Word: lynching
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Dates: during 1960-1969
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...middle-aged spinster sister, wrote a harrowing, compassionate novel about a Negro girl who was made pregnant and abandoned by a no-account white man. Lillian Eugenia Smith's Strange Fruit was unfashionably out of step with its time and place. It ridiculed white supremacy, scathingly described the lynch-burning of a Negro wrongly suspected of murder, and was spattered with words that a Southern lady was not even supposed to know. Its prose won no literary prizes, but the book sold more than 3,000,000 copies in 16 languages - it was duly banned in Boston - and, more...
...TIME'S careful attention to research is evident in its piece on Jim Thompson [Aug. 19]. Not so palatable to the Midwest Stock Exchange is the inference that our Service Corporation only "recently" has been seeking advice about computers from the new president of Merrill Lynch. We consulted with Jim Thompson on numerous occasions over seven years ago. Actually, Midwest Stock Exchange Service Corporation has been in operation for six years. We are currently doing the bookkeeping for 60 brokerage firms, having 367 offices in 21 cities. Fifty-two of these firms are members of the New York Stock...
...Your description of Merrill Lynch, Pierce, Fenner & Smith as "part of American folklore" is more apt than you probably intended. Apparently even TIME has fallen for the myth that Merrill Lynch pays salesmen salaries rather than commissions (not true-compensation is directly related to production) and that it doesn't sell mutual funds because of a possible conflict for research ideas between mutual funds and individual customers (reality: customers' balances diverted into mutual funds are no longer available to salesmen...
...consultant to some 90 New York Stock Exchange member firms, I have a high respect for Merrill Lynch's professional capabilities, but I find its pious, holier-than-thou preaching about commissions and mutual funds somewhat less than candid. Also, I might point out that it has risen from 60th place to third place among underwriters without any compunctions about acting on behalf of trusts and corporations as a dealer of large secondary distributions, where the commissions to the salesmen are five times as large as for normal brokerage. Isn't the customer entitled to be told when...
...Merrill Lynch (and TIME), but let's take off the halo...