Word: salesmen
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...Tiger Balm. More and more, U.S. firms are using free travel as a sales incentive; this year 8,000 compa nies are sending crackerjack salesmen to such faraway places as Venice (RCA) or Pago Pago (Ford). Nobody does it as grandly as Gibson. The company is paying out $2,000,000 for jet charters alone, will spend another half million to quarter guests in Hong Kong's Manda rin and Hilton hotels and entertain them. Each dealer is furnished with a 40-coupon book of tickets entitling him to everything from a pot of Oriental welcoming tea on arrival...
...then, with the aplomb of a carnival barker, they filled forms, parried salesmen, made dates--and disappointed everyone who had expected a sweaty confrontation between them and the newest Harvard stalwarts...
...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...
...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 buying a stock on a secondary distribution that the salesman is getting extra compensation for selling him that particular stock...
There's little risk of rent-skipping at South Bay, a $3,000,000, 248-unit complex housing 500 single stewardesses, doctors, teachers, engineers, secretaries and salesmen. Not only must applicants fight their way up through South Bay's long waiting list but, once in, they simply do not want to leave-even though they must pay rents from $125 for an efficiency to $260 for a two-bedroom pad. These rates are from $50 to $100 higher than those in comparable apartment houses, which are suffering an average vacancy rate of 15%, but South Bay is full...