President Thomas J. Watson, Sr., (at right) poses in 1920 with CTR's board chairman George W. Fairchild.
About 1911 Fairchild stated, "I am organizing a company to be known as Computing-Tabulating-Recording. Invest $2,000 and I think that I can make you some money; but don't do it if you can't afford to lose it." Those who followed his advice became millionaires.
There is a "story", of a local banker who invested in this company. He was in the habit of rewarding his employees of the bank and his residence employees, such as his chauffeur, with stock during the holiday season. His most valued employees he gave Bank Stock and his less valued employees he gave IBM stock. Such is life.
In 1911, when the Computing-Tabulating-Recording Company was formed through the efforts of Charles R. Flint, Fairchild became president of the new company. He later became chairman of the company and continued in this role when, in February 1924, C-T-R was renamed as IBM. He was chairman of IBM until his death on December 31, 1924.
Computing-Tabulating-Recording Co.