Ford Motor Company: Rages To Riches
The Ford Motor Company is one of the greatest automobile companies in the world, Henry Ford was 40 years old when he founded the Ford Motor Company, which went on to become one of the largest and most profitable companies in the world, also being one of the few to survive the Great Depression. In the early years of the company Ford faced issues, dealing with the bank, having to keep up with other domestic and foreign cars, and moving through tough times like the great depression.
To start off, the Detroit Motor Company was founded in 1899. This is where Henry Ford saw him self. As the company was going down hill in 1901, it was renamed the Henry Ford Company. In 1902 Ford had a falling ...
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more money than expected, and the manufacturing firm of John and Horace Dodge, who had made parts for Ford and Malcomson, was demanding payment. Malcomson, held back by the demand of his coal business, turned to his uncle John S. Gray, the president of the German-American savings bank, also a close friend. Ford and Malcomson wanted to bring in new investors, and wanted Gray to join the company, thinking that Gray's name would attract others to buy into the company. At first, Gray did not want to accommodate Malcomson, but on the contrary Malcomson promised he could remove Grays share, later he then agreed. Malcomson later then hired more investors such as local merchants Albert Strelow and Vernon Fry, lawyers John Anderson and Horace Rackham, Charles T. Bennett of the Daisy Air Rifle Company, and his own clerk James Couzens.
On June 16, 1903, the Ford Motor Company was incorporated, with 12 investors owning a total of 1000 shares. Ford and Malcomson together retained 51% of ...
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to a head when the principal stockholders, Ford and Malcomson, quarreled over the future direction of the company. Gray sided with Ford. By early 1906 Malcomson was effectively frozen out of the Ford Motor Company, and in May sold his shares to Henry Ford. John S. Gray died unexpectedly in 1906, and his position as Ford president was taken over by Ford himself soon after the fact.
Additionally, the K, Ford's first six-cylinder model, was known as "the gentleman's roadster" and "the silent cyclone", and sold for US$2800; by contrast, around that time, the Enger 40 was priced at US$2000, the Colt Runabout US$1500, the high-volume Oldsmobile Runabout US$650, Western's Gale Model A ...
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"Ford Motor Company: Rages To Riches." Essayworld.com. May 17, 2011. Accessed November 22, 2024. http://www.essayworld.com/essays/Ford-Motor-Company-Rages-To-Riches/99250.
"Ford Motor Company: Rages To Riches." Essayworld.com. May 17, 2011. Accessed November 22, 2024. http://www.essayworld.com/essays/Ford-Motor-Company-Rages-To-Riches/99250.
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