The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Federal reserve bank OF DALLAS Dallas, Texas, April 6,1951 NOMINATIONS FOR CLASS B DIRECTOR SPECIAL ELECTION The member banks in Groups 1 and 3 will not participate in this election, and this circular is sent to them without form s fo r their information only. To the Member Banks of Group 2 in the Eleventh Federal Reserve District: In accordance with the provisions of Section 4 of the Federal Reserve Act, and my circular letter dated February 26, 1951, in regard to the special election of a Class B Director of this bank to succeed Mr. J. R. Milam, deceased, and to serve during the unex pired portion of his term of office ending December 31,1951, there are listed in this circular the name and business affiliations of a nominee for such directorship, together with a list of the nominating banks. 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 February 26, 1951, or subsequently changed by a certified authorization. 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 April 9, 1951, and close at 2:00 p.m. on April 24, 1951. Conse quently, your ballot must be received here not later than 2:00 p.m., April 24, 1951, 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 nominee is invited to be present or repre sented 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 February 26, 1951, giving notice of this election, contained a list of member banks in Group 2, 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, 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: “W ith in fifteen days after receipt o f the list o f candidates the duly authorized officer o f a member bank shall certify to the chairman his first, second, and other choices fo r director of class A and class B , respectively, upon a preferential ballot upon a form furnished by the chair man o f the board of directors o f the Federal reserve bank of the district. Each such officer shall make a cross opposite the name of the first, second, and other choices fo r a director o f class A and for a director of class B , but shall not vote more than one choice for any one candidate. N o officer or director o f a member bank shall be eligible to serve as a class A director unless nominated and elected by banks which are members o f the same group as the member bank o f which he is an officer or director. “ A n y candidate having a m ajority o f all votes cast in the column o f first choice shall be declared elected. I f no candidate have a m ajority of all the votes in the first column, then there shall be added together the votes cast by the electors fo r such candidates in the second column and the votes cast for the several candidates in the first column. The candidate then having a m ajority o f the electors voting and the highest number o f combined votes shall be declared elected. I f no candidate have a m ajority o f electors voting and the highest number o f 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 o f votes shall be declared elected. A n immediate report o f election shall be declared.” Interpretation: In elections held prior to 1948, the Board of Governors had taken the position that where there were only two nominees, failure of a voting member bank to indicate both a first choice and a second choice rendered its ballot invalid. In December 1947, however, the Board of Governors considered this matter again and concluded that the requirements of the law, above quoted, are met if each voting member bank marks only one choice. In such case the voting member bank will be deemed to have indicated the other nominee as its second choice. The enclosed ballot has been prepared on the basis of the revised procedure, and instructions for its use are printed thereon. This procedure eliminates the necessity of invalidating a ballot merely because a voting officer overlooked indicating a second choice. “ W henever any two or more member banks within the sam e Federal reserve district are affiliated with the sam e holding company affiliate, participation by such member banks in any such nomination or election shall be confined to one o f such banks, which m ay be designated fo r 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 with capital and surplus of ?650,000 and over; Group 2 consists of banks with capital and surplus of over $150,000 and less than $650,000; and Group 3 consists o f banks with capital and surplus of $150,000 and less. Please forward your ballot so that it will reach this office on or before 2:00 p.m., April 24, 1951. If the ballot is received after that time, it cannot be counted. NOMINEE FOR CLASS B DIRECTOR GEORGE H. ZIMMERMAN Chairman of the Board and President Wm. Cameron & Co. Waco, Texas Mr. Zimmerman is Chairman of the Board and President of Wm. Cameron & Co. of Texas, Oklahoma, and New Mexico, engaged in the business of manufacturing, job bing, and retailing woodwork products, lumber, and build ing materials. He is also Chairman of the Board and President of Cameron Roofing Company, a construction corporation. He is an attorney and is the author o f the book entitled, “ Materialman’s Lien Laws of Texas,” published and distributed by the Lumbermen’s Association of Texas. Mr. Zimmerman has been associated with Wm. Cameron & Co. since the year 1910 and, prior to his elevation to the presidency of the company, he had served in the following official capacities: General Sales Agent, Secretary, Vice President, and Vice President and General Manager. Mr. Zimmerman was bom in Spartanburg County, South Caro lina, on September 9, 1888, and moved to Cass County, Texas, in the year 1891. He is a lifetime Director and past President of the Lumbermen’s Association o f Texas, exMayor o f the City of Waco, member of the Masonic York Rite Bodies, Past Potentate o f Karem Shrine Temple, honorary life member of the Waco Rotary Club, and mem ber of the Austin Avenue Methodist Church. Nominated by the Following Banks in Group 2: New Mexico Roswell........................The First National Bank of Roswell Texas Albany............................The First National Bank of Albany Athens.................................................... First National Bank Austin................................................... ...... Texas State Bank Ballinger................................ ..................First National Bank Belton............... ............The First National Bank in Belton Big Spring.............. The First National Bank in Big Spring Brownsville................................... Pan American State Bank Brownwood....—...... .Citizens National Bank at Brownwood Brownwood.................... First National Bank in Brownwood Cameron- ..............The Citizens National Bank o f Cameron Carthage..................... ....................... First National Bank Childress................ .—The First National Bank in Childress Cleburne..............................City National Bank of Cleburne Cleburne________ ______ ________ Cleburne National Bank Comanche............................... The Comanche National Bank Corsicana.............. ........ ...State National Bank of Corsicana Dallas....................... American National Bank of Oak Cliff, Dallas, Texas Dallas........................... Oak Lawn National Bank of Dallas Eagle Pass.............. The First National Bank of Eagle Pass Gainesville.....The Gainesville National Bank in Gainesville Gatesville..................... ...... The National Bank o f Gatesville Gladewater................. ......................... The First State Bank Gonzales........................ ....... ...... ...........Gonzales State Bank Grand Prairie............ First National Bank in Grand Prairie Hamilton...........................................Hamilton National Bank Harlingen................. The First National Bank of Harlingen Hillsboro......... ...... The Citizens National Bank o f Hillsboro Houston........................... Fidelity Bank and Trust Company Houston____The Industrial State Bank of Houston, Texas Jacksonville.......... The First National Bank of Jacksonville Lampasas____________________ ______First National Bank Lampasas.............. The Peoples National Bank o f Lampasas Laredo................ ......... ....... Union National Bank of Laredo Mercedes....................The First National Bank of Mercedes Mexia.................. ....... .............First National Bank of Mexia Mineral Wells ...The State National Bank of Mineral Wells New Braunfels....The First National Bank of New Braunfels Odessa.... ................................................—.... First State Bank Palestine........ ........................ RoyallNationalBank San Angelo............................................. First National Bank Sonora................................. FirstNationalBank Taylor............ ......................... .......... The City National Bank Taylor........................................First-Taylor National Bank Terrell.................... The American National Bank of Terrell Vernon........................................................... Herring NationalBank Waco.............. —....................................... National City Bank W axahachie.......... Citizens National Bank in Waxahachie Weatherford.. .The Citizens National Bank of Weatherford Weatherford______The Merchants and Farmers State Bank of Weatherford Winnsboro............ The First National Bank o f Winnsboro
@FedFRASER