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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...

Author: /time Magazine | Title: MODERN LIVING: 86-Proof American | 10/27/1958 | See Source »

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...

Author: /time Magazine | Title: LIQUOR: Tax Tempest | 9/15/1958 | See Source »

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...

Author: /time Magazine | Title: LIQUOR: Tax Tempest | 9/15/1958 | See Source »

MONEY-LOSING PABST Brewing Co. (sales: 2.9 million bbl.) will jump from eighth place among U.S. brewers to third or fourth by picking up profitable Blatz Brewing Co. from Schenley Industries, Inc. for $14.5 million and 200,000 shares of Pabst (price: about $10 a share). Schenley also gets warrants to buy 350,000 shares of Pabst for $10 to $12.50 until mid-1966, may thus one day become biggest Pabst shareholder...

Author: /time Magazine | Title: Time Clock, Aug. 11, 1958 | 8/11/1958 | See Source »

...markets, long dominated by Scotch (and some Canadian brands), if all goes well. Senate Finance Committee voted 9-2 to allow domestic distillers to hold whisky in tax-free storage up to 20 years (current limit: eight years), and full Congress is expected to approve. Biggest gainer will be Schenley Industries, which holds by far largest stock of whisky older than six years...

Author: /time Magazine | Title: Time Clock, Aug. 4, 1958 | 8/4/1958 | See Source »

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