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UBRMW OF TW rtKRAL r | FED ERAL R E SE R V E BANK OF ST . STATEM ENT FOR RELEASE: MONDAY, DECEMBER 2 8 , - *t r % <jr im u w L O U IS FO R T H E P R E S S 1959 The twelve F ed eral Reserve Banks announced over th e week end the lo catio n of the fiv e of th e i r t h i r t y - s i x o ff ic e s where high speed e le c tro n ic document handling equipment w ill be in s ta lle d to f u r th e r th e program fo r mechanization of t h e i r check processing o p e ra tio n s. The fiv e p il o t i n s ta l la t io n s w ill be lo cated in th e head o ffic e s of th e F ederal Reserve Banks of Boston, New York, P h ila d e lp h ia , Chicago, and San F ran cisco . The s e le c tio n of th e se o ff ic e s was in flu en ced by the prospective volume of checks drawn on commercial banks of th e a reas th a t would be p rep rin ted with numerals in magnetic ink c h a ra c te rs id e n tify in g th e drawee banks and making p o ssib le autom atic so rtin g of th e checks. The high speed s o rtin g and l i s t i n g equipment fo r each in s ta lla tio n w ill be supplied by a d if f e r e n t m anufacturer. That in Boston w ill be supplied by The N ational Cash R e g iste r Company, Dayton, Ohio; in New York by F erran ti-P ack ard E le c tric Lim ited, Toronto, O ntario and Pitney-Bowes, I n c ., Stamford, C onnecticut; in P h ilad elp h ia by In te rn a tio n a l Business Machines C orporation, New York, N. Y.; in Chicago by th e Burroughs D ivision of th e Burroughs C orporation, D e tro it, Michigan; and in San Francisco by N ational Data P rocessing C orporation, D alla s, Texas. The in s ta lla tio n s a re designed to t e s t th e equipment of m anufacturers fo r performance c a p a b ility and fo r o p e ra tio n a l and economic f e a s i b i l i t y under th e varied requirem ents of check handling in d if f e r e n t F ed eral Reserve o ff ic e s . The equipment w ill employ magnetic ink c h a ra c te r re c o g n itio n as th e common machine language fo r th e autom atic processing of checks in conform ity w ith th e recommendations of th e Bank Management Commission of th e American Bankers A ssociation. # # # # # #
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