section_path: Career/Ford Motor Company
section_name: Ford Motor Company
paragraph_text: Ford Motor Company
  
  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, Malcomson's uncle John S. Gray, Malcolmson's secretary James Couzens, and two of Malcomson's lawyers, John W. Anderson and Horace Rackham. Because of Ford's volatility, Gray was elected president of the company. Ford then demonstrated a newly designed car on the ice of Lake St. Clair, driving 1 mile (1.6 km) in 39.4 seconds and setting a new land speed record at 91.3 miles per hour (146.9 kilometres per hour). Convinced by this success, 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.