Word: schenley
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Dates: during 1950-1959
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...stemmed glass. Among them, the argument is about the proportion of gin to vermouth. Recipes range from 3 to 1 all the way to a good dry 14 to 1, with the trend strongly in favor of more gin and less vermouth. Riding this trend, the House of Schenley last week was busily promoting the driest martini so far. Called the "Naked Martini," it is simply a straight gin, cut to 80 proof to make it taste a little less fiery than the usual 86-to-94-proof variety...
Behind the institute was its founder and sole member so far, Schenley Industries, whose President Lewis S. Rosenstiel has even more urgent feelings about bourbon than did the Rev. Garrard. Schenley reportedly holds 60% to 70% of all the old whisky in the U.S. (most of it bourbon), mainly because it over-stockpiled during the Korean war on the mistaken theory that a shortage was in store...
...took over the wartime market. Drinkers acquired a preference for the milder blends against the headhammering effect of 100-proof straight bourbon. To recoup, ; distillers have been lightening bourbon toward the minimum allowable 80 proof, which also cuts the excise tax and lowers retail prices. Such leading brands as Schenley's I.W. Harper, National Distillers' Old Crow and Old Grand-Dad, now come in 86 proof, one reason for the rise of straight whiskies from 9% of the total market...
Leading the fight for tax relief was Schenley Industries, which favored granting tax relief to existing and future whisky stocks. Among Schenley's arguments: only in this way can U.S. distillers compete with the British and Canadians, whose governments have no force-out tax provision. Against Schenley stood Joseph E. Seagram & Sons. Seagram argued that Schenley held 60% to 70% of all the old whisky in the U.S., hence would reap the major benefit. Seagram backed a different proposal of the Distilled Spirits Institute: grant tax relief, but prohibit distillers from labeling their whiskies as over eight years...
Congress decided the issue Schenley's way. Last week Schenley President Lewis S. Rosenstiel said that his fight was not for Schenley alone, pointed out that virtually every distilling stock has risen since Congress acted, many to new highs. (Schenley's rose the most, from 18½ earlier this year to 31½.) Distress selling of whisky to collect the tax is now over, said Rosenstiel, and there is no reason for "senseless" price wars...