Full text of Roundup : January 1985

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DALLAS
Federal Reserve Bank of Dallas

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January 1985

CustomerAssistance Group
Who to Call for a Quick RESPONSE
The Federal Reserve Bank of Dallas
is pleased to announce the formation
of its Customer Assistance Group.
This group has been established to aid
financial institutions connected to the
Dallas Fed through our RESPONSE
network and to aid in acquiring
RESPONSE network access.
“ We wanted to make it easier for
those institutions to know who to call
when they needed help. The introduc­
tion of a customer assistance program
is one example of our continuing ef­
forts to update the network and to pro­
vide quality services to those con­
nected with it,” says Jim McCullin,
manager of the Customer Assistance
Program.
The group will be available to answer
questions about access to the network
and use of the various applications
available. It will coordinate the resolu­
tion of hardware or communication
problems to insure a prompt solution.
“ The group w ill provide our
customers with one contact point for
obtaining prompt and courteous
assistance,” says McCullin. “ We see
the central coordination provided by
the group as an asset for providing our

customers smooth service.”
The group also will serve as a user
liaison in the development of new
RESPONSE applications in order to
maintain consistency and ensure ease
of use for customers. Assistance will
continue to be provided to institutions
in the installation of equipment and
training in the use of the network.
Since 1982, financial institutions
have been able to connect to the
Dallas Fed through the network to ob­
tain many of our services. Over the
years, the network has been expanded
to include such services as reserve ac­
count retrieval, TT&L advices, cash let­
ter advices, currency and coin order­
ing, contemporaneous reserve calcula­
tions and many other Fed services. If
your institution is interested in connec­
ting to the network or is already con­
nected and needs a central phone
number to call for help, please contact
the Customer Assistance Group at
(214) 698-4250. You may also call our
Texas toll free number of (800) 442-7140
or our interstate toll free number of
(800) 527-9200 and ask for customer
assistance.

Fees Lowered
Recently, the Federal Reserve
Bank of Dallas announced a
decrease in monthly lease fees
for personal computers con­
nected to the RESPONSE net­
work. For institutions connected
with the network through an IBM
Personal Computer, the new
lease fee is $98 per month, and
for institutions connected with
the network through an IBM Per­
sonal Computer Model XT, the
new lease fee is $153 per month.
Previously, these fees were $120
and $220 respectively. Prices for
optional upgrades, such as addi­
tional memory capacity, have not
changed.

INSIDE___________
■ U.S. SAVINGS BONDS
■ BOARD OF DIRECTORS
■ FAC APPOINTMENT

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

Taking Stock in Bonds
“ In this time of national peril,
what we all must realize is that
the United States Government is
you and I and all the other
families next door all the way
across the country and back
again. It is one great partner­
ship. Fellow Americans, I ask
you to demonstrate again your
faith in America by joining me
in investing in the new
Defense Savings Bonds.”

declined. In 1980, the Series EE Bonds
replaced the traditional E Bond, and in
1982, major changes in the Bond Pro­
gram were made to make savings
bonds more attractive investments.
Today the standard Series EE Savings
Bond pays a variable, market-based

— Excerpt from a radio
address by President
Franklin Delano Roosevelt
April 30, 1941

More information on U.S.
Savings Bonds is available
from the Public Affairs
Department.

w

Historically associated with wartime
economies, savings bonds brought $54
billion into government coffers during
World War II. Series E Savings Bonds,
which were introduced on May 1,1941,
were the most popular government
security ever issued. A $25 Series E
Bond cost $18.75, matured in 10 years
and paid 2.9 percent interest com­
pounded semiannually.
As substantially higher yields
became available from financial in­
stitutions, money market funds and
other market instruments, bond sales

percent after one year to 7.5 percent at
five years.
Series EE Bond denominations
range from $50 to $10,000. Issue prices
are one half the face amount (for exam­
ple, a $50 bond costs $25).
Savings bonds can be purchased at
banks and savings and loan institu­
tions and from the Department of the
Treasury, though most of the $4
billion of bonds bought
during the past year
were purchased through
payroll deduction plans.

interest rate with a
guaranteed minimum rate
of 7.5 percent if the bond
is held at least five years.
The floating interest rate,
which is reset each May and
November, is equivalent to 85 percent
of the average market interest rate on
all Treasury marketable securities that
are five years from maturity. The cur­
rent rate, in effect for the six months
beginning Nov. 1, 1984, is 10.94
percent. The previous rate, for
May 1,1984, through Oct. 31, 1984,
was 9.95 percent. These rates are
averaged and applied (com­
pounded semiannually) to
Series EE Bonds held at least
five years.
Series EE Bonds held less than five
years earn interest on a fixed,
graduated scale, which rises from 5.5

Appointments and Elections to the Board
The board of directors of a Federal
Reserve Bank has a unique compositon of members, compared to
boards of most companies.
Each Reserve Bank has three
classes of directors with each class
having three members, who serve
three-year terms. The first two classes
of directors are elected by district
member banks, and a third class is ap­
pointed by the Board of Governors in
Washington, D.C. Members of the
banking community make up the first
class, while members in the other two
classes are selected with due con­
s id e ra tio n to the in te re sts of
agriculture, commerce, industry, ser­
vices, labor and consumers in the
district. Thus both the providers and
the users of banking services in the
district are represented on the Bank’s
board.
The Dallas Fed recently announced
the election of three new directors:
Gene Edwards, chairman of the board
of First Amarillo Bancorporation of
Texas; Robert Lee Pfluger, a rancher
from San Angelo; and Hugh G. Robin­
son, president of Cityplace Develop­
ment Corporation in Dallas. Robert D.
Rogers, president and chief executive
officer of Texas Industries Inc. in
Dallas, has been redesignated chair­
man for 1985. Bobby R. Inman, presi­
dent and chief executive officer of
M ic ro e le c tro n ic s and Com puter
Technology Corporation in Austin, has
been designated deputy chairman and
reappointed a director.
Robert Rogers
In addition to his
duties for Texas In­
dustries, Robert
Rogers is chairman
of the board of
Brookhollow Cor­
poration and Cha­
parral Steel Company and serves as a
director of Associates Corporation of
North America. He is active in many
community organizations, including
the Dallas Citizens Council and the
Dallas Chamber of Commerce. He

received a degree in intensive
economics from Yale University and an
M.B.A. from Harvard College.
In a 1984 Roundup interview, Rogers
said, “ I think it’s important to have out­
side directors because they can bring
to the system points of view which are
not otherwise easily available. I didn’t
have any strong expectations when I
came to the board (in 1980) but one
thing that has impressed me is the
c a lib e r and d e d ica tio n of the
employees and directors of the Bank.’’

Bobby Inman
Bobby Inman also
serves as chairman
;5P H t
of the board for
MCC,
a jo in t
research venture
m \
1
form ed
by
a
number of national
corporations in the computer and
m ic ro e le c tro n ic s in d u s trie s . A
graduate of the University of Texas at
Austin, he entered the Naval Reserve
after receiving his B.A. degree. Inman’s
military career spanned 30 years and
culminated in his being the first naval
intelligence specialist to attain the
rank of four-star admiral. He serves on
the boards of a number of other cor­
porations and as a volunteer for
several defense associations.

- y r k

Gene Edwards
Gene Edwards has
served as chief ex­
ecutive officer for
First Amarillo, as
well as chairman of
the board and chief
executive officer of
The First National Bank of Amarillo. He
received his B.A. degree and LL.B.
degree from the U niversity of
Oklahoma. Edwards also serves as a
director for other corporations and
foundations and is active in many
areas of the banking community,
including the Texas Bankers Associa­
tion and the American Bankers
Association.

Robert Pfluger
A native Texan,
Robert Pfluger is a
graduate of Texas
Tech U niversity,
where he was
recognized in 1982
by the College of
Agricultural Science as “ Outstanding
Agriculturalist.” He raises Hereford
cattle, Rambouillet sheep and Angora
goats on the approximately 28,000
acres of four ranches. He has served
as an officer and director of several
livestock organizations.
Hugh Robinson 1
A graduate of the
U.S. Military Acad­
JjW j w F
emy at West Point,
Hugh Robinson
retired with the
rank of M ajor
General, pursuing a
career in real esta te develop­
ment—and his present position with
Cityplace. He received an M.S. degree
in c iv il eng in e ering from the
M a s s a c h u s e tts
In s titu te
of
Technology and an LL.D. from Williams
College. Robinson is active in Dallas
area art and civic activities.
l l n

The other members of the Dallas Fed
board of directors are: Robert Ted
Enloe, III, president, Lomas & Nettleton
Financial Corporation, Dallas; Dr. Kent
Gilbreath, associate dean of the
Hankamer School of Business, Baylor
University, Waco; John P. Gilliam,
president and chief executive officer,
First National Bank in Valley Mills; and
Miles D. Wilson, chairman of the board
and chief executive officer, First Na­
tional Bank of Bellville.
Appointments to the branch boards
of directors will be announced in the
next issue of Roundup.

Nat Rogers Reappointed to Council
Nat S. Rogers, chairman of the
board of First City Bancorporation of
Texas Inc. and chairman of the Ex­
ecutive Committee of First City Na­
tional Bank of Houston, has been
selected by the Federal Reserve Bank
of Dallas’ board of directors to repre­
sent the Eleventh District on the
Federal Advisory Council (FAC) dur­
ing 1985. Rogers also served as the
FAC representative for this district in
1984.

The FAC was established in 1913
as part of the Federal Reserve Act.
The council is composed of 12 in­
dividuals from the banking industry
who each represent one of the 12
Federal Reserve districts. The coun­
cil meets at least four times during
the year with the Board of Governors
in Washington, D.C., to discuss
issues relevant to economic and
credit conditions as well as general
banking practices.

The San Antonio Branch has been serving
South and Central Texas since it opened
in 1927. The Branch moved to its present
location at South Main Avenue and East
Nueva Street in 1957.

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