Many of those 10,000 acre or so farmers around me if not all have been belly up at least once. They come back bigger and better each time. There is something wrong with that. You know my Dad back in the 1970s tried to get a small loan to put up a silo and feed bunk. The bank said they wouldn't go for that cause it wasn't a viable operation. They wanted him to put up 2 silos and add 60 feet to the dairy barn and then upgrade the equipment to add a much larger tractor and combine and silage equipment. He got cold feet and backed out. Every one of our neighbors went for that kind of deal and were belly up, and I mean every one, in the 1980s. They got refinanced and slowly gobbled each other up over the years. Dad was almost forced out. The banks wanted to sell him out because, and I quote, "he owed too little". According to the banker (who was being replaced by an axe man) Dad's farm was worth more than his debt so they could easily get their money but the neighbors all owed much more than their worth so the bank kept stringing them along. The only thing that saved Dad was the bank had done the loan papers correctly and first mortgage had been granted to a much smaller bank which Dad had taken a tiny loan with and as long as he kept them happy the other banks had to wait. Eventually he got caught up on all the loans without filing bankruptcy and the farm is still in the family because of luck only. All the neighboring ground is being run by a large farm that has filed for bankruptcy at least twice that I know of over the past 30 years. I guess they did it right and Dad was wrong cause they still drive fancy new pickups and brand new tractors and have large new houses and park in the front row at church. Something Dad has never done.
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Today's Featured Article - A Cautionary Tale - by Ian Minshull. In the early 1950s my father bought an Allis Chalmers B and I used it for all the row crop work with the mangolds and potatoes, rolling and the haymaking on our farm. The farm and the Allis were sold and I have spent a lifetime working on farms throughout the country. I promised myself that one day I would own an Allis. That time event
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