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Federal

reserve bank

OF DALLAS

Dallas, Texas, November 8,1946

NOMINATION AND ELECTION OF DIRECTORS
(By Member Banks in Groups 1 and 3)

The member banks in Group 2 will not participate in this election, and this circular is
sent to them without forms for their information only.

To the Member Banks of Groups 1 and 3
in the Eleventh Federal Reserve District:
In accordance with the provisions of Section 4 of the Federal Reserve Act and my
circular letter dated October 1, 1946, in regard to the election of directors of this bank
to succeed Mr. Frank Turner, Class A director, and Mr. Geo. A. Hill, Jr., Class B director,
whose terms will expire December 31, 1946, there are listed in this circular the names of
the individuals nominated, together with the names of banks nominating them.
Accompanying this circular is a ballot upon which you should record your vote,
together with the necessary envelopes for use in sending your ballot to me. Please follow
carefully the instructions which are printed on the ballot and on the envelopes.
Your vote may be cast only by an officer whose authorization by your Board of
Directors to vote in these elections has been certified to me as indicated on the list in
my circular letter of October 1, 1946, or subsequently changed by a certified authoriza­
tion. If you so desire, you may change your authorization by the proper action of your
Board of Directors, but any such change must be certified to me before the close of the
polls.
The polls will open on November 12, 1946, and close at 2:00 p.m. on November 27,
1946. Consequently, your ballot must be received here not later than 2:00 p.m., Novem­
ber 27, 1946, at which time the ballot box will be opened in the Board Room of this bank,
the votes counted, and the results of the election announced. The nominees are invited
to be present or represented on that occasion.
Each member bank entitled to vote in this election is urged to do so. Please mark
your ballot carefully and send it to me in the enclosed envelope at your earliest con­
venience after the opening of the polls.
Yours very truly,
J. R. PARTEN
Chairman of the Board

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

IMPORTANT

Please read carefully the instructions herein contained and the form of preferential ballot enclosed.
Unless a ballot of a voting member bank is prepared, authenticated and cast in strict accordance with
said instructions, the election tellers will have no option except to disregard such ballot.
The ballot of each member bank must be cast by an officer previously empowered to do so by action
of its Board of Directors, certified to me upon forms furnished for the purpose.
My circular letter of October 1, 1946, giving notice of this election, contained a list of member
banks in Groups 1 and 3, showing the officers who were then authorized to cast votes in directors’
elections. Unless a bank has since changed its authorization, by corporate action duly certified to me,
no officer, except as designated on that list, can cast a vote in behalf of his bank.
Under the procedure for the election by member banks of Federal Reserve Bank directors (which
procedure is uniform throughout the entire Federal Reserve System), the vote will be by secret ballot,
and no one will know the vote of any bank. As there will be no opportunity for any prior inspection
of ballots for irregularities, the officer casting the ballot is requested to use special care in its preparation.
^ For your information, there are quoted below extracts from Section 4 of the Federal Reserve Act
which set forth the method of balloting and the manner in which the votes are to be counted:
“ Within fifteen days after receipt of the list of candidates the duly authorized officer of a
member hank shall certify to the chairman his first, second, and other choices for director of
class A and class B, respectively, upon a preferential ballot upon a form furnished by the
chairman of the board of directors of the Federal reserve bank of the district. Each such officer
shall make a cross opposite the name of the first, second, and other choices for a director of
class A and for a director of Class B, but shall not vote more than one choice for any one
candidate. No officer or director of a member bank shall be eligible to serve as a Class A director
unless nominated and elected by banks which are members of the same group as the member
bank of which he is an officer or director.

“ Any candidate having a majority of all votes cast in the column of first choice shall be
declared elected. If no candidate have a majority of all the votes in the first column, then there
shall be added together the votes cast by the electors for such candidates in the second column
and the votes cast for the several candidates in the first column. The candidate then having a*
majority of the electors voting and the highest number of combined votes shall be declared
elected. If no candidate have a majority of electors voting and the highest number of votes
when the first and second choices shall have been added, then the votes cast in the third column
for other choices shall be added together in like manner, and the candidate then having the
highest number of votes shall be declared elected. An immediate report of election shall be
declared.

“ Whenever any. two or more member banks within the same Federal reserve district are
affiliated with the same holding company affiliate, participation by such member banks in any
such nomination or election shall be confined to one of such banks, which may be designated for
the purpose by such holding company affiliate.”
The member banks in the Eleventh Federal Reserve District are grouped as follows for the purpose
of electing Class A and Class B directors of the Federal Reserve Bank of Dallas: Group 1 consists of
banks having capital and surplus in excess of $499,000; Group 2 consists of banks with capital and
surplus not exceeding $499,000 and not less than $100,000; and Group 3 consists of banks having capital
and surplus of less than $100,000.
Please forward your ballot so that it will reach this office on or before 2:00 p.m., November 27, 1946.
If the ballot is received after that time, it cannot be counted.

NOMINEES FOR CLASS A DIRECTOR
KIT CARSON
President, Citizens State Bank
Broken Bow, Oklahoma
Mr. Carson was born in Hardy, Texas, November 26,1899,
moving with his parents in 1907 to Allen, Oklahoma, where
he attended public school. He began his banking career at
the First State Bank of that city while attending high
school, and upon graduation accepted a position as book­
keeper in the former M. & P. National Bank of Ada, Okla­
homa.
During World War I he volunteered for military service
and after returning from active duty he attended the East
Central State College in Ada, Oklahoma. Later he returned
to the banking field, serving as Cashier of the First National
Bank in Kiowa, Oklahoma, until 1925. As a step toward ad­
vancement, he moved in 1926, to Hugo, Oklahoma, where he
was employed as Assistant Cashier in the former Choctaw
County Bank; he retained connections with Hugo banks as
Cashier and Vice President until September 16, 1940, when,
as a reserve officer, he was again called into active military
service. He served as Commander, Fourth Airdrome Squad­
ron of the Fifth Air Force during the Papuan and New
Guinea Campaign. Following his release from active duty as
Major of the Air Corps in August, 1944, he served as Cashier
and Director of the Security State Bank, Hugo, Oklahoma,
until January, 1946, when he and associates organized the
Citizens State Bank, Broken Bow, Oklahoma, which opened
for business May 6, 1946, and now has total resources of
more than $600,000. He and his associates have received a
charter for a bank in Boswell, Oklahoma, which is now in
process of organization.
Mr. Carson has participated actively in the community life
of the cities in which he has resided. He has served as Presi­
dent of the Lions Club, Hugo, Oklahoma; President of the
Board of Stewards, First Methodist Church of that city;
District Commander of the American Legion; Department
Historian of the Veterans of Foreign Wars of the United
States. He is at present serving as President of the Board of
Stewards of the Methodist Church, Broken Bow, Oklahoma,
and Deputy Chief of Staff, Department of Oklahoma Veter­
ans of Foreign Wars of the United States. He is a member
of the Broken Bow Lions Club.
Nominated by the Following Banks in Group 3:
Oklahoma
Atoka..................................... ...............The Atoka State Bank
Broken Bow...............................................Citizens State Bank
Coalgate............................. First National Bank in Coalgate

j.

edd

McL a u g h l i n

Vice President, Security State Bank and Trust Company
Ralls, Texas
Mr. McLaughlin was born on a farm in Childress County
on February 1, 1894, later moving with his parents to
Collingsworth County, then to Gray County, and in 1905
to Crosby County, where he has resided continuously since
that date. He was educated in the public schools of Texas,
the West Texas State Teachers College in Canyon, and the
Brantley-Draughons Business College of Fort Worth. Upon
leaving school in 1912 he was placed in charge of the private
institution “ W. E. McLaughlin Banker” founded by his
father in that year and incorporated in 1918. He has served
as Executive Vice President and Director of that institution
since its organization. He is joint proprietor and executive of

“ The McLaughlins” , land holdings and investments, and
owns and operates extensive farming and ranching prop­
erties.
Mr. McLaughlin has served as President of the Cap Rock
Bankers Association; President of the South Plains Bank­
ers Association; Chairman of the Seventh District, Treas­
urer, and member of the Executive Committee of the Texas
Bankers Association; President of the Ralls Chamber of
Commerce; President of the Ralls Rotary Club; a Governor,
Chairman of the Investment Committee, member of the
Finance Committee, and Director from the United States
of Rotary International. He is now serving as Director of
the Ralls Chamber of Commerce; Trustee of the First Metho­
dist Church; Finance Chairman, member of the Executive
Council, and National Council member from the South Plains
Area of the Boy Scouts of America, from which he is recip­
ient of the Silver Beaver award. He is also Chairman of the
Crosby County War Finance Committee.
Nominated by the Following Banks in Group 3:
Texas
Crosbyton....................Citizens National Bank of Crosby ton
Hale Center............................................ First National Bank
Levelland............................................. Levelland State Bank
Lorenzo.................................................. Lorenzo State Bank
O’Donnell.................. The First National Bank of O’Donnell
R alls........................Security State Bank & Trust Company

B. C. WOOLDRIDGE
President, First National Bank
Claude, Texas
*

Mr. Wooldridge was born at Petty, Lamar County, Texas,
August 18, 1889, and moved to Gainesville, Texas, with his
family in 1894. After receiving his education he entered the
retail lumber business, being associated with his father, the
late J. C. Wooldridge, in the operation of line yards in North
and Northwest Texas. He still retains his interest in and
connections with the J. C. Woolridge Company.
In 1912 Mr. Woolridge began his banking career as Cash­
ier of the First National Bank of Claude, Texas, founded in
1904. He was elected President in 1925, which position he
now hold3.
His farming and other business interests and his civic
activities have given him a thorough understanding of the
problems throughout the district.
Nominated by the Following Banks in Group 3:
Oklahoma
Hugo.................................................The Citizens State Bank
Texas
Anna...................................................... -First National Bank
Baird................................. The First National Bank of Baird
Clarendon..............................................First National Bank
Jefferson................ The Rogers National Bank of Jefferson
Shamrock-Farmers & Merchants State Bank of Shamrock
Wellington................ The First National Bank in Wellington

NOMINEE FOR CLASS B DIRECTOR

GEORGE L. MacGREGOR

Nominated by the Following Banks in Group 1:

Chairman of the Board, President and General Manager
Dallas Power & Light Company
Dallas, Texas
Mr. MacGregor was born in Little Rock, Arkansas, Octo­
ber 29,1901. He attended the public schools of Waco, Texas,
and the Engineering School of the University of Texas, re­
ceiving a Bachelor of Science degree in Electrical Engineer­
ing in 1923. His early experience was obtained in the shops
and offices of the Westinghouse Electric Corporation in East
Pittsburgh, Pennsylvania.
He entered the employment of the Dallas Power & Light
Company as a Sales Engineer in 1929. He was elected
Director and Vice President in March 1939, Vice President
and General Manager in March 1940, and President in March
1941. He was elected Chairman of the Board in 1944. In
1945 he was one of the organizers of the Texas Utilities
Company, of which he is now a Director and Vice President.
In recent years Mr. MacGregor has served as Chairman
of the Dallas County War Finance Committee, Campaign
Co-Chairman of the Community War Chest, and Director
of Dallas County Chapter of Red Cross. He is serving cur­
rently as Vice President and Director of Dallas Citizens
Council and as a Director of Community Chest, and as Ves­
tryman of the Church of Saint Michael and All Angels
(Episcopal).
He is a Trustee of the Southwestern Medical Foundation
and of the Texas State Research Foundation, and a director
of the Edison Electric Institute, the national association
of the electric utility industry.

Texas
Abilene....... -..... ..... The Citizens National Bank in Abilene
Amarillo......................The First National Bank of Amarillo
Austin............................ American National Bank of Austin
Beaumont.......... The American National Bank of Beaumont
Beaumont........................ First National Bank of Beaumont
Corpus Christi.................. The Corpus Christi National Bank
Dallas............ ......................... ..... ..... Dallas National Bank
Dallas........r..............................First National Bank in Dallas
Dallas.......................... .. Mercantile National Bank at Dallas
Dallas............................... Republic National Bank of Dallas
El Paso........................ The State National Bank of El Paso
Fort Worth.......... Continental National Bank of Fort Worth
Fort Worth............. ........ . The Fort Worth National Bank
Galveston.................. The First National Bank of Galveston
Houston........................................... ..... . Citizens State Bank
Houston......................... The City National Bank of Houston
Houston........... ................First National Bank in Houston
Houston........................
Houston Bank & Trust Company
Houston............... . National Bank of Commerce of Houston
Houston......................The Second National Bank of Houston
Houston....................... South Texas Commercial National
Bank of Houston
Houston.............. ..... ..The Union National Bank of Houston
Longview..........................First National Bank of Longview
Orange.......................... ...... . First National Bank in Orange
Port Arthur.......... The First National Bank of Port Arthur
San Angelo............. ....... ......... San Angelo National Bank
San Antonio..... The Alamo National Bank of San Antonio
San Antonio ______ ___ ___ __ Bexar County National Bank
San Antonio......The Frost National Bank of San Antonio
San Antonio___ The Groos National Bank of San Antonio
Tyler— .................... .....The Citizens National Bank of Tyler
Victoria.......................... ....... ...... ..... Victoria National Bank
Waco.................... ......... The Citizens National Bank of Waco
Waco
................. ...... The First National Bank of Waco
Wichita F alls............. City National Bank in Wichita Falls
Wichita Falls...............First National Bank of Wichita Falls
Wichita Falls.......Wichita National Bank of Wichita Falls


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102