(66 Total References)
PERMANENT - Quotes
-- Advice of President of Michigan Savings Bank to Horace Rackham, lawyer for
(Rackham ignored the advice and invested $5000 in Ford stock, selling it later
for $12.5 million)
Crain's Detroit Business
It starts with Horace H. Rackham, a Detroit attorney, sitting down with his personal financial adviser (the president of the Michigan Savings Bank) to discuss an idea that Henry Ford, one of Rackham's clients, had for a commercially viable horseless carriage.
notes from the meeting, Rackham
recorded him as saying, "The horse is here to stay, but the automobile is only a novelty - a fad."Horace Rackham
invested $5,000 in Henry Ford's fledgling Ford Motor Company.When he
finally divested himself of his
Ford shares in 1919, Rackham
realized a profit of some $12.5 million.
used a considerable part of that wealth to benefit local civic groups, local education and local charities.
...By their actions, Mary and Horace Rackham helped to perpetuate a tradition that traces its roots back to the time of Judge Augustus Woodward and his vision for Detroit.
I cannot stand before you today without thinking of Judge Woodward, and Horace Rackham
, and the Hudson family, which has done so much for Detroit and continues to do so much through the good works of Gil and Joe Hudson.
MBS Books Newsstand
- President of the Michigan Savings Bank advising Henry Ford's lawyer, Horace Rackham, not to invest in the Ford Motor Company, 1903.
In 1903, with the help of ...
In 1903, with the help of a handful of investors (including James Couzens and Horace Rackham), Ford incorporated Ford Motor Company.
Horace Rackham was a Detroit lawyer who opened his own law office in 1894.
In 1903, Henry Ford
to draw up documents incorporating the Ford Motor Company
Sensing an opportunity, Rackham
borrowed $5000 and bought 50 shares in the new company.
Ford Motor company
was, of course, wildly successful, and in 1907 Rackham
built a new home at 90 Edison in Boston-Edison
, and in 1913 quit his
and his wife Mary devoted the rest of their lives to philanthropy.
In addition to supporting numerous charities, Rackham
gave extensively to the University of Michigan
, underwriting expeditions and fellowships.
He also left the university $100,000 for graduate student loans.
The University named its graduate college, as well as the building housing it, after Horace H. Rackham
The results of Rackham's philanthropy can also be seen in and around the city of Detroit.
Most significantly, in 1924, Rackham
gave property in Huntington Woods to the city of Detroit.
Some of this property was used as parking for the new Zoo (a memorial fountain at the zoo bears Rackham's name); the remainder was used to build a public golf course, now known as the Rackham Golf Course
Within the city, the Horace H. Rackham Education Memorial Building, built in 1941, stands at Farsworth and Woodward in Detroit's cultural district.
lived at 90 Edison until his
death in 1933.
Read more about Horace Rackham
from the University of Michigan
's Graduate school.
... here to stay," advised Horace Rackham, president of Michigan Savings Bank, to Henry Ford's lawyer in 1903 ... USANA Business Centers are designed to pay you commission on sales volume ...