Word: systemization
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Dates: during 1960-1960
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...Western Electric Co., the Bell system's production arm, expects to be turning out models of the new equipment for installation all over...
Secret Codes. In these seven cases, considered the most serious by the Government, executives of the companies were charged with meeting in hotels under assumed names to agree on prices and bids. They used an esoteric system that they called a "phase of the moon" or "light of the moon" formula, under which each company knew when it should bid high and when its turn had come to make a low bid (TIME, Feb. 29). Secret code numbers were also used in company memos and letters addressed to executives at their private homes (e.g., one for G.E., two for Westinghouse...
...functional glass-and-concrete building in San Francisco, the Bank of America, the nation's biggest (1960 deposits: $9.7 billion) commercial bank this week showed off the most highly automated center any bank can boast. It will serve as the nerve center for the bank's automation system, which has taken ten years to put into operation. It will take over all the work connected with handling checks for the 87 Bank of America branches in the San Francisco area; it will tabulate and clear checks, keep track of the checking accounts and print the monthly statements...
...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 Bankers Association approved the Stanford method for use in all member banks...
When the Bank of America began to phase in the first ERMA system two years ago, it cautiously kept its bookkeepers on the job to make sure ERMA did not err. But the system proved so efficient that Beise did away with the monitors...