Word: procession
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Dates: during 1960-1960
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...Court of Appeals has shown both wisdom and courage in restating the principle that the accused is presumed innocent until proven guilty. The law protects the criminal as well as the citizen--and it must continue to do so, even if some clever gangsters must go free in the process...
...adjoining box, TIME lists 50 private four-year liberal arts colleges that can give a good education to the high school senior who cannot get into Amherst & Co. Those listed are good, but not the only good ones. Some have long been topnotch, others are in the process of making names for themselves. What most of them have in common is that if they are not nationally known, they deserve to be. One happy result of the U.S. race for college is the rising fame of colleges that seemed obscure only a few years ago. Such good small schools...
...gets out of paying a capital-gains tax," explains Berger. "They just put it off while they broaden their investments." The idea has caught fire. By last week there were at least six copies of Centennial operating or in the process of being formed by such firms as Keystone Co. of Boston and Hugh W. Long & Co. of New Jersey, while Macdonald and Berger were looking for more wealthy investors to start Centennial Fund II. They require $25,000 as a minimum investment, but two of the funds (Devonshire Street-Fund, Inc. and Congress Street Fund, Inc.) are reaching lower...
...ERMA. The Bank of America aided by the Stanford Research Institute' started out by developing what it calls ERMA-Electronic Recording Machine Accounting. General Electric put the sys tem together, hitching components from National Cash Register Co. and Pitney-Bowes to its own computer, which it programed to process checks and do bank bookkeeping. To mark checks for use in the system, the Stanford researchers devised a set of stylized Arabic numerals* printed them in magnetic ink so that no matter how a check is folded or crumpled the numbers can still be read by ERMA. Subsequently the American...
Dozens of other U.S. banks are beginning to automate. Chase Manhattan, the nation's second largest commercial bank, will soon automate its check-processing procedure, expects to save 20% on clerical costs. Chicago's Merchandise National Bank will start phasing in a duplicate of the ERMA system by next spring. Milwaukee's First Wisconsin National Bank is installing an advanced check encoder that in one operation imprints the checks with all the data needed to process them through an ERMA system...