Editing McCormick reaper (section)

==Merging into International Harvester==

The nationwide economic depression of 1893–1896 depressed sales, although lawsuits remained a major burden. The leading reaper companies started informal talks when theyrealized that the lawsuits hurt every player.  The solution was for the major companies to combine, and thereby end he ruinous lawsuits and the expensive competition. They approached Wall Street where the big names--Morgan and Rockefeller--were indeed interested. The result was the formation of [[International Harvester]] in 1902, coordinated by [[George Walbridge Perkins]] of  [[J.P. Morgan & Co.]]. It bought out the five largest reaper companies in 1902 for $150 million:  McCormick Harvesting Machine Company and Deering Harvester Company, as well as three smaller manufacturers: Milwaukee; Plano; and Warder, Bushnell, and Glessner (makers of Champion brand). The result was the fourth largest corporation in the United States. <ref> John A. Garraty, ''Right-hand Man: The Life of George W. Perkins'' (Greenwood Press,  1960). pp. 126–146. [https://archive.org/details/righthandmanlife00garr online]</ref>

After a few more years of squabbling the young International Harvester became a near monopoly in reapers, and a major factor in many other farm implements. In 1908 it  made 700,000 harvesters worldwide, for $73 million. In addition to 25,000 IH employees there were 42,000 working in its local agencies all over the U.S. and parts of Europe.<ref>Herbert N.  Casson, ''The Romance of the Reaper,'' (1908) p 96. [https://archive.org/details/bwb_P9-DKV-137/page/96/mode/1up online]</ref>