To all - neat story about incredibly clever AND generous couple.
November 26, 1999
Couple Leaves $23M To Small Town
Filed at 1:57 p.m. EDT
By The Associated Press
OSGOOD, Ind. (AP) -- A couple who made a fortune by discerning changes
in the way Americans lived and investing carefully left $23 million to their
tiny hometown -- more than its entire budget or the assessed value of every
business, house, school and street.
The money from the estate of Gilmore and Golda Reynolds will be doled out
to the community of 1,800 in yearly chunks of more than $1 million.
The foundation that will administer the money was created in 1990 after
Gilmore died at 91. It has been giving out relatively small grants over the
years -- to the volunteer fire department, the library -- and helped build the
town hall and community center.
Mrs. Reynolds died last year at 98. The $23 million gift was the childless
couple's entire fortune.
They were ``just very good folks really interested in their community,' Town
Council President Carl Moore said.
As a sample of what's to come, the foundation gave the town a check for
$120,000 on Nov. 15 to help pay for a major storm sewer renovation.
The couple lived quietly in a plain, stucco house. Only a few close friends
realized they were a dynamic business duo.
Mrs. Reynolds began as a teacher and her husband, who never attended high
school, a partner in a car dealership. They were married in 1928.
As the car changed the American landscape, Reynolds noticed gas stations
and other stopping points didn't have snacks that people could take with
them. So they started a wholesale candy, tobacco and popcorn business.
When propane gas began replacing coal, the couple began Reynolds Gas Co.
and sold furnaces, propane and appliances. Mrs. Reynolds quit teaching and
worked full time in the businesses, doing all the bookkeeping.
With propane about to be displaced by natural gas, they sold their business in
1964 to Phillips Petroleum and spent the rest of their days investing in the
stock market.
``I can remember Goldie telling me she and Gilmore spent daylight to dark
every day, 365 days a year reading about their stocks, keeping records of
their stocks,' said Neil Comer, the family's attorney.
Copyright 1999 The New York Times Company |
