off assets.IL-Illinois Maritime and Related Engine Makers Under $10 Allegorical Featured Allegorical Victory