The Business of Harvest
In the late 19th century, the name McCormick was synonymous with reapers. But William Deering, a dry goods merchant from Maine, saw an opening. He didn't know how to forge steel, but he knew a good investment. In 1870, he moved to Chicago and invested in a small reaper company. Unlike the stubborn McCormick, Deering was obsessed with the next big thing.
The Twine Revolution
Deering's greatest move was recognizing the potential of the Marsh Harvester and, crucially, the automatic twine binder invented by John Appleby. Before this, machines used wire to bind wheat sheaves, which often killed cattle when they accidentally ate the metal bits. Deering bet everything on twine. It worked. His machines were safer and more efficient. By 1880, Deering had surpassed McCormick in technology, forcing the market to catch up to him.
Building a Legacy
Deering was the disciplined financial mind that the chaotic industry needed. He built a vertical empire, owning everything from the iron mines to the timber forests needed for his factories. Although he retired just before the 1902 merger that formed International Harvester, it was his company's valuation and assets that allowed the deal to happen on equal footing with the McCormicks. He spent his final years developing Coconut Grove in Florida, leaving behind an industrial legacy that fed the world.