When the total stock ownership was tabulated, shares in the company were: Henry Ford (255 shares), Alexander Y. Ford and Malcomson together retained 51% of the new company in exchange for their earlier investments. On June 16, 1903, the Ford Motor Company was incorporated, with 12 investors owning a total of 1000 shares. Malcomson also convinced the Dodges to accept stock in lieu of payment. Bennett of the Daisy Air Rifle Company, and his own clerk James Couzens. On the strength of Gray's name, Malcomson recruited other business acquaintances to invest, including local merchants Albert Strelow and Vernon Fry, lawyers John Anderson and Horace Rackham, Charles T. Gray was not interested at first, but Malcomson promised he could withdraw his share at any time, so Gray reluctantly agreed. Malcomson proposed incorporating Ford and Malcomson to bring in new investors, and wanted Gray to join the company, thinking that Gray's name would attract other investors. Gray, the president of the German-American Savings Bank and a good friend.
Malcomson, constrained by his coal business demands, turned to his uncle John S. However, by February 1903, Ford and Malcomson had gone through 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 put up the money to start the partnership "Ford and Malcomson" and the pair designed a car and began ordering parts. Malcomson, to help finance another automobile company. Henry Ford turned to an acquaintance, coal dealer Alexander Y.
In March 1902, after falling out with his financial backers, Ford left the company with the rights to his name and 900 dollars. The company foundered, and in 1901 was reorganized as the Henry Ford Company. His initial foray into automobile manufacturing was the Detroit Automobile Company, founded in 1899. The coal shed has been recreated using the original bricks at Greenfield Village in nearby Dearborn. At the entrance to the Michigan Building, there is a commemorative plaque identifying the original location of the Ford home. The location has been redeveloped, where the Michigan Building now stands, and the tracks for the Detroit People Mover and the Times Square People Mover station are nearby. Henry Ford built his first automobile, which he called a quadricycle, at his home in Detroit in 1896.