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| When bankers sought permanent solutions to robbery |
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The 1920s was the era of the bank robbers of legend. These legends look more appealing in history books, however. In reality, robberies frequently were violent.
Many articles in the magazine concerned how to stop robberies and who to watch out for. Nowadays, the emphasis tends to be on keeping the robber focused on the money and on getting him out. But in the 1920s things went much further.
In “Preparedness Prevents Holdups,” January 1928, a banker wrote of state bankers association programs to train local vigilantes to help foil bank robberies. “This plan involves the arming, training, and organizing of local citizens to answer hurry-up calls when the banks are attacked,” the banker wrote. The article also described a a remote device allowing a bank’s cashier to admit only known customers and anyone who “brings an honest face.” The article certainly reflects a different mindset, to wit: “…the Texas Bankers Association decided that, after all, the most desirable kind of a bank robber was a dead one. So they decided to offer a reward of $5,000 for each dead bandit.” Even back in the 1920s, the Texas program stirred controversy. But the association’s leader insisted it was necessary due to “the seeming inability to get bank robbers into the penitentiary and keep them there.” A subsequent article related how a bank cashier and his wife had read the January article and put it to use almost immediately. This is part of their story: “Two armed bandits on the morning of Jan. 19 walked into the Mt. Scott State Bank, Portland, Ore., and a few moments later were carried out dead. “Twelve hours before the holdup and attempted robbery A.J. Demorest, cashier of the bank, had read an article in the January issue of the American Bankers Association Journal..., titled ‘Preparedness Prevents Holdups. “Mr. Demorest discussed the article with his wife, who also is employed in the bank, before retiring. It was of special interest to them because on Dec. 29, only three weeks before, the Mt. Scott bank had been held up and $1,900 taken from the counter. “I believe I’ll take the ‘.22 with me when I go to the bank in the morning,” Mr. Demorest reflected. “‘Take the Winchester .30-30,’ Mrs. Demorest suggested. “If you are going to have a gun, you should have one that is effective’.” The drama that followed was recorded in the Journal, and let’s just say that the .30-30 is a very “effective” piece of banking hardware. Read the whole story at www.ababj.com. BJ This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
C-Notes The 1920s was a period when many fake securities made their way into investment portfolios. One Journal article looked at the matter a little differently. It began, “Roland M. Smythe does a legitimate business in worthless securities.” Smythe, the article said, told the Journal that “I guarantee that the stocks and bonds that I sell are worthless.” Smythe actually sold stock and bond certificates of supposedly defunct companies to collectors, and, quite literally, as wallpaper. One Yonkers, N.Y., doctor papered his den with old coal mining shares. Before long, it turned out that the company’s successor firm wanted to buy out anyone holding those old securities, because of valuable property rights that had surfaced. The doctor made $14,000, in 1920s money, from his wall. (Read the article at ababj.com.) Set as favorite Bookmark
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