Been in the car or chattering with relatives all day so I haven't read much or seen much news (the jury is still out, right). But I did happen upon--wait for it folks, Forbes for October 1, 1950: And this just in:
The staid banking business gets a lift November 1 when bankers from coast-to-coast take to the wire via a teleprinter network linking 142 banks in 36 cities. Planned and sponsored by a group of New York and Chicago bankers, the system was engineered and developed in 18 months by Western Union Telegraph Co. Dubbed The Bank Wire it will provide direct, fast and confidential communications.There's a map, showing the connection lines (I think it is only the 54). There is a direct line from Chicago to San Francisco (not LA). No connection to Phoenix or Salt Lake. And in Florida, only Jacksonville.
The system will be used to make money transfers, security purchases, sales, and quotations, letters of credit, and other foreign department business, etc. Further uses are limited only by the imagination of the bankers and the scope of the banking business (not to mention tariff regulations).
In all, 54 cities will eventually be connected (another 46 banks in 18 cities will be cut in on December 4), with aggregate banking resources exceeding $106 billion.