Word: schott
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Dates: during 1950-1959
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Good Intentions. In Madison, Wis., fined for giving three cans of beer to a twelve-year-old girl, Gerald Schott, 24, explained apologetically: "I thought...
...Mickey Margoles, other Washingtonians had waited in nightlong vigils to get reconditioned typewriters for 99^, toasters, waffle irons and percolators (used) for 9^ each, a $500 Persian lamb coat for $15, reconditioned washing machines for $9. In nearby Alexandria a 1939 Plymouth went for 89^. A Mrs. E. M. Schott came from Youngstown, Ohio to buy two fur pieces, one a silver-blue mink scarf (price...
...Fascinated." Schott insists on getting full control of any company he buys into. Once, in 1941, he joined a group dickering to buy New York's Belmont Plaza Hotel. Schott thinks that it was for lack of control that he took a $100,000 loss when the deal went sour. When he knows he can get control, he moves fast. His method: "Don't jump until you have something to jump for, then jump with all your might...
...wasn't satisfied. An investment company which Schott had formed earlier with his wife and a brother bought Cincinnati's J. A. Fay & Egan, manufacturers of woodworking machines, for $700,000. Fay & Egan was in poor shape because of overexpansion, but by cutting down and changing the management, the new owner soon had it on its feet. From then on, Schott's investment company began picking up companies and real estate. In ten years he gathered up more than 18 new businesses, including Whale Harbor Spa (a Florida fishing resort), Columbia Axle Co., U.S. Air Compressor...
...widely spread empire, Schott splits up the job of supervision with his four brothers, has no intention of stopping collecting. Says he: "At first it was family security. But suddenly we gained momentum and we started to roll. Now we're fascinated. We expect to keep traveling...