Word: implementations
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...notable officers. One of them (president) was Farm Economist George Nelson Peek, who in early New Deal days became AAAdministrator, the other was Hugh Samuel Johnson (vice president), who became New Deal's NRAdministrator. Since 1929 Moline Plow Co. has been part of Minneapolis-Moline Power Implement Co. -which has a notable president...
...problems of Minneapolis-Moline are of a piece with those of the whole farm implement industry. Export business (30% of the sales of International Harvester, No. 1 implement manufacturer) exposes the industry to losses from depreciation in foreign exchange. Against such losses, Minneapolis-Moline prudently charged off $201,197 in 1939's fiscal year...
Furthermore, implement sales are on a long time-payment basis and large amounts of capital are tied up in accounts receivable. Big fellows like International Harvester and John Deere (No. 2 manufacturer) have plenty of capital to tie up in reserves for doubtful notes and accounts. But a company like Minneapolis-Moline has to borrow-a pick-up in its sales from August to October sent the total of its bank loans from $900,000 to $1,500,000. In its year-end statement it had set up a reserve of $927,668 for doubtful notes and accounts...
Competition within the industry is meanwhile remaking the business. Milwaukee's famed electrical machinery producer, Allis-Chalmers, is a sensationally successful factor in the industry. In 1927 Allis-Chalmers' sales of all products totaled $30,593,000 and farm implements made up 7.7% of the total. By 1936 its gross from farm implements alone had topped $33,000,000. Farm implement sales were 2.9% of its earnings in 1927, 66.3% of the net nine years later. Among the reasons for this are that Allis-Chalmers introduced rubber tires on tractors (today 45-60% of all tractors sold...
...last year Allis introduced another at $345). During the 1938 recession (when the rest of the industry raised prices) Allis-Chalmers introduced a $495 tractor, priced $200 under the market, which turned out to be no mean factor in raising it's first-half 1938 farm implement sales 10% over the boom first half of 1937 while competitors were...