Word: premiums
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...California. Its 267 wineries produce 85% of the wine made in the U.S., and Californians individually drink about twice as much wine as other Americans. Grapes represent the Golden State's largest cash crop; in the past four years of heavy demand and rising labor costs, prices for premium Cabernet Sauvignon grapes have jumped from $305 a ton to about $ 1,000. They will rise still higher as a result of a tight supply. Because of a spring frost and August heat-wave damage, the 1972 California grape harvest, which was completed last month, was the smallest...
Makers of costlier premium California wines praise the Gallos for bringing new wine drinkers to the fold with their inexpensive wines, even though many drinkers damn the pop wines as an insult to cultivated taste. "Ernest Gallo has done more for the industry than any individual alive," says Joe Heitz, whose small winery turns out some of the state's most sophisticated wines. Though Gallo wines have long been something of a joke among wine snobs, lately oenophiles have been pleasantly surprised. Gallo's Pink Chablis recently triumphed over ten costlier competitors in a blind tasting among...
...President Nixon brought 14 cases to Peking to toast Chou Enlai. Russell Green abandoned his post as president of Signal Oil Co. to take over the Simi winery. Today it is one of the many small wineries that tend to make some of the most interesting of the California premium wines. Donn Chappellet chucked his job as president of a lucrative food-vending firm in Los Angeles in order to work on 320 acres of vineyards. He is producing about 6,000 cases but does not expect to reach the break-even point until he sells at least...
...wine manufacturers or retailers. Expecting that wine prices will continue to rise, more and more ordinary consumers are buying and storing wine. A select California Cabernet Sauvignon worth $3.25 in 1966 now commands about $6. Major wine merchants will accept orders for future delivery of just about any premium wine that has a long bottle life. U.S. citizens technically cannot sell their wine hoardings publicly without a retailer's license, but they can sell them privately to friends or back to retailers...
Thee new group life insurance plan provides a minimum amount of life insurance for all regular employees and makes additional life insurance available to employees having at least one dependent. This additional insurance is provided on a contributory basis, but the percentage of the premium contributed by an employee is much less than it was under the old group insurance plan. The insurance is available after only three months service. The new insurance plan also provides additional insurance for accidental death or dismemberment. Indicative of its acceptance is the fact that the proportion of eligible employees participating...