The FORD-O-MATIC was a three speed transmission. It is what is known as a SINGLE RANGE whereas the CRUISE-O-MATIC (1958/ ) was deemed DUAL RANGE.
The FM started in 2nd for fuel economy purposes. If you wanted performance, you either pull it into low or gagged it.
Brief and Concise Description -
http://www.charlietranny.com/Fordomatic.htm
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- WHY IS IT ... 
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... that everything you buy in the grocery store is either wrapped in or contained in plastic but the government doesn't want you to carry it out in a plastic bag?
WONDERING IN W(BY GOD)V ...
DIAGNOSED CDO - (OCD In Correct Alphabetical Order)