Word: schenley
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...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 set up a chemical division to make penicillin and other antibiotics...
...plugged his straights (I. W. Harper, Ancient Age, Old Charter) more than did other distillers. But the public preferred blends. Straights now account for only 30% of the whisky sold today, v. 60% prewar. Rosenstiel also spread his advertising funds over so many products that his top blends (Schenley Reserve, Melrose Rare) were not plugged as hard as competing whiskies...
...results of all this started to show last year. While competitors (Seagrams, National Distillers) were setting records, Schenley's sales were at the lowest level ($450 million) since 1944. And this year, though all distillers are in a slump, Schenley is in a much deeper one. Recently its sales have been off 55% v. a drop of only 28% to 36% for Seagrams, Hiram Walker and National Distillers. Schenley's troubles and its vast expansion have caused the company to borrow $150 million, although its assets are greater than any other U.S. liquor company...
...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...