There was a lot more than the grain embargo that affected companies like IH and the family farmer too. Lot of farmers had loans that rolled over every year. One year they were at 7.5% and the next year 19%. back then the fed decided that credit was bad and they raised interest rates to get people to stop borrowing. That meant they were not buying either. That includes tractors and implements too. Then there were new fed rules on things like dairy that would cost some old farmers a bunch. They tossed in the towel. A heck of a lot of farm kids in the 60's and 70's said the heck with this city living is the life for me! So the decision to quit was easy. Can't afford the mandated improvements plus all the kids left for a 5 day a week 8-5 job. Lot of small dairy operations here went under.
IH was in trouble before the embargo. That plus the embargo plus an ill timed strike were the end for them.
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Today's Featured Article - History of the Cockshutt Tractor - by Danny Bowes (Dsl). The son of a very successful Toronto and Brantford, Ontario merchant, and himself quite an entreprenuer, James G. Cockshutt opened a business called the Brantford Plow Works in 1877. In 1882, the business was incorporated to become the Cockshutt Plow Company. Along with quality built equipment, expedious demand and expansion made Cockshutt Plow Works the leader in the tillage tools sector of the farm equipment industry by the 1920's.
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