Word: rosenstiels
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...boss and chief stockholder of Schenley Industries, Inc., Lewis Solon Rosenstiel built a $438 million empire and a reputation in the liquor trade as a confident hustler. During Prohibition, while distillers were folding up, Rosenstiel, then a whisky broker, bet his money on Repeal ; he bought up all the whisky he could lay his hands on. Result: the year after Repeal, his new Schenley company had sales of $40 million...
During World War II, when grain spirits were short, Rosenstiel confidently started using potato spirits in Three Feathers, one of his most popular blends. Result: Three Feathers was a top-selling U.S. whisky all through the wartime shortage-largely because it was the most available. Rosenstiel put on his greatest show of confidence by expanding. During and after the war, he bought the Blatz Brewing Co., put Schenley into wines and vermouth (Cresta Blanca, Roma and La Bohème), rum (Carioca), cordials (DuBouchett), brandies (Coronet, J. Bavet and Jean Robert), gins (Silver Wedding, Schenley, Gibson, etc.), and even...
Cause for Concern. Recently, Hustler Rosenstiel has tripped a few times. When other brands came back on the market in volume, Three Feathers sales slumped about 90%; last year the brand did not even place in the top 25. When grape prices skidded five years ago, Rosenstiel dropped close" to $14 million by buying at the wrong time. And when penicillin prices cracked recently, he took another beating. Rosenstiel miscalculated on another score: figuring that the public would turn back to straight whiskies after the war, he plugged his straights (I. W. Harper, Ancient Age, Old Charter) more than...
...Platoon. Last week it looked as if rven Lew Rosenstiel thought it time for a pick-me-up. At 61, he stepped out as president of Schenley (but stayed as chairman), and elevated a whole platoon of young Schenley reserves. Into the presidency went Ralph Taft Heymsfeld, 44, a Columbia-trained lawyer who joined the company 18 years ago and has specialized, as secretary and counsel, in fighting for fair trade and against high liquor taxes. Up to executive vice president stepped Treasurer Sidney Becker, 42, who started with Schenley during Prohibition...
Schenley's new top team, pointing to the company's net of $22 million last year, insists that Rosenstiel will still be the boss, and that no big changes will be made. But Schenley now seems to have a somewhat healthier respect for the lowly blend, and may push its blends harder in the future. Says President Heymsfeld: "You can't sell a man a Cadillac when all he can afford is a Chevrolet...