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25-602: Malcomson is a surname. Notable people with the surname include: Alexander Y. Malcomson , coal dealer from Detroit who financed Henry Ford Paula Malcomson (born 1970), Scottish-Irish actress Ruth Malcomson (1906–1988), Miss America in 1924 Malcomson family See also [ edit ] Malcomson and Higginbotham , an architectural firm based in Detroit Malcolmson Malcolm (disambiguation) [REDACTED] Surname list This page lists people with

50-674: A company, Ford & Malcomson, to develop a new automobile. Details of the partnership were written down and signed by each man, and witnessed by C. Harold Wills . With Malcomson's backing, Ford designed the Model A , an inexpensive car designed to be sold for $ 750. In 1903, the firm moved to a new building on Mack Avenue, and soon Ford and Malcomson ("doing business as the Ford Motor Company" ) agreed to purchase over $ 160,000 in parts from John and Horace Dodge ; additional purchases for smaller amounts were made from numerous suppliers. However,

75-465: A distributor of coal, coke , and building supplies. By his death, he had amassed an estimated $ 2,000,000, and his insurance policy of $ 633,250 was the fifth largest paid in that year. Alexander Malcomson died of hypostatic pneumonia in Ann Arbor, Michigan , on August 1, 1923, at age 59, after a long illness. John S. Gray (Michigan) John Simpson Gray (October 5, 1841 – July 6, 1906)

100-561: A marriage which produced two daughters, Dorothy J. and Margaret A. Malcomson. Malcomson knew Henry Ford when the latter had worked at the Detroit Edison Co. In 1902, with his involvement in the Henry Ford Company coming to an end, Ford approached Malcomson to bankroll a new automotive company. Malcomson, although overextended with his other investments, was able to raise $ 3000 With this capital, Malcomson and Ford agreed to form

125-423: A shareholder) at Ford Motor in a full-time position. In any case, the company was an immediate success. Earnings in the first six months were over $ 100,000, and the company declared a 100% stock dividend; in the first year, the company made over $ 250,000 profit. Malcomson wanted to increase profits, and, believing luxury cars were the most attractive sector of the automobile market, directed Ford to design and build

150-605: A small grocery. He soon switched to dealing in coal, eventually buying out several competitors and emerging as a major dealer, owning six coal yards by 1902. In addition to his coal yards, Malcomson invested in a variety of projects outside of the coal business. In 1895, Malcomson hired a young clerk, James Couzens (later mayor of Detroit and US senator), to work at his firm. Malcomson married Sarah J. Mickleborough in 1889 and had six children: Mary J., Helen J., Grace L., George W., Alexander Y., and Allan R. Malcomson. Sarah died c. 1902 and he then married Alice Schofield in 1903,

175-450: Is different from Wikidata All set index articles Alexander Y. Malcomson Alexander Young Malcomson was born June 7, 1865, in Dalry , Ayrshire, Scotland, and emigrated to Detroit at the age of 15, coming over with his widower father and staying with his uncle Joseph and family. He immediately began working in a grocery store, then went into business for himself after purchasing

200-415: The surname Malcomson . If an internal link intending to refer to a specific person led you to this page, you may wish to change that link by adding the person's given name (s) to the link. Retrieved from " https://en.wikipedia.org/w/index.php?title=Malcomson&oldid=1109184256 " Category : Surnames Hidden categories: Articles with short description Short description

225-406: The booming business, there were internal frictions in the company of which Gray nominally was in charge. Most of the investors, Malcomson and Gray included, had their own businesses to attend to; only Ford and Couzens worked full-time at the company, and Ford chafed at the status quo. The issue came to a head when the principal stockholders, Ford and Malcomson, quarreled over the future direction of

250-597: The company. On June 16, 1903, Ford and Malcomson was officially re-incorporated as Ford Motor Co., with Gray as president and Ford as vice-president. Ford and Malcomson each owned 255 shares of the company (25.5% apiece), while Gray, Rackham, Anderson, Couzens, and other investors received shares proportional to their investment. The Dodge brothers each received 10% of the shares in the new company in return for materials provided. Both Malcomson and Gray had larger businesses to run than Ford Motor Co. To keep Henry Ford in check, Malcomson installed his clerk James Couzens (also

275-502: The company. Gray sided with Ford, and by early 1906 Malcomson was effectively frozen out of the Ford Motor Company (and, indeed, had started his own competing auto company, AeroCar ). In May, Malcomson sold his shares to Henry Ford, leaving the Ford Motor Company vice-president as majority stockholder. Gray was still president of Ford Motor Company when Malcomson sold his shares. However, on July 6, 1906, John S. Gray died unexpectedly of heart trouble. Gray's position as Ford president

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300-551: The family moved to Detroit. Gray attended high school in Detroit in 1857 and 1858, then took a job as a school teacher in Algonac, Michigan , over the winter of 1858-59. While Gray was engaged teaching school, his father bought a toy store in Detroit. Gray entered his father's business when he returned to Detroit in 1859. In 1861, the father and son sold the store and entered into a partnership with C. Pelgrim to manufacture candy, styling

325-422: The firm name Pelgrim, Gray & Company. The company grew steadily, despite suffering a disastrous fire in 1862. Gray married Anna E. Hayward of Beloit, Wisconsin on October 31, 1864. The couple had four children: Philip H. Gray, Paul R. Gray, David Gray, and Alice Gray. Soon both Pelgrim and the elder Gray retired from Pelgrim, Gray & Co., and the firm took on a new partner, Joseph Toynton. In 1865

350-604: The larger and more expensive Model B and Model K . Ford was reluctant, but Malcomson was backed by his majority coalition on the board, and Ford capitulated. In 1905, to hedge his bets, Malcomson formed Aerocar to produce luxury automobiles. However, other board members at Ford became upset, because the Aerocar would compete directly with the Model K. They demanded Malcomson give up his shares in Ford. Malcomson refused. However, Henry Ford

375-419: The name was changed to Gray & Toynton. The business grew rapidly, forcing moves to ever-larger quarters. In 1870, J. B. Fox joined as a partner> At this point the candy business was renamed Gray, Toynton & Fox, and the firm continued growing until both Toynton and Fox died in 1881. With the passing of his partners, Gray incorporated the firm (but kept the name), and by 1891 Gray, Toynton & Fox

400-478: The sale of Ford stock back into Aerocar, building a factory and producing the Aerocar Model D and Model F. However, the cars were not very popular, and Aerocar went broke in 1908. He sold his factory to Hudson Motor Car and returned to the coal business, still owing money to his creditors. However, Malcomson dove back into business, running his coal supply business. In 1913, he formed Malcomson and Houghten,

425-514: The strength of Gray's name, Malcomson attracted enough other investors to bankroll the new company, even convincing the Dodges to accept stock in lieu of payment. On June 16, 1903, the Ford Motor Company was incorporated, with 12 investors owning a total of 1,000 shares valued at $ 100,000. At the first meeting of stockholders, Gray was elected president, Henry Ford vice-president, and James Couzens secretary. Despite Gray's misgivings, Ford Motor Company

450-471: The young firm quickly had trouble making payments to the Dodge brothers due to slow sales. Malcomson turned to John S. Gray , president of Detroit's German-American bank. Gray agreed to invest $ 10,500 in the automobile firm. Malcomson also convinced his young clerk, James J. Couzens , to invest, as well as the law partners John W. Anderson and Horace Rackham ; in all, Malcomson brought a total of $ 28,000 cash to

475-648: Was a candymaker, business man, and banker from Detroit . He was also an original investor in and the first president of the Ford Motor Company . John S. Gray was born in Edinburgh , Scotland, on October 5, 1841, the son of Philip C. and Amelia Gray. In 1849, the family emigrated to the United States and settled on a farm in Wisconsin . However, Gray's father decided farming was not a suitable profession, and in 1857

500-805: Was also a director of the Detroit Trust Company, the Detroit Photographic Company , and the Norris Kollar & Kuff Company, and was the president of the Detroit Library Commission . In 1894, Gray became president of the German American Bank. Gray eventually sold Gray, Toynton & Fox to the National Candy Company in 1903. He became a vice-president of the larger company. In February 1903, John S. Gray

525-431: Was approached by his nephew Alexander Y. Malcomson , a frequent financing customer at Gray's German-American Savings Bank. Malcomson was a coal dealer, but had set up a separate partnership, Ford and Malcomson, with Henry Ford to manufacture an automobile. However, Ford and Malcomson had absorbed more money than expected, and the manufacturing firm of John and Horace Dodge , who had made parts for Ford and Malcomson,

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550-406: Was demanding payment. Malcomson proposed incorporating the company to bring in new investors, and wanted Gray to join the company, thinking that Gray's name would attract others to invest. Gray was at first disinclined to accommodate Malcomson, but Malcomson promised he could withdraw his share at any time, so Gray reluctantly agreed to invest $ 10,500 in return for a 10.5% stake in the company. On

575-484: Was immediately profitable, with profits by October 1, 1903 of almost $ 37,000. The company paid a dividend of 10% that October, an additional dividend of 20% at the beginning of 1904, and another dividend of 68% in June 1904. Two dividends of 100% each in June and July 1905 brought the total investor profits to nearly 300% of the initial investment in just over two years; 1905 total profits were almost $ 300,000. However, despite

600-473: Was located in a five-story building, employing 150 people year round (and up to 200 people during the peak season) and producing $ 400,000 ($ 13.6 million in 2023) of candy per year with nationwide distribution. With this wealth, Gray widened his business interests. He went into the lumber business with Orin W. Grover, incorporating as "Grover and Gray," doing business in Cheboygan, Michigan , and Detroit. He

625-613: Was still upset at being dictated to by Malcomson. With Couzens's help, and without Malcomson's involvement, Ford established the Ford Manufacturing Company , explicitly to make parts for Ford Motor. Ford Manufacturing charged Ford Motor inflated prices, shifting the profits to Ford Manufacturing and leaving Ford Motor profitless. Malcomson, recognizing that he had been outmaneuvered, sold his stock in Ford Motor to Henry Ford in 1906 for $ 175,000. Malcomson plowed his profit from

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