Word: schock
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Dates: during 1941-1941
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...Clarence Schock is short, stocky and devout, looks like a Pennsylvania Dutch Dr. Dafoe. Fifty-three years ago he started an oil business with his father in Mt. Joy, near Lancaster, Pa. Now Schock Independent Oil Co. has 14 wholesale plants and a dozen gasoline service stations, is valued...
Recently Mr. Schock, 75, became concerned about the future of 1) his business, 2) his money. Though married, he is childless. Moreover, he believes that the system of inheritance is unChristian. "If we abolish all inheritance of property and if we fixed a limit to earning power," he often said, "we would be able to solve all our economic problems. . . . After reasonable provision for women & children, a man's estate should go to the general welfare...
...Schock cast about for a scheme to insure perpetuation of his business and put his money to Christian employment. Last week he thought he had one. He converted his business into a trust and provided that, except for a modest living for himself and wife, its income should go to public schools in the districts served by his company (mostly in Lancaster, York and Dauphin Counties). There were no strings on how the money should be used. But each school district's share depended on two things: 1) the number of its pupils, 2) the amount...
...Said Mr. Schock: "I have no ax to grind. ... If the public continues to patronize the company, the sum will be abundant...