Background
Isaac Leopold Rice was born on February 22, 1850 at Wachenheim, Bavaria, a son of Mayer and Fanny (Sohn) Rice. When he was six years old the family emigrated to America, settling at Philadelphia.
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Isaac Leopold Rice was born on February 22, 1850 at Wachenheim, Bavaria, a son of Mayer and Fanny (Sohn) Rice. When he was six years old the family emigrated to America, settling at Philadelphia.
In Philadelphia Isaac attended the public grade schools and the Central High School and was instructed by private tutors. At sixteen he was studying literature and music in Paris.
Returning after three years to the United States, he wrote for the press and taught in order to support himself while continuing his studies.
In 1875 he published an original treatise entitled What Is Music? Later his interests turned to jurisprudence and he completed the courses then offered at the Columbia Law School in New York City, remaining six years after graduation as a teacher and advanced student. At that time Prof. John W. Burgess was laying the foundations of the Columbia School of Political Science.
Rice was keenly interested in that work and served as librarian for the embryo school. Thus far an academic career had been indicated for Rice, but in 1886 his thoughts were turned to the practice of the law and his success in several important corporation cases confirmed his attraction to that field. After winning a suit for the bondholders of a Brooklyn traction system, he acted as counsel for various railroad companies in a period of reorganization. In that capacity he served the St. Louis Southwestern and the Texas & Pacific. In the consolidation of the Richmond & West Point Terminal Railway Company and other carriers which finally resulted in the Southern Railway, he was counsel and director.
He was an early promoter of electrical inventions, and was especially interested in the storage-battery and electric-vehicle industries in their early days, but his holdings in those industries and practically all his possessions, save his stock in the Electric Boat Company, which held submarine patents then non-productive, were swept away in the money panic of 1907.
Early in the World War, however, Great Britain placed large contracts with the Electric Boat Company, whose shares quickly rose on the market from $10 to $125, and in July 1915 Rice sold 16, 000 shares at a profit of more than $2, 000, 000; if he had retained them three months longer he might have realized $16, 000, 000.
During the last twenty years of his life, it is probably not too much to say that Rice had a wider reputation as inventor of the Rice gambit in chess than as a lawyer.
He had been a devotee of chess from his early youth and it is related that his first client came to him as the result of a chess game in which Rice made an impressive display of skill. He was also known as the founder (in 1886) and chief proprietor of the Forum, a magazine patterned after the English reviews. This publication, always maintained on a high literary level, was for many years run at a financial loss.
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In 1885 Rice married Julia Hyneman Barnett of New Orleans. They had four daughters and two sons.
