Word: mccormick
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Next day, at the auction, the urge to splurge was even giddier. Reason: no ceiling prices on used machinery. A 1938 McCormick-Deering tractor, which cost $1,300, was knocked down at $2,100. A Cockshutt tractor ($1,341 new) went for $1,775. Twelve-year-old Olivers ($1,740 new) brought $1,875. One farmer got one for $1,800, sold it a moment later to an unsuccessful bidder for $1,900, thought the deal over, bought it back for $2,000. Another farmer, who had sold Houston one of his own used machines, liked the new paint...
...directors, a factory board, and a sales and advertising board. Their function is to feed ideas to the senior (stockholders') board. In a five-year period, 2,109 such ideas were adopted, among them the Olde English theme for advertising: only six were scrapped. This creative drive, President McCormick soberly believes, pulled his company out of the red, has kept it going ever since...
Multiple Management, as farseeing as it is polysyllabic, is Charlie McCormick's own guarantee that his workers get fair wages, agreeable working conditions, year-round employment, social security, a share in McCormick profits and a share in McCormick management...
...Brand in His Bonnet. The changeover from one-man control to many-man control began for McCormick & Co. in 1932. That year, autocratic, hard-driving Willoughby M. McCormick, founder of the business, left it to his nephew Charlie. The new boss looked his 43-year-old gift horse squarely in the teeth and found it shaky financially, low in morale, wary of initiative...
...management turns sedate somersaults at sales figures, and junior board members chomp joyfully on a special slice of the profits (three weeks' pay in 1945). The loudest cheers naturally come from employes: their work-week is stable, well paid, shorter. Union organizers have long since decided that the McCormick lily neither wants nor needs their gilding...