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[Music] this is a real from year a world from year attracting leading bankers from all over America who were invited to the Kipps II to witness the world's first public demonstration of a total demand deposit accounting system the IBM laboratory at Poughkeepsie was the focal point of this nationwide gathering - it there converged over 600 of the country's leading progressive bankers eager to see evaluate and learn for themselves the new paper handling capacity of IBM series 1,200 equipment these executives who were invited to enter the lobby were they exchanged ideas viewed the preliminary displays and discussed them with IBM representatives until mr. FG Rogers manager of the IBM banking Department opened the proceedings prior to the establishment of magnetic ink character recognition as the ABA common language a variety of approaches were being planned by the manufacturers who saw the check handling problem then we along with the other manufacturers heard the plea for uniformity and through the cooperative effort of the manufacturers the printers the ABA and yourselves make any character sensing became the banking law language now the point I want to make is this but even though we are on common ground or a common language exists this does not mean that the technological approaches to make any greeting is similar where we in IBM ever very unique very exclusive in a very excellent way for reading magnetic characters it is known as multi-channel reading mr. Rogers then recall five reasons why banks are undertaking electronic programs first the growth in our economy second rising costs third the resulting increased paperwork and two really basic reasons namely increasing your customer services and obtaining management facts on time mr. Charles Bosch manager of engineering bank Development Program then discussed IBM's approach to reading magnetic characters he compared IV M's multi-channel reading head to the human method of reading by recognition of character shape even in a degenerated form the unique IBM method illustrated here by the digit 8 as it passes through the multi channel head utilizes storage and memory devices such as those thoroughly proven in IBM computers with the new equipment stated mr. Bosch iBM has been experiencing less than 1/10 of the reject errors allowed by a VA and IBM design objectives and far less on substitution errors than the design limits of one document out of 100,000 in summary then we selected a character sensing method which allowed for mutilation of characters or printing of inferior quality by taking into account the logical shape of a character in very much the same way that the human being does in reading we feel that this will bring you reliability which cannot be achieved in any other way on stage today you see a sizable amount of IBM paper hanley equipment and data processing systems actually these machines can first of four separate systems in themselves the new I began proofing scriber was then demonstrated in action now in addition to the proofing scribers ability to sort lifts prove and endorse in once i'm--all taneous operation the checks that you saw being processed we're also being inscribed at the same high rate of speed the next thing that the proof inscriber is doing is that it's actually printing in magnetic ink the amount in the location specified by ABA printing the process control code and the transaction code all this is done in magnetic ink the most significant features of the new proof inscriber positive registration automatic inscribing accurate printing and selective inscribing simplified distribution constant control minimum rehan dling package posting non processable segregation and simultaneous machines function utility in scribers can actually inscribe magnetic characters on any location of a check however its principal function will be to inscribe checks with missing account numbers and to prepare carrier envelopes for mutilated cheques in this manner the cheque and the carrier envelope then enter the system for automatic processing subsequent to this step best then is the first step in automatic check handling the second machine demonstrated was the IBM sorter reader this is the fully transistorized IBM sorter reader let's watch it sort here's a explanation of a sorter reader and operation checks are fed into the machine by placing them on this elevator platform this platform will contain over 3000 items and it automatically lists the items into the feeding area when another batch or group of checks are ready for processing we simply place them on the second platform perhaps you've noticed the flickering lights every character that is being read by this order here is being visually displayed on the panel text into the machine at this point the checks in proceed to the character sensing readers it's here that we actually read the numeric character direct the check through the chute blade and into the correct part we call the IBM sorter reader a digital sorter because it sorts on an individual position within a given field we may select the position and we can select the field today we are going to sort on the unit's position of the account number controls are engineered into the sorter reader to bring it to an instantaneous stop an event of a jam these controls are also present in each of the 13 targets we have just experienced the full pocket and by removing the items the machine is ready to resume storage now perhaps an item only has six positions in it the sorta reader will detect this and will direct the item that only contains six positions into the reject parka what is it that happens to the torn or to the mutilated item and I think the best way to demonstrate this is to obtain some mutilated checks from the pocket we have selected an idol take the item and we terror we'll now place it into the machine and from the floor pocket is the mutilated document as you have just seen paper checks punch card checks and deposit pick up all of varied sizes and thicknesses all pre-printed with the prescribed ABA magnetic ink characters were being sorted at the rate of 900 items per minute I think these are just a few of the features which certainly made the IBM sorter reader the sorter reader for your bank mr. Rogers pointed out that the proof inscriber and sorter reader form an adequate system for an initial application involving sorting alone yet this is only 25% of the overall bookkeeping job therefore the next demonstration showed that linkage of the sorter reader to the IBM 407 accounting machine for listing and balancing purposes and a limited approach to demand deposit application we're going to demonstrate the first example that you have seen of paper checks reading directly to a printer to do so hold the paper checks are placed in the feet of the sorter reader and they're going to read through this control unit directly to what we call the 407 accounting machine as the paper starts moving us through this machine the checks that are being right into the starter being less than at the rate of 18,000 items per hour on the screen we have a sample of a pair he's listing such as this you'll notice that we have two neat columns as the checks are listed to the left of each column as the account number and then at the bottom in the right hand corner you see a dollar amount and just to the left of that 95 which is the item count so now we've learned a second very significant thing about what we're doing and that is that we can not only less checks but we can accumulate checks and we can take item counts the most interesting use for medium and small banks of the sorter reader of 407 is to perform a complete deposit accounting function one does not need a computer to perform deposit accounting therefore we see the uses of the sorter reader to the 407 it lists it totals it posts to account balances it allows you to compute service charges and it will can write our customer statements next for the first time the bankers saw paper checks going directly to magnetic tape records through the ability of the sorter reader to link itself to high-speed magnetic tape units we're going to place the checks into the sorter reader to be read by this control unit and directly placed on the tape drive as you see the the reels revolving we're recording any information desired from that check or all onto the magnetic tape at the rate of a slightly above 50,000 checks per hour this container contains a reel of tape this reel of tape will hold up to 80,000 check so we use what we call a double read head and a double read head means that as we record the check information on tape we immediately read it notice the left man is writing the little man on the right is reading so that we are sure that what we've written on tape has been written validly once we can put this information on magnetic tapes we could use the 650 tape to the 707 T and the 705 there is a system available for the specific volume that you have in your own account in your own Bank finally the audience saw the complete demand deposit accounting job accomplished as information was read directly from the check into an IBM data processing system the one selected was the IBM 650 magnetic drum computer you might think of the 650 s as containing the standard operating procedures or the manual of instructions that your bookkeeper follows now to accomplish the man deposit job also in the system in addition to the sorter reader the 650 unit itself is the fired reader and kargh punch where information can be entered into the system the form of punch cards and new information punched out also in the form of a punch card and finally to completes the system the 407 accounting machine also linked into these other three units where we will produce the hard copy or printed information that is the result of your demand deposit job let's watch this complete electronic banking system in action notice the check being read in and the sorter reader into the 650 the account balance feeding information in punching a card and writing the journal a trial balance information on the daily posting journal is shown here the account number the previous balance today's items the debits and the credits the new balance on the account and you'll also notice the asterisk in the upper right-hand corner here which really make this a real action report they indicate exceptions to specific accounts such as top phase or holes or overdraft conditions this provides your operating people with the information that can start the wheels turning on each and every one of these situations to come up with the right answer now in this proximately one-minute we have processed 100 or 200 transactions against 200 accounts of typical activity now if you think about this is about 1/10 of the average bookkeepers ledger in 1 minute every three tenths of a second we have updated completely posted an active account mr. Rogers summarized the demonstrations by pointing out that through the sorter readers ability to link itself to any one of IBM's data processing systems banks can now perform the complete demand deposit application from proving from sorting to raiding - posting and the production of up-to-the-minute management reports mr. dance PETA of the magnetic inks engineering department then reviewed the printing problems and IBM's plan of cooperation he stated that IBM has conducted extensive engineering studies on the processes used for printing checks has purchased car loads of checks and visited bank checks stationers all over the country the result is complete confidence in the ability of printers to meet ABA requirements yet iBM is following a continuing program of cooperation we will sit with you and your local printer and work out a system of inspection and reporting so that printing completely on target is achieved as soon as possible we have field engineers who are visiting the local printer and making recommendations to the man on the press our goal is to ensure that all of us are assured that the best quality printing is achieved as soon as possible and on time and what did the banking industry as represented in Poughkeepsie think of this premier mr. Gable we're very pleased to have you with us today and we here we'd like very much to get your comments on the demonstration that you've just seen well it was very impressive I like to particularly the frank way in which Buck Rogers and his associates told the story do you feel that the talk that we had on the ability of the apprentice to meet the common language requirements will be interesting to banks yes definitely because there's a lot of mystery we don't understand it and this was very helpful to me this is one of the most complete and best demonstrations that I have ever seen I say that in all sincerity I was thankfully amazed that the EES would put you guys through your program on this 650 as a direct job well I think it's most complete I was quite amazed to see the whole thing tie in so beautifully from beginning machine this Auto reader right on through to the finished product and pressed us very much I'm very happy to have our top management along with us today our executive vice president's senior vice presidents and this commenting a moment before we came out here right they said well that this looks like it did their factories have now given to you the hardware which you have demanded so I say the challenge is no longer with us the challenge is now with you they're making no shift in our responsibilities or we will do everything possible to guarantee a successful implementation of a magnetic character sensing program yet Joan is you who must decide as you must make the final decision thank you very much