On this day in economic and business history …
June 16 is a particularly eventful day for American business. Several of the world’s most iconic companies were founded on June 16ths throughout history. Let’s take a quick look at the origins of these businesses — and at some other important events in the history of American capitalism that also happened to take place today.
Birth of the blue oval
Here’s an example of how transformative Ford Motor Company (NYSE:F)’s influence was on the auto industry: Only 11,235 motor vehicles were built in 1903, and about 15% of them were Ford Motor Company (NYSE:F) autos. In 1909, the year after Ford built its first Model T, total production had risen to 124,000 passenger cars. When the 10 millionth Model T rolled off the assembly line in 1924, it was one of 3.2 million passenger cars built that year, and more than half of them were Fords.
Tabulating a dynasty
Another business-oriented computing leader begins
Maybe you should have stuck to the city
The City Bank of New York — forerunner to Citigroup Inc (NYSE:C) — was formed in New York City on June 16, 1812, just as the United States was about to enter its second war with England. According to Citigroup Inc (NYSE:C) itself, the bank began with $2 million in capital and 22 employees. Revolutionary War Col. Samuel Osgood is credited with founding the bank, and he brought the lessons he’d learned as director of the Bank of North America to bear on expanding banking in then-finance-unfriendly New York City.