Word: bank
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Dates: during 1960-1969
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...Bank Note is kept busy these days filling orders for money from young nations and performing rush jobs for some old nations ravaged by inflation. Last week its printing plant in New York City's Bronx was busy printing a rush order of 5,000-cruzeiro notes (present value: $1) for inflation-ridden Brazil. "We really prefer a well customer to a sick one," says Chairman and President W. Frederic Colclough, 57, who runs the company's five plants (three U.S., one Canadian, one British), from a colonnaded granite building near Wall St. But, naturally, since inflation starts...
Body Blows. Although it took its present corporate form in 1911, Bank Note likes to trace its history back through 50-odd companies to a colonial engraver named Robert Scot. Until the Federal Bureau of Engraving and Printing opened in 1862. the company printed virtually all U.S. currency. A changing world usually means good times for Bank Note, but change has also dealt the company some severe blows. It lost its biggest customer for paper money when China went Communist in 1949, lost another big customer two years ago when Cuba's Castro switched to Czech-printed money. Bank...
...earlier president once declared, "the greatest asset of this company is its mystery." Bank Note has always been extraordinarily concerned with security, keeps its premises closely guarded. With half of its business now in printing securities for such corporate giants as A.T.& T., General Motors. Du Pont and General Electric, it often knows months in advance that a company is planning a stock split or a new bond issue-information Wall Street speculators would love to have. And to foil counterfeiters, it uses special paper embedded with colored disks, mixes its own inks, and even makes its own special presses...
...share. Friday night, pubs, cinemas and dog tracks get .theirs. Saturday morning, tradesmen get theirs. Unfortunately, stickup men usually take theirs early on Friday, and robbers in London alone last year made off with $700,000 worth of lolly. Alarmed by the rising robbery rate throughout Britain, as, bank trucks roam around with their cash loads, Parliament two years ago repealed the Truck Act, permitting firms to pay their workers by check. This month the change went into full effect-but those who counted on a dramatic change underestimated the power of habit in Britain...
...British banks, notably the dominant Big Five, have long been exclusively middle-and upper-class institutions. Now anxious to woo the prospering workers, the banks welcomed a provision in the law that would allow workers to have their salaries credited directly to bank accounts. But they feared the prospect of everybody in Britain stampeding to the banks on Friday afternoon to cash their checks. "The banks would be overwhelmed if there were such a mad rush," says Barclays Bank Vice Chairman Ronald Thornton. Small trades men also disliked the idea of having to cash a flurry of checks, fear that...