Word: sheller
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Dates: during 1970-1979
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...both the warehouse and the bank, there were countless errors of both bookkeeping and judgment. Although short on capital, the Carters unwisely launched a massive expansion of the warehouse. From 1975 through 1977, they borrowed nearly $10 million to buy a huge new peanut sheller and enormous supplies of raw peanuts. But from the beginning, the warehouse consistently sold peanuts it was supposed to be holding as collateral for the loan. At one point in the spring of 1976, there were no peanuts at all on hand for two months, while the warehouse owed N.B.G. $1.1 million...
...report did, however, detail a sometimes sloppy relationship between Lance's bank and the Carter enterprise in Plains. Loans to build a new warehouse and to construct a peanut sheller at one time totaled about $1 million. On two occasions, the bank reduced the interest rates on these loans, eventually to a rate of 1½ percentage points above the prime rate. At the time of the last rate reduction on the construction loan, the prime rate, which banks charge their most credit-worthy customers, was 7%. Said Lance: "There were good and sufficient banking reasons for those decisions...
...family peanut and fertilizer business. He regretted leaving the Navy, but he was also nursing ambitions for public office. Back home, he immersed himself in farming; he attended classes on farming, devoured books, sought advice from U.S. agricultural agents. Impatient to expand, he invested in a peanut sheller and began to supply large processors; then he branched out into warehousing. (Last year the income from the farm and the warehouse totaled $44,523; his net worth is estimated...