Word: bank
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Dates: during 1960-1969
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...cause some dislocations in the job market. It would also temporarily result in generally lower increases in corporate profits, returns on investment and wages. "If we do manage to restore relative price stability, it won't be painless," says Norman Robertson, economist for Pittsburgh's Mellon National Bank. Inflation is so pervasive-and the task of stopping it so wrenching-that the pain is likely to be shared in some degree by almost every American...
...control of Reliance Insurance, a large multi-line company, and squeezed a $100 million dividend out of its coffers to finance other Leasco operations. Last week Steinberg admitted at Leasco's annual meeting that his takeover appetite has grown so big that he would like to swallow Chemical Bank New York Trust Co., the nation's sixth largest commercial bank (assets: $9 billion). Chemical Chairman William S. Renchard has promised to fend off "aggressors" vigorously...
Last July, President Johnson signed the Bank Protection Act, which requires federally insured financial institutions to take at least minimal precautions. The first regulation goes into effect this week, when banks must appoint security officers or risk $100-a-day fines. By 1970, banks must supply tellers with marked "bait" money, keep cash on hand to a "reasonable minimum," and install alarms as well as tamper-proof locks on exterior doors and windows. Banks are also urged to install cameras that take thieves' pictures...
...promises to increase the already brisk sales of bank protection devices. At least 25 major companies make surveillance cameras and recorders that give instant replays. Noting that financial institutions have used similar devices and procedures for years, bankers question whether the federal act will reduce robberies. "It's like legislating against sin," says James B. Griffith, a vice president at California's 380-branch Security Pacific National Bank, which suffered 53 stickups last year...
Masked Men. Decals on doors warning of cameras are ineffective, says Ronald A. Swanson, vice president of California's First Western Bank and Trust Co., because "amateurs just don't know enough to recognize a deterrent." Even if they do, today's bank robbers are far more sophisticated than Bonnie and Clyde. Although retired Boston Bank Robber Teddy Green cheerfully calls cameras "the best weapons the banks have," bankers complain that robbers are too often disguised with ski masks, wigs, dark glasses or turned-up turtleneck sweaters. Officers are also loath to adopt extreme precautions. One that...