Teaming up with former racing cyclist Tom Cooper, Ford also produced the 80+ horsepower racer 999 which Barney Oldfield was to drive to victory in a race in October 1902. Ford received the backing of an old acquaintance, Alexander Y. Malcomson, a Detroit-area coal dealer. They formed a partnership, Ford Malcomson, Ltd. to manufacture automobiles. Ford went to work designing an inexpensive automobile, and the duo leased a factory and contracted with a machine shop owned by John and Horace E. Dodge to supply over $160,000 in parts. Sales were slow, and a crisis arose when the Dodge brothers demanded payment for their first shipment.
Ford Motor Company
Henry Ford with Thomas Edisonand Harvey Firestone. Ft. Myers, Florida, February 11, 1929.
In response, Malcomson brought in another group of investors and convinced the Dodge Brothers to accept a portion of the new company. Ford Malcomson was reincorporated as the Ford Motor Company on June 16, 1903, with $28,000 capital. The original investors included Ford and Malcomson, the Dodge brothers, Malcomsons uncle John S. Gray, Malcolmsons secretary James Couzens, and two of Malcomsons lawyers, John W. Anderson and Horace Rackham. Ford then demonstrated a newly-designed car on the ice of Lake St. Clair, driving 1 mile in 39.4 seconds and setting a new land speed record at 91.3 miles per hour . Convinced by this success, the race driver Barney Oldfield, who named this new Ford model 999 in honor of the fastest locomotive of the day, took the car around the country, making the Ford brand known throughout the United States. Ford also was one of the early backers of the Indianapolis 500.
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