Full text of Federal Reserve Bank of St. Louis Circulars : [Statement by the Twelve Federal Reserve Banks Regarding New Document Handling Equipment]

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f e d e r a l

R eserve

b a n k

o f

S t . L o u is

P . O . BOX 442

S t . L o u i s 66. M

is s o u r i

O c t o b e r 2,

1958

T o a l l B a n k s i n th e
E ig h th F e d e ra l R e s e rv e D is t r ic t :
T h e f o ll o w i n g s t a te m e n t has b e e n r e le a s e d b y th e t w e lv e F e d e r a l R e s e r v e
Banks:
T h e tw e lv e F e d e r a l R e s e rv e B a n k s ann ounce d y e s te rd a y th a t
th e y have r e c e iv e d p r o p o s a ls f r o m o ffic e e q u ip 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 io n of n e w h ig h sp e e d e l e 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 to f u r t h e r 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
o f t h e i r c h e c k h a n d lin g o p e r a tio n s . I t is h o p e d th a t th e s e p r o p o s a ls
w i l l le a d to p i l o t in s t a lla t io n s o f th is ty p e o f e q u ip 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 f f i c e s b y l a t e 195 9 o r e a r l y I 9 6 0 .
A m o n g t h o s e t h a t h a v e s u b m i t t e d p r o p o s a l s t o d a t e a r e : th e
B u r r o u g h s D i v i s i o n o f th e B u r r o u g h s C o r p o r a t i o n , D e t r o i t , M i c h ­
ig a n ; F e r r a n t i - P a c k a r d E l e c t r i c L i m i t e d , T o r o n t o , O n ta r io ; I n t e le 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 io ; 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 l l a s ,
T e x a s ; a n d P itn e y - B o w e s , I n c . , S ta m fo r d , C o n n e c tic u t.
O p e r a tio n a l p e r f o r m a n c e s p e c ific a t io n s f o r th e n e e d e d e q u ip ­
m e n t w e re p r e p a r e d b y S ta n fo r d R e s e a r c h In s titu te o f M e n lo P a r k ,
C a lifo r n ia .
T h e s p e c ific a t io n s c a lle d f o r e q u ip m e n t e m p lo y in g m a g ­
n e t i c 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 th e c o m m o n m a c h i n e la n g u a g e f o r
a u t o m a t ic p r o c e s s in g o f c h e c k s in c o n f o r m i t y w it h th e r e c o m m e n d a ­
tio n s o f th e B a n k M a n a g e m e n t C o m m is s i o n o f th e A m e r i c a n B a n k e r s
A s s o c ia tio n .
I t i s u n d e r s t o o d t h a t , as 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
th e T e c h n i c a l C o m m i t t e e o n M e c h a n i z a t i o 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, 1958, t h e t y p e f o n t f o r
m a g n e t i c i n k i m p r i n t i n g on c h e c k s , a g r e e d u p o n b y 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 i t t e e ,
is n o w b e in g te s te d b y th e v a r io u s e q u ip m e n t m a n u f a c t u r e r s and th e
r e s u l t s a r e e x p e c te d to be k n o w n s h o r t l y . S u rv e y s c o n d u c te d b y th e
F e d e r a l R e s e r v e B a n k s in d ic a te 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 th e
c o u n t r y a r e a w a i t i n g o h l y t h e f i n 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 ta n d a r d ty p e fo n t b e f o r e p r o c e e d in g w i t h th e p r e p r i n t i n g o f t r a n s i t
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 th e a p p r o v e d l o c a ­
t io n on t h e i r c h e c k s in a n t ic i p a t io n o f th e in s t a l l a t i o n o f e q u ip m e n t
f o r re a d in g and p r o c e s s in g su ch encoded ch e cks.




D e lo s C . J o h n s
P r e s id e n t