Daniel F. Rice’s professional career was firmly rooted in the commodities trading industry of Chicago. He began as a runner on the floor of the Chicago Board of Trade (CBOT) in the late 19-teens. In those days, a runner shuttled order slips between brokers – a lowly start, but Dan soaked up knowledge of grain markets. By 1920, at just 24, Dan had achieved membership in the CBOT, a clear indicator of his prowess and drive. He quickly made a name as an aggressive trader in agricultural futures (grains like wheat, corn, rye). Within a few years, Dan was reputed as one of the top grain speculators at the exchange, unafraid to take large positions and “bet the farm” on his market hunches. This bold style earned him both wealth and a bit of infamy – fellow traders respected his instincts but also knew he would swing big.
In 1919, leveraging his early success, Dan established Daniel F. Rice & Company, offering brokerage services to clients while also trading for his own account. The firm grew alongside America’s post-WWI economic boom. By the late 1920s and 1930s, Rice & Co. was handling commodities and also branching into stocks and bonds. Dan’s brother Joseph Rice joined him as a senior partner. The business eventually had multiple offices beyond Chicago (New York, Miami, Indianapolis, etc.), reflecting its national reach. In 1930, Dan moved the firm’s headquarters into the prestigious Chicago Board of Trade Building on LaSalle Street. The firm’s operations were roughly split between commodities trading and securities trading, making it somewhat unique (many brokers specialized in one or the other). Dan helmed the company for 35 years until 1959, when he negotiated a merger with Hayden, Stone & Co., a prominent Wall Street brokerage house. This merger (completed in 1959–60) allowed Dan to capitalize on the value he’d built; he effectively sold his firm but likely remained affiliated as a consultant or executive for a time.
Outside of his own firm, Dan held leadership roles in related businesses. He served as President and Chairman of Rice Grain Corporation, a company dealing in grain storage and merchandising. He was also a member of the New York Stock Exchange (NYSE) by the late 1930s, indicating he personally traded equities or possibly expanded his firm’s membership to the NYSE to handle stock transactions for clients. His multi-exchange membership was somewhat uncommon and underscores his versatility as a financier.
One notable episode in Dan’s career was the 1944 rye market incident. The U.S. Commodity Exchange Authority accused Dan Rice and his firm of attempting to corner the May 1944 rye futures – essentially, manipulating the price by acquiring a dominant position. Such actions, if proven, violate federal law (Commodity Exchange Act). Rather than contest at trial, Dan accepted the sanctions: both he and his firm were suspended for six months from commodity trading. The suspension in 1945 would have been a blow to business, but Rice & Co. survived it. By late 1945, Dan was back in the pits, and interestingly, that same post-war era saw him diversifying into other ventures (perhaps partially as a result of this wake-up call).
Dan’s career also had a sports business dimension. After World War II, when a new pro football league (the AAFC) was formed to challenge the NFL, Dan bought a stake in the Los Angeles Dons franchise. He wasn’t a passive investor either; he was involved enough to be mentioned as an owner. The Dons played from 1946–49 before the league merged with the NFL. Although not directly career-related, this investment shows Dan’s interest in the business side of sports – a prelude to his later investments in racetracks.
By the 1960s, Dan semi-retired from day-to-day finance, focusing more on managing his investments and racing stable. However, he remained an influential figure in Chicago’s business circles. He was a longtime member of the Chicago Board of Trade’s governing associations and known on LaSalle Street for his larger-than-life trading exploits. In 1964, DePaul University recognized his business and civic accomplishments by awarding him an Honorary Doctor of Laws (LL.D.), a significant honor that indicates how prominent he had become in the city.
One must also note Dan’s involvement with Arlington Park and Washington Park racetracks as part of his “business career.” In the 1940s and ’50s, owning shares in racetracks was both an investment and a social move for wealthy businessmen. Dan went big here too – he became the largest single stockholder in both Arlington and Washington Park (two major Chicago-area tracks). He eventually sold those holdings in 1962, likely for a profit and perhaps to avoid potential conflicts as he got more involved in racing his own horses. He later invested in Hialeah Park in Florida and served on its board. These roles blurred the line between hobby and career; for Dan, racing and business were often intertwined.
In conclusion, Dan Rice’s career can be summarized as that of a dynamic commodities broker turned multi-industry investor. He exemplified the Midwest businessman who made it big in the roaring ’20s, survived the Depression (likely by hedging and savvy trading), and thrived again in post-WWII prosperity. His willingness to take risks (and occasional run-ins with regulators) show a bold temperament. Yet, the respect he commanded – evidenced by his leadership positions and accolades – shows he was regarded as a generally positive force in the markets and community. Dan’s career funded the extravagant lifestyle at Danada and seeded the fortunes that he and Ada would channel into their charitable foundation. The fact that the Rice Foundation was established in 1947, well before Dan retired, indicates that even at the height of his career, he was planning to give back. This melding of ambition with philanthropy is a hallmark of Dan’s legacy.
