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