Schaeffner, Carl & Blanche
Contact: carl hollister
Bio: Schaeffner, Carl & Blanche
7-26-07 In talking to Mother (Irma Schaeffner) today she told me an incident that occurred just after the market crash of '29. Grandpa ( Charlie Schaeffner) was a member of the cow testing association and his herd was consistantly ranked at the top in quality of production. He decided to sell off the herd and not work so hard any more. He received quite high prices for the cows, some in the $250-$350 range. He had a herd of over 75 cows so he netted quite a tidy sum. It was deposited in the Citizens State Bank in Loyal. The next day Grandma said "Charlie, I don't feel right about that money being in that bank. You need to go to town and get that money out of there." Grandpa listened to her and went in and withdrew the funds and two days later the bank holiday was declared by the government. The bank never re opened and several of the neighbors lost everything they had in the bank. Grandpa said from then on he would listen to Grandma whenever she had one of those strong feelings. They were able to pay off the farm, get a smaller herd of cows and were not really hurt by the rest of the depression.
In looking further I see the Citizens state bank still exists. At about that time the Loyal State bank was closed by the state banking authority. Not wishing to cast aspersions on a business, I would believe that the bank mother referred to was probably the Loyal state bank. Also mom is almost 93 and some details probably were fuzzy.
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