The story
The company was founded in 1901 at 160 East Lake street in Chicago as the McMaster-Davis Supply Company. Starting with $50,000 in investor capital, its founders were T.J. McMaster, a former stationary engineer, and F.C. Davis, who had been a chief engineer in the U.S. Navy. In 1904, an attorney with a background in mechanical engineering named Walter S. Carr purchased the company. As early as 1908, the name of the company had been changed from McMaster-Davis to McMaster-Carr.
Harry and James Channon, the sons of Henry Channon the founder of the H. Channon company, a large Chicago distributor of maritime and steam engine supplies, later purchased the company.
From Wikipedia’s article on McMaster-Carr, shared under CC BY-SA 4.0.4