philanthropist
Philanthropy is a form of altruism that consists of "private initiatives for the public good, focusing on quality of life". Philanthropy contrasts with business initiatives, which are private initiatives for private good, focusing on material ...
.
Biography
Hertz was born Sándor Herz to a
Jewish
Jews (, , ), or the Jewish people, are an ethnoreligious group and nation, originating from the Israelites of History of ancient Israel and Judah, ancient Israel and Judah. They also traditionally adhere to Judaism. Jewish ethnicity, rel ...
family in Szklabinya,
Austria-Hungary
Austria-Hungary, also referred to as the Austro-Hungarian Empire, the Dual Monarchy or the Habsburg Monarchy, was a multi-national constitutional monarchy in Central Europe#Before World War I, Central Europe between 1867 and 1918. A military ...
Martin Martin may refer to:
Places Antarctica
* Martin Peninsula, Marie Byrd Land
* Port Martin, Adelie Land
* Point Martin, South Orkney Islands
Europe
* Martin, Croatia, a village
* Martin, Slovakia, a city
* Martín del Río, Aragón, Spain
* M ...
,
Slovakia
Slovakia, officially the Slovak Republic, is a landlocked country in Central Europe. It is bordered by Poland to the north, Ukraine to the east, Hungary to the south, Austria to the west, and the Czech Republic to the northwest. Slovakia's m ...
). His family emigrated to
Chicago
Chicago is the List of municipalities in Illinois, most populous city in the U.S. state of Illinois and in the Midwestern United States. With a population of 2,746,388, as of the 2020 United States census, 2020 census, it is the List of Unite ...
when he was five. He ran away from home after being beaten by his father. He had just completed his fifth grade, the end of his formal education. He then worked as a newspaper copyboy at the ''Chicago Morning Herald'', where Hertz eventually became a reporter for the newspaper.
As a young man, Hertz was an amateur boxer, fighting as "Dan Donnelly." He won amateur championships at the Chicago Athletic Association and eventually began to box under his own name. He lived at 880 Fifth Avenue in New York City.
Business career
Hertz had extensive and complex business interests, mainly in the transport sector.
When Chicago Morning Herald, then called the '' Chicago Record'', merged with another paper, Hertz lost his job. Although he couldn't drive, in 1904 he found a job selling cars at the suggestion of a friend. Because of the number of trade-ins, he conceived a cab company with low prices so that the common man could afford them. His sales pitch included a commitment to free roadside service at any hour, a popular proposition during a time when cars were notorious for their unreliability. In 1907, he had a fleet of seven used cars employed as cabs.
He founded the Yellow Cab Company in
Chicago
Chicago is the List of municipalities in Illinois, most populous city in the U.S. state of Illinois and in the Midwestern United States. With a population of 2,746,388, as of the 2020 United States census, 2020 census, it is the List of Unite ...
in 1915, which offered
taxicab
A taxi, also known as a taxicab or simply a cab, is a type of vehicle for hire with a Driving, driver, used by a single passenger or small group of passengers, often for a non-shared ride. A taxicab conveys passengers between locations of thei ...
service at modest prices. The distinctive yellow cabs became popular and were quickly franchised throughout the
United States
The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...
Checker Taxi
Checker Taxi was a dominant taxicab company and national franchisor that was based in Chicago, Illinois. Checker Motors Corporation, Checker Motors was an American vehicle manufacturer based in Kalamazoo, Michigan that built the iconic Checker ...
General Motors
General Motors Company (GM) is an American Multinational corporation, multinational Automotive industry, automotive manufacturing company headquartered in Detroit, Michigan, United States. The company is most known for owning and manufacturing f ...
. With the sale, Hertz joined GM's board of directors.
He then sold his remaining interest in the Yellow Cab Company in 1929 following the firebombing of his stables, where 11 horses were killed.
Hertz also became a partner at
Lehman Brothers
Lehman Brothers Inc. ( ) was an American global financial services firm founded in 1850. Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Goldman Sachs, Morgan Stanley, and Merril ...
investment bank
Investment is traditionally defined as the "commitment of resources into something expected to gain value over time". If an investment involves money, then it can be defined as a "commitment of money to receive more money later". From a broade ...
in
New York City
New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...
. In 1933, Robert Lehman sold Hertz a minority interest in Lehman Brothers, and Hertz remained a member of the firm until his death. In 1938, Hertz was prepared to buy
Eastern Air Lines
Eastern Air Lines (also colloquially known as Eastern) was a major airline in the United States that operated from 1926 to 1991. Before its dissolution, it was headquartered at Miami International Airport in an unincorporated area of Miami-Dade ...
from
General Motors
General Motors Company (GM) is an American Multinational corporation, multinational Automotive industry, automotive manufacturing company headquartered in Detroit, Michigan, United States. The company is most known for owning and manufacturing f ...
but the airline's General Manager,
Eddie Rickenbacker
Edward Vernon Rickenbacker (born Edward Rickenbacher, October 8, 1890 – July 23, 1973) was an American fighter pilot in World War I and a Medal of Honor recipient. The Omnibus Corporation then divested itself of its public transport interests, changed its name to
The Hertz Corporation
Hertz Global Holdings, Inc. (formerly The Hertz Corporation), known as Hertz, is an American car rental company based in Estero, Florida. The company operates its namesake Hertz brand, along with the brands Dollar Rent A Car, Firefly Car Re ...
and was listed on the
New York Stock Exchange
The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It is the List of stock exchanges, largest stock excha ...
the following year.
Personal life
In 1903, Hertz married Francis (Fannie) Kesner of Chicago with whom he had three children: Leona Jane, John Jr., and Helen. His son was born Leonard J. Hertz and changed his name at the age of seventeen to John D. Hertz Jr. in honor of his father; John Jr., later became an advertising executive and was briefly married (1942–44) to
film
A film, also known as a movie or motion picture, is a work of visual art that simulates experiences and otherwise communicates ideas, stories, perceptions, emotions, or atmosphere through the use of moving images that are generally, sinc ...
star
Myrna Loy
Myrna Loy (born Myrna Adele Williams; August 2, 1905 – December 14, 1993) was an American film, television and stage actress. As a performer, she was known for her ability to adapt to her screen partner's acting style.
Born in Helena, Monta ...
.
Thoroughbred horse racing
John and Fannie Hertz were major figures in
Thoroughbred
The Thoroughbred is a list of horse breeds, horse breed developed for Thoroughbred racing, horse racing. Although the word ''thoroughbred'' is sometimes used to refer to any breed of purebred horse, it technically refers only to the Thorough ...
horse racing
Horse racing is an equestrian performance activity, typically involving two or more horses ridden by jockeys (or sometimes driven without riders) over a set distance for competition. It is one of the most ancient of all sports, as its bas ...
Cary, Illinois
Cary is a village located in Algonquin Township, McHenry County, Illinois, Algonquin Township, McHenry County, Illinois, and Cuba Township, Lake County, Illinois, Cuba Township, Lake County, Illinois, United States. Per the 2020 United States cens ...
, another known as Amarillo Ranch in
Woodland Hills, California
Woodland Hills is a neighborhood bordering the Santa Monica Mountains in the San Fernando Valley region of Los Angeles, California, United States.
History
The area was inhabited for around 8,000 years by Native Americans in the United States, ...
Paris, Kentucky
Paris is a home rule-class city in Bourbon County, Kentucky, and the county seat. It lies northeast of Lexington on the Stoner Fork of the Licking River. It is part of the Lexington–Fayette Metropolitan Statistical Area. As of 2020, it ha ...
, became their most important breeding and training center. Raced in the name of Fannie Hertz, among her top horses were the 1928
Kentucky Derby
The Kentucky Derby () is an American Graded stakes race, Grade I stakes Thoroughbred racing, race run at Churchill Downs in Louisville, Kentucky. The race is run by three-year-old Thoroughbreds at a distance of . Colt (horse), Colts and geldin ...
winner and
American Horse of the Year
The American Award for Horse of the Year, or simply Horse of the Year, one of the Eclipse Awards, is the highest honor given in American thoroughbred horse racing. Because Thoroughbred horse racing in the United States has no governing body to san ...
Count Fleet
Count Fleet (March 24, 1940 – December 3, 1973) was a champion American Thoroughbred racehorse who is the sixth winner of the American Triple Crown. He won the Belmont Stakes by a then record margin of twenty-five lengths. After an undefeated ...
, winner of the
United States Triple Crown of Thoroughbred Racing
In the United States, the Triple Crown of Thoroughbred Racing, commonly known as the Triple Crown, is a series of horse races for three-year-old Thoroughbreds, consisting of the Kentucky Derby, Preakness Stakes, and Belmont Stakes. The three r ...
in 1943. Both horses were inducted in the
National Museum of Racing and Hall of Fame
The National Museum of Racing and Hall of Fame was founded in 1950 in Saratoga Springs, New York, to honor the achievements of American thoroughbred horse racing, Thoroughbred race horses, jockeys, and Horse trainer, trainers. In 1955, the museum ...
.
Death
Hertz died on October 8, 1961. His wife died two years later. They were originally buried together in the
Rosehill Cemetery
Rosehill Cemetery (founded 1859) is a historic rural cemetery on the North Side of Chicago, Illinois in the United States. At , it is the largest cemetery in the city of Chicago and its first private cemetery. The Entrance Gate and Administration ...
(Chicago, Illinois). Their remains are now interred at Woodlawn Cemetery in
the Bronx
The Bronx ( ) is the northernmost of the five Boroughs of New York City, boroughs of New York City, coextensive with Bronx County, in the U.S. state of New York (state), New York. It shares a land border with Westchester County, New York, West ...
, New York City.
Philanthropy
In 1924, Hertz provided the city of Chicago $34,000 to install the city's first
traffic light
Traffic lights, traffic signals, or stoplights – also known as robots in South Africa, Zambia, and Namibia – are signaling devices positioned at intersection (road), road intersections, pedestrian crossings, and other locations in order t ...
Cold War
The Cold War was a period of global Geopolitics, geopolitical rivalry between the United States (US) and the Soviet Union (USSR) and their respective allies, the capitalist Western Bloc and communist Eastern Bloc, which lasted from 1947 unt ...
applied sciences
Applied science is the application of the scientific method and scientific knowledge to attain practical goals. It includes a broad range of disciplines, such as engineering and medicine. Applied science is often contrasted with basic science, ...
. Friend
Edward Teller
Edward Teller (; January 15, 1908 – September 9, 2003) was a Hungarian and American Theoretical physics, theoretical physicist and chemical engineer who is known colloquially as "the father of the hydrogen bomb" and one of the creators of ...
urged Hertz to orient his foundation to fund
higher education
Tertiary education (higher education, or post-secondary education) is the educational level following the completion of secondary education.
The World Bank defines tertiary education as including universities, colleges, and vocational schools ...
. The Hertz Foundation Fellowship program is the nation's most selective. Typically more than 800 applicants vie for ten to twelve fellowships, which provide full tuition and a generous stipend at top US research universities. For his significant contribution to the security of the US, Hertz received the highest civilian award given by the
Department of Defense
The United States Department of Defense (DoD, USDOD, or DOD) is an executive department of the U.S. federal government charged with coordinating and supervising the six U.S. armed services: the Army, Navy, Marines, Air Force, Space Force, ...