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I would like to believe the standard format for a letter/8bit transmit
is a start bit (space), data bits (marks/spaces), and two stop bits
(space), *ALL* of which are 22ms long. Is this statement correct?

As Jack pointed out, it is a five bit code. Even more interesting, it is a
stateful code. There are two shift characters, LTRS and FIGS, which change
the meaning of the codes that follow.

Years ago I was teaching a college assembly class and the Baudot code made
for an interesting exercise g

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