Abstract : The Mark III interferometer is an operational long baseline stellar interferometer on Mt. Wilson with four-possible baseline configurations from 9m NE-SW to 20m N-S. The interferometer was designed to be a highly automated astronomical instrument to measure stellar positions and diameters to a magnitude limit of seven. Initial fringe observations were made in September 1986 with a 12-m N-S baseline. In the following months, semi-automated astrometric and stellar diameter measurements were also made. This paper describes the hardware and software components of the instrument and its operational characteristics. The interferometer has several novel features. One is the use of optimal estimation and control algorithms (e.g. Kalman filters) in the control loops. Another is the ability to operate both as a closed-loop phased interferometer and eventually as an open-loop or absolute coherent interferometer. High thermal stability and mechanical accuracy should permit the instrument to point blind at an astronomical object and maintain optical path equality to within the limits set by the atmosphere. In this absolute interferometric mode of operation, it should be possible to observe faint astronomical objects that are too dim for phase tracking. In theory, measurements of amplitude, group delay, and closure phase will be possible to 14 mag.