John Deere Stock Price Collapses After October 1929
Deere & Company began when John Deere, born in Rutland, Vermont, USA on February 7, 1804 moved to Grand Detour, Illinois in 1836 and opened a 1,378 square feet shop in Grand Detour in 1837 which allowed him to serve as a general repairman in the village, as well as a manufacturer of small tools such as pitchforks and shovels.
In 1912, “Deere & Company” president William Butterworth, who had replaced Charles Deere after his death in 1907, began the company’s expansion into the tractor business. Deere & Company briefly experimented with its own tractor models, the most successful of which was the Dain All-Wheel-Drive, but in the end decided to continue its foray into the tractor business by purchasing the Waterloo Gasoline Engine Company in 1918, which manufactured the popular Waterloo Boy tractor at its facilities in Waterloo, Iowa.
Deere & Company continued to sell tractors under the Waterloo Boy name until 1923, when the John Deere Model D was introduced. The company still manufactures most of its tractors in Waterloo, Iowa.
Before the stock market crash in October of 1929, John Deere’s stock price was listed at $476.50 per share on October 27, 1929. It was traded on the New York Curb Exchange and would finally come close to a bottom on December 16, 1931 at $10.50 per share after struggling through the worst Bear Market in history.
The company’s slogan is “Nothing Runs Like a Deere” and has a picture of a deer as a logo, a word play pun on “nothing runs like a deer.”
Tags: Bear Market, Charles Deere, December 16 1931, Deere & Company, John Deere, John Deere Model D, New York Curb Exchange, Nothing Runs Like a Deere, October 27 1929, October of 1929, Stock Market Crash, Stock Price, Tractors, Waterloo Gasoline Engine Company