The Dynaflow in your '55 will launch in direct drive when the
shifter is in "D". It uses a twin turbine torque converter with a
variable pitch stator to provide initial torque multiplication. As
you gain speed the stator pitch gradually decreases, effectively
changing final drive ratio.
In concept it is sort of an early form of CVT. Power is
transmitted through a planetary gearset which allows you to
manually select low range. This can be used for quicker launches
and for downhill engine braking.
This transmission was notable for it's exceptional
smoothness.