This Week in The History of Business…

Business History, RedRite, Leeds

This Week in The History of Business…

This year we aim to provide information as to history events within the business world. Starting with some of America’s History for this current week, (2nd February 2015-8th February 2015)

February 1st 1898… Travelers Insurance Company sells its first auto insurance policy 2 years after Henry Ford produced his first four horsepower automobile. The insurance was issued to Dr. Truman Martin of Buffalo, NY, paying $11.25 for $5,000 worth of Liability coverage.

February 3rd 1690… Massachusetts Authorizes the first official paper currency to ever be used in the Western Hemisphere, a crucial step in establishing a stable American Economy.

February 6th 1985… Walter L. Jacobs Founder of the first rental car company died. Walter’s company would eventually become a part of what is known today as the Hertz Corporation. He started off with only a dozen Model T Fords that he personally maintained and repaired. It took 5 years for his business to reach an annual revenue of around $1 Million. Walter sold his business to Mr Hertz and was kept on as their top executive. The Hertz company is the only car rental company to have been a subsidiary of both General Motors Corporation and Ford Motor Company.