As the production rose, the American farmer went to the banks looking for loans to assist them in acquiring new farmland. Farmers also used the loans to buy new equipment--especially tractors due to labor costs-- thinking that with the high crop prices they would be able to afford the loans they put up against their farms. They were right in thinking this as corn and wheat prices increased heavily during the war time years leading up to the Great Depression. In 1913, harvesting more than 50 million acres of wheat got farmers $0.79 per bushel. And again in 1919, 75.7 million acres were harvested for a price of $2.14 per
As the production rose, the American farmer went to the banks looking for loans to assist them in acquiring new farmland. Farmers also used the loans to buy new equipment--especially tractors due to labor costs-- thinking that with the high crop prices they would be able to afford the loans they put up against their farms. They were right in thinking this as corn and wheat prices increased heavily during the war time years leading up to the Great Depression. In 1913, harvesting more than 50 million acres of wheat got farmers $0.79 per bushel. And again in 1919, 75.7 million acres were harvested for a price of $2.14 per