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FE D E RA L R E SE R V E BANK O F NEW YORK r Circular No. 4 6 4 4 "1 L October 1, 1958 J Statement on Electronic Check-Handling Equipment T o A ll Banking Institutions in the Second Federal R eserve D istrict, and Others C oncerned: The following statement was made public today by the twelve Federal Reserve Banks : T h e t w e lv e F e d e r a l R e s e r v e B a n k s a n n o u n c e d y e s t e r d a y t h a t t h e y h a v e r e c e i v e d p r o p o s a ls f r o m o ffic e e q u i p m e n t m a n u f a c t u r e r s f o r th e p r o d u c t i o n o f n e w h i g h s p e e d e le c t r o n ic d o c u m e n t -h a n d lin g e q u ip m e n t t o fu rth e r o f t h e i r c h e c k - h a n d l i n g o p e r a t io n s . It th e R e s e r v e B a n k s ’ p r o g r a m f o r m e c h a n iz a t io n is h o p e d th a t th e s e p r o p o s a ls w ill le a d to p ilo t in s t a ll a t i o n s o f t h is t y p e o f e q u i p m e n t in s o m e o f th e F e d e r a l R e s e r v e o ffic e s b y la t e 1 9 5 9 o r e a r ly 1960. A m o n g t h o s e t h a t h a v e s u b m it t e d p r o p o s a l s t o d a t e a r e : t h e B u r r o u g h s D i v i s i o n o f th e B u rrou gh s C o r p o r a tio n , D e tr o it, M ic h ig a n ; F e r r a n t i-P a c k a r d E le c t r ic L im it e d , T oron to, O n t a r i o ; I n t e l e x S y s t e m s , I n c . , N e w Y o r k , N . Y . ; th e N a t i o n a l C a s h R e g i s t e r C o m p a n y , D a y t o n , O h i o ; N a t i o n a l D a t a P r o c e s s i n g C o r p o r a t i o n , D a lla s , T e x a s ; a n d P i t n e y - B o w e s , I n c . , S t a m f o r d , C o n n e c t ic u t . O p e r a t i o n a l p e r f o r m a n c e s p e c if ic a t io n s f o r th e needed S t a n f o r d R e s e a r c h I n s t i t u t e o f M e n lo P a r k , C a l i f o r n i a . e q u ip m e n t w e r e prep ared by T h e s p e c if ic a t io n s c a l l e d f o r e q u i p m e n t e m p l o y i n g m a g n e t ic i n k c h a r a c t e r r e c o g n i t i o n a s t h e c o m m o n m a c h in e la n g u a g e f o r a u to m a tic p r o c e s s in g of ch eck s M a n a g e m e n t C o m m is s io n o f in c o n fo r m ity w it h th e r e c o m m e n d a tio n s of th e Bank th e A m e r i c a n B a n k e r s A s s o c i a t i o n . I t is u n d e r s t o o d th a t , a s c o n t e m p l a t e d i n th e a n n o u n c e m e n t o f t h e T e c h n i c a l C o m m it t e e o n M e c h a n iz a t io n o f C h e c k H a n d l i n g o f t h e A m e r i c a n B a n k e r s A s s o c i a t i o n o n J u l y 7 , 1 9 5 8 , th e ty p e fo n t fo r m a g n e tic in k im p r in tin g o n ch eck s, a g re e d upon by th e e q u i p m e n t m a n u f a c t u r e r s , th e c h e c k p r i n t e r s , a n d t h e T e c h n i c a l C o m m it t e e , is n o w b e i n g t e s t e d b y th e v a r i o u s e q u i p m e n t m a n u f a c t u r e r s a n d th e r e s u lt s a r e e x p e c t e d t o b e k n o w n s h o r t l y . S u r v e y s c o n d u c t e d b y th e F e d e r a l R e s e r v e B a n k s i n d i c a t e t h a t m a n y c o m m e r c i a l b a n k s o f t h e c o u n t r y a r e a w a i t i n g o n l y t h e fin a l a p p r o v a l a n d a n n o u n c e m e n t o f th e s t a n d a r d t y p e f o n t b e f o r e p r o c e e d i n g w it h th e p r e p r i n t i n g o f t r a n s it n u m b e r - r o u t i n g s y m b o ls a n d a c c o u n t n u m b e r s in t h e a p p r o v e d l o c a t i o n o n t h e ir c h e c k s in a n t i c i p a t i o n o f t h e in s t a lla t io n o f e q u i p m e n t f o r r e a d in g a n d p r o c e s s in g s u ch e n c o d e d ch eck s. A lfred H ayes, President.
@FedFRASER