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In 1924, the company officially changed its name to International Business Machines. It was bolstered at this time by the invention of the Carroll Rotary Card Press that doubled the manufacturing capticity for punch cards - 1,000 cards in 60 seconds - resulting in profits of about $1 per minute of operation.
In the 1930s while the U.S. suffered through the Great Depression, IBM prospered. One of its biggest achievements was helping organize the Social Security Administration which was formed in 1935. It used its army of key punch machines to keep track of tax payments coming from 27 million workers. It showed that a company can help business and government manage itself with the assistance of technology.
Watson pushed IBM's strong allegiance to education and research with the creation in 1932 of a major division for engineering, research and development. He also created the IBM Schoolhouse above in 1933 for education and training of staff. (The motto is on the steps.)