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F e d e r a l R e s e r v e Ba n k
OF DALLAS

Dallas, Texas, November 6, 1953

NOMINATION AND ELECTION OF DIRECTORS
(By Member Banks in Groups 2 and 3)

The member banks in Group 1 will not
participate in this election, and this circular
is sen t to them w ithout form s fo r th e ir
information only.

To the Member Banks in Groups 2 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 September 30,1953, in regard to the election of directors of this bank
to succeed Mr. W. L. Peterson, Class A director, and Mr. W. F. Beall, Class B director,
whose terms will expire December 31, 1953, there are listed in this circular the names of
the individuals nominated, together with the names of the 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.
The vote of your bank may be cast only by an officer whose authorization by the
Board of Directors to vote in these elections has been certified to me as indicated on the
list in my circular letter of September 30, 1953, 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 November 9,1953, and close at 2 :00 p.m. on November 24,1953.
Consequently, your ballot must be received here not later than 2:00 p.m., November 24,
1953, 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 th a t 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 convenience
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 September 30, 1953, giving notice of this election, contained a list of member
banks in Groups 2 and 3, showing the officers who were then authorized to cast votes in directors’ elec­
tions. Unless a bank has since changed its authorization, by corporate action duly certified to me, no
officer, except as designated on th a t 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:
“Within fifteen days after receipt of the list of candidates the duly authorized officer of a
member bank 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 chair­
man 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 nomi­
nated 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 col­
umn 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 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 of banks with capital and surplus of
$150,000 and less.
Please forward your ballot so th at it will reach this office on or before 2 :00 p.m., November 24, 1953.
If the ballot is received after th a t time, it cannot be counted.

NOM INEE FO R C LASS A DIRECTOR

W. L. PETERSON
President
The State National Bank of Denison
Denison, Texas

Mr. Peterson was bom in Hallettsville, Texas, December
9, 1893, where he was also reared. He began his banking
career in 1912 as bookkeeper at the Eagle Lake State Bank
of Eagle Lake, Texas. In 1917 he volunteered for military
service in World War I; upon being discharged in 1919, he
returned to the Eagle Lake State Bank as cashier.
He resigned the last-named position early in 1921 to
become a State bank examiner and later served as Depart­
mental Examiner when there were over 1,000 State banks
in Texas. In 1922 he was made General Liquidating Agent
and had supervision of the liquidation of approximately 80
insolvent State banks. In 1923 he was appointed Deputy
Banking Commissioner of Texas, which position he re­
signed in 1924 to assume the active management of the
State National Bank of Denison.
Mr. Peterson is a director of the First National Bank,
Antlers, Oklahoma; President of the Bank of Wilson, Wil­
son, Oklahoma; President of the North Texas Loan &
Trust Company, Denison, Texas; and Chairman of the
Board of W ap les-P latter Company, a large wholesale
grocery concern with headquarters in Fort Worth, Texas.
He is a member of the Board of Development of Southern
Methodist University.
Throughout World War II he served as District Chair­
man of the War Finance Committee including Grayson,
Fannin, and Cooke Counties. He is a past president of the
Denison Chamber of Commerce; a past president of the
Denison School Board; a past president of the Board of
Stewards of Waples-Memorial Methodist Church of Deni­
son; and a Past Master of Eagle Lake Lodge A. F. & A. M.,
No. 366. He has served as Chairman of the 5th District,
Texas Bankers Association.

Nominated by the Following Banks in Group 2:

New Mexico

Hobbs.......................................First National Bank of Hobbs
Portales................................................. First National Bank
Roswell.......-................. The First National Bank of Roswell

Oklahoma

Durant......................The Durant National Bank in Durant
Durant..........................The First National Bank in Durant

Texas

Albany............... ..........The First National Bank of Albany
Alpine............................. The First National Bank in Alpine
Arlington..........................First National Bank in Arlington
Bay City.......... .... ..........Bay City Bank & Trust Company
Belton............................ The First National Bank in Belton
Borger...................................First National Bank of Borger
Brenham............................ Washington County State Bank
Brownfield......... Brownfield State Bank & Trust Company
Brownwood_______ Citizens National Bank at Brownwood
Bryan................ ..... .............First National Bank of Bryan
Cleburne.............................City National Bank of Cleburne
Cleburne................... ...... .................Cleburne National Bank
Dallas.American National Bank of Oak Cliif, Dallas, Texas
Decatur....................... The First National Bank in Decatur
El Campo....................Commercial State Bank of El Campo
Elgin.....................................................Elgin National Bank
Gainesville ...The Gainesville National Bank in Gainesville
Garland........................The State National Bank of Garland
Gonzales ................ .......................Gonzales State Bank
__ _____________ The Graham National Bank
Graham
Hallettsville................ ...... .......... ...........First National Bank
Hamilton.......................................... Hamilton National Bank
Hillsboro.............. The Citizens National Bank of Hillsboro
Hondo............ ..............................The Hondo National Bank
Houston........... ..............Fidelity Bank and Trust Company
Houston.............................. ........ .............Heights State Bank
Huntsville........................First National Bank of Huntsville
Jacksonville........ The First National Bank of Jacksonville
Kilgore......................Citizens State Bank & Trust Company
Laredo —
..............................Union National Bank of Laredo
Mexia________________ __First National Bank of Mexia
Mount Pleasant.............................. The First National Bank
in Mount Pleasant
New Braunfels The First National Bank of New Braunfels
Palestine ...........................................Royall National Bank
P am pa.-............................... First National Bank in Pampa
Panhandle......................First National Bank of Panhandle
Pleasanton........ .............First National Bank in Pleasanton
Seguin..........................Seguin State Bank & Trust Company
Sonora....................... .......................... -F irst National Bank
Sweetwater____ _______ __National Bank of Sweetwater
Taylor
........................................ The City National Bank
Taylor. .....................................First-Taylor National Bank
Teague........... ....................... First National Bank of Teague
Terrell....................The American National Bank of Terrell
Vernon...................... ....................... Herring National Bank
Wharton ............ ..........Security Bank and Trust Company
Winnsboro.............. The First National Bank of Winnsboro

NOM INEE FOR C LA SS B DIRECTOR

W. P. BEALL
President and General Manager
3 Beall Brothers 3
Department Stores
Jacksonville, Texas
Mr. Beall was born at Oak Hill near Henderson, Rusk
County, Texas, February 14, 1889, and attended rural
schools in th at county. In 1910 he moved to Henderson,
Texas, and accepted a position with Mayfield-Alford Com­
pany Department Store, where he served 13 years, advanc­
ing to the position of buyer and merchandise manager of
various departments.
In 1923 Mr. Beall and his two brothers opened their first
store under the firm name of 3 Beall Brothers 3, which
later became widely known throughout the State. In 1930
the company was incorporated, and Mr. Beall was elected
President and General Manager, in which capacity he con­
tinues to serve. The company has 25 department stores,
all of which have been opened out of earnings. He is also
President and founder of the W. F. Beall Company, which
operates 8 stores in Louisiana. He is a past vice president
of the National Retail Dry Goods Association.
Mr. Beall is still a farm er at heart, having a ranch
interest in Cherokee County and being a breeder of fine
Aberdeen-Angus cattle. He also has substantial oil and gas
holdings in east Texas.
His many business activities have afforded him continu­
ous contact with the problems of farmers, retailers, and
manufacturers in the area.

Nominated by the Following Banks in Group 3:

Oklahoma

Antlers.................................First National Bank at Antlers
Colbert..........................— .................... First National Bank
Madill............................. The F irst National Bank in Madill
Texas

Anna................. ..... ..........— ............... First National Bank
Bailey..................................... First National Bank of Bailey
Bells----------First National Bank
B re n h a m ........... The Farmers National Bank in Brenham
Cooper....................... ........ First National Bank in Cooper
Cushing............................... First National Bank of Cushing
Eagle Lake
First National Bank
Eastland .........................................Eastland National Bank
Farmersville---------- First National Bank at Farmersville
Ferris Farmers and Merchants State Bank of Ferris, Texas
Honey Grove.............. First National Bank in Honey Grove
Jefferson------- ---------The First National Bank of Jefferson
Kerrville ................. .................................. First State Bank
Mart............ .......
Farmers & Merchants National Bank
Mart .....
First National Bank
Ralls........ ........ Security State Bank & Trust Company
Rockwall ........................................... The First State Bank
Rosebud ---- ----------- -------Planters National Bank
Rusk
.......................Farmers and Merchants State Bank
Seagraves........... The First National Bank in Seagraves
Taft..... ................................... The First State Bank of Taft
Trent.............................. ..... .................... Home State Bank
Whitesboro........... Security National Bank of Whitesboro
Whitewright......The First National Bank of Whitewright
Winters............................................ The Winters State Bank

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