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bankers/depression years story
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Posted by 04terry on December 19, 2003 at 09:28:33 from (67.250.216.195):
The first tractor that my dad purchased was a
F-12 Farmall. He had farmed with horses until
he made this purchase. During the depression, he told about the local elevator offering 2 cents a bushel for shell corn.
For earn corn, the elevator price was 2 cents less. They didn't want to say that they couldn't give you anything for the ear corn! One day the banker come out to see my dad. He said "you haven't made the payments on your tractor and I am going to have to repossess it."
My dad told the banker that he understood and that
he wouldn't have any hard feelings. My dad also
said that if you take the tractor, I will never have an opportunity to pay for it. The banker thought about that for a while and said, I know you are an honest man and someday this dry cycle will end and things will get better. I also know that when this happens, you will pay for the tractor, so you just go ahead and keep it. I remember D-day, 1944 when the local IH dealer
delivered a bright shiny H Farmall and took the
old F-12 in trade. I was a little over 2 1/2
years old. I thought I would share this story with you after
reading a post that John Deere didn't repossess any tractors during the depression. I would think that most tractor loans were handled through the banks back then, therefore JD would have been out of the loop.
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