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This new company acquired the rights to manufacture the Lombard Steam Log Hauler, an early tracked crawler, and began producing "tracklayer" tractors. Following fierce competition from the Fordson company, C.L. Best merged with the Holt Manufacturing Company in 1925 to form the Caterpillar Tractor Company.
The competition for track-type farm equipment increased in 1925 when the Holt Manufacturing Co. and the C. L. Best Co. of San Leandro, California, merged to form the Caterpillar Tractor Co. When wheat dropped to 25 cents a bushel in 1931, farmers could not afford new farm implements and the new Avery Power Machinery company could not pay its debts.
The tractor is stacked high with supplies, and a number of uniformed soldiers are walking alongside. A Holt 60-horsepower, four-cylinder valve-in-head gasoline Caterpillar (s/n 524) in 1912. The tractor was restored in the late 1960s and is the oldest surviving East Peoria-built tractor known to exist. [42]
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Holt's tractors could harvest large fields for one-sixth the cost of a horse-drawn combine. [7] Foresters soon adapted them to haul Redwood logs out of road-less forests. In 1892 the Holts manufactured a steam-driven tractor capable of hauling 50 short tons (45 t) of freight at 3 miles per hour (4.8 km/h).
In 2014, the AEM stated that "U.S. domestic sales of agricultural machinery and equipment rose from about $20 billion in 1999 to $38 billion in 2012. Since 1998 and through 2012, U.S. exports of agricultural equipment have grown relatively quickly, more than doubling from about $4 billion to $8.7 billion.
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