Word: salesmen
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Dates: during 1950-1959
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Ballet on Skates. Polished as any professional production. Buick '60 is not overburdened with appeal for anyone but Buick salesmen and prospective Buick buyers. It is not meant to be. The admen who put it on have only one object-to kick off the new models with as much razzmatazz as $500,000 can buy. Four cars, manned by formation-driving chorus boys, run through an elephantine ballet as chorus girls dance an accompaniment on foot and on roller skates. And the songs are enough to make even Tin Pan Alley blush: / Could Have Danced All Night comes...
Thomson says he will not dictate editorial policy to the Kemsley chain's local editors. But on the business side, Thomson watches his papers with lynx-eyed attention ("I know every cent they spend"), pays salesmen considerably more than reporters, is a master at coaxing revenue and circulation figures upward. With Roy Thomson running the Kemsley chain, Fleet Street is in for some lively times...
...biggest attraction of the mutual fund to dealers and salesmen alike is the hefty "load" charge, or commission, usually 71% to 81% (compared with the 1% commission for round-lot purchases on the New York Stock Exchange). Many a customer howls when told of it. But the funds have a quick rejoinder: they argue that the charge includes the cost of selling out as well as buying, is the price of broad diversification and professional management. If an investor with $4,200 (the average size of a mutual fund holding) tried to buy a diversified portfolio of stocks...
Buying a Hat. Attracted by such fancy pickings, an army of more than 20,000 full-time and part-time mutual fund salesmen, ranging from schoolteachers to bartenders, are selling fund shares. Many of them know no more than their customers about the market, depend on a fast spiel and reams of charts to do their selling. Yet a good part-time salesman can make $10,000 or $15,000 a year in commissions, full-time salesmen up to $25,000. Says Miss Irma Bender, a top fund salesman for Cleveland's Joseph, Mellen & Miller: "I tell prospects that...
...first year, he loses most of his $500. The funds claim that this big "front-end load" is an incentive to steady saving, but some funds think that such juicy commissions are completely unjustified. Says John Dalenz, vice president of Calvin Bullock, Ltd.: "Why not give those salesmen a blackjack and let them take your entire wallet...