Word: lynching
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Dates: during 1960-1969
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...Goliath. By any standard, Merrill Lynch is the Goliath of stockbrokers. The company maintains 165 offices: 15 in New York City, 134 elsewhere in the U.S., and the rest in such foreign trade centers as London, Paris, Madrid, Tokyo, Geneva, Hong Kong and Beirut. The international string of offices is hooked together by some 285,000 miles of private wire. Merrill Lynch belongs to 41 stock exchanges, from New York to The Netherlands, averages 4,900 sales or purchases during every market hour. On the biggest bourse of them all?the New York Stock Exchange?Merrill Lynch has a hand...
...such that the system itself has been dubbed "people's capitalism." It is fitting indeed that that title was invented by the Wall Street-based brokerage house that is most responsible for selling common stocks to the common man. Its corporate title is already part of American folklore: Merrill Lynch, Pierce, Fenner & Smith...
...head of the herd obviously holds huge responsibility?to his company, its clients, the nation, and for that matter, the world. It was therefore all the more remarkable that Merrill Lynch almost routinely underwent a major leadership change just last month. Michael McCarthy, 63, who had been chairman since 1961, moved up to executive committee chairman. President George J. Leness, 63, became chairman. With only two years left before mandatory retirement, McCarthy and Leness are really beginning to phase themselves out; they plan to spend most of their time pondering about Goliath's long-range future...
Thomson takes charge of an organization that markets stocks with the same detail and cost consciousness that the A. & P. applies to tuna fish and canned peas. Among Merrill Lynch's major divisions...
...Front Office," comprised of 2,800 registered representatives, or "customers' men," who retail stocks and account for 65% of Merrill Lynch's business. The firm selects one of every 15 sales applicants, trains him for seven months in a program that includes McCarthy, Leness and Thomson as schoolroom lecturers. It pays salesmen a salary that is now at a median of $18,000 but ranges upwards of $200,000 for real stars. To discourage "churning"?the unnecessary turnover of stocks in a customer's account as a way of earning fees?Merrill Lynch, unlike most brokerage houses, does...