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Federal reserve OF Bank D ALLA S Dallas, Texas, November 5, 1954 N O M IN A TIO N A N D ELECTION OF DIRECTORS (By Member Banks in Groups 1 and 2) The member banks in G roup 3 will not participate in this election, and this circular is sent to them without forms for their information only. To the M e m b e r B a n k s in G rou p s 1 a n d 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 September 27, 1954, in regard to the election of directors of this bank to succeed Mr. P. P. Butler, Class A director, and Mr. D. A. Hulcy, Class B director, whose terms will expire December 31, 1954, 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 nec essary 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 27, 1954, 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 8, 1954, and close at 2:00 P.M. on November 23, 1954. Consequently, your ballot must be received here not later than 2:00 P.M., November 23, 1954, 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 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 a n d 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. M y circular letter of September 27, 1954, giving notice of this election, contained a list of member banks in Groups 1 and 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 ithin fifteen d a y s after receipt of the list of candidates the d u ly authorized officer of a m em ber b a n k sh all certify to the chairm an his first, second, a n d other choices for director of class A a n d class B, respectively, up on a preferential ballot upon a form furnished b y the chairm an of the b oard of direc tors of the Federal reserve b a n k of the district. Each such officer sh all m ake a cross opposite the nam e of the first, second, a n d other choices for a director of class A a n d for a director of class B, but shall not vote more than one choice for a n y on e candidate. N o officer or director of a m em ber b a n k shall be eligible to serve a s a class A director unless nom inated a n d elected b y b a n k s w hich are m em bers of the sa m e g ro u p a s the m em ber b a n k of w hich he is a n officer or director. * * * * * * * “A n y candidate h a v in g a majority of all votes cast in the colum n of first choice shall be declared elected. If no candidate h ave a m ajority of all the votes in the first colum n, then there shall be ad d e d together the votes cast b y the electors for such candidates in the second colum n a n d the votes cast for the several candidates in the first column. The candidate then h a v in g a majority of the electors votin g a n d the highest num ber of com bined votes shall be declared elected. If no candidate have a majority of electors voting a n d the highest num ber of votes w he n the first a n d second choices shall h ave been added, then the votes cast in the third colum n for other choices shall be ad d e d together in like m anner, an d the candidate then h a v in g the highest num ber of votes sh all be declared elected. A n im m ediate report of election shall be declared. “ . . . w h e n e ve r a n y two or more m em ber b a n k s within the sam e Federal reserve district are affiliated w ith the sa m e h o ld in g com pa ny affiliate, participation b y such m em ber b a n k s in a n y such nom ination or election shall b e confined to one of such b an ks, w hich m ay be d esign ated for the p urpose b y such h old in g com p a n y 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 $1,200,000 and over; Group 2 consists of banks with capital and surplus of over $2 0 0 ,0 0 0 and less than $1,200,000; and Group 3 consists of banks with capital and surplus of $200 ,000 and less. Please forward your ballot so that it will reach this office on or before 2:00 P.M., November 23, 1954. If the ballot is received after that time, it cannot be counted. N O M IN EE FOR CLASS A DIRECTOR S A M D. Y O U N G President El Paso National Bank El Paso, Texas Mr. Young was born in Woodville, Texas, November 15, 1896, where he attended the local schools. He started his banking career as a messenger in the employ of the Gulf National Bank in Beaumont, Texas, now the First National Bank. He served in almost every department of the bank and was Collection Teller at the time of his resignation in 1917 to enlist in the Air Corps at Kelly Field. At the close of W orld W a r I, he held a commission as Second Lieutenant. He returned to the First National Bank at Beaumont for a short time, resigning in February 1919 to accept an ap pointment as State Bank Examiner. He was assigned to the El Paso, Houston, San Antonio, Fort Worth, and Dallas districts. He is active in community affairs in the El Paso South west and is a member of the Masonic Lodge, Knights Tem plar, Scottish Rite, and El M aida Temple of the Shrine. He is a member of the First Presbyterian Church of El Paso. Mr. Young is a farmer and cattleman, in addition to being a banker, for he owns and operates holdings in the valley of the Rio Grande just below El Paso. N om in ate d b y the Follow ing B a n k s in G rou p 1: TEXAS Beaumont..........................The American National Bank of Beaumont Beaumont................................The First National Bank of Beaumont Dallas..... ......................................... First National Bank in Dallas Dallas.......................................Mercantile National Bank at Dallas Dallas...........................................Republic National Bank of Dallas Dallas........................ .......... Texas Bank & Trust Company of Dallas In the fall of 1921, Mr. Young accepted an appointment from the office of the Comptroller of the Currency and served as Receiver of banks in Oklahoma, Texas, and New M exico and in 1925 went to El Paso to liquidate the National Border Bank. El Paso...................................... The State National Bank of El Paso Fort Worth......................... Continental National Bank of Fort Worth Fort Worth.............................. The First National Bank of Fort Worth Houston.......................................................... Citizens State Bank Houston.................................... The City National Bank of Houston In June of that year, he completed the organization of the El Paso National Bank and became its Executive Vice President. He was elected to the presidency in 1944 and in 1952 became Chairman of the Board as well. Houston...........................................First National Bank in Houston Houston......................... The National Bank of Commerce of Houston Houston................................. The Second National Bank of Houston Houston....................................... Texas National Bank of Houston Mr. Young is a director of Hilton Hotels Corporation, Chicago; Hotel Waldorf-Astoria Corporation, New York; Hilton Hotels International, Inc., New York; Texas and Pacific Railway Company, Dallas; General American Life Insurance Company, St. Louis; El Paso Times, El Paso; and he is President of the Board of Trustees, Providence Mem o rial Hospital, El Paso. Midland.................................... The First National Bank of Midland Midland....... ........... ................................. Midland National Bank Port Arthur.............................. The First National Bank of Port Arthur San Antonio........................ The Frost National Bank of San Antonio Wichita Falls............................ City National Bank in Wichita Falls Wichita Falls............................ First National Bank of Wichita Falls N O M IN EE FOR CLASS B DIRECTOR D. A. H U LCY N om inated b y the Follow in g B a n k s in G roup 2: Chairman of the Board and President Lone Star G as Company President N E W M EXIC O Lone Star Producing Company Dallas, Texas Mr. Hulcy was born November 13, 1892, on a farm in the Nesbitt community near Franklin in Robertson County in East Texas. The family moved to DeQueen, Arkansas, when he was eight years of age. In 1909, Mr. Hulcy went to work as a messenger boy for the International Great Northern Railroad at Palestine. In 1911, when the general accounting offices were moved to Houston, Mr. Hulcy chose to remain in Palestine and joined The Texas Com pany's distribution plant. From 1912 to 1919, he worked for the Texas State Rail road and advanced to the position of auditor. In order to get medical treatment for his son, Mr. Hulcy moved to Dallas in 1920, at which time he obtained employment in the Accounting Department of the Lone Star G as Com pany. Coming up through the ranks, he was made Executive Vice President in 1936 and took over the presidency on February 12, 1940. He was named Chairman of the Board of Directors in January 1952. In 1948, Mr. Hulcy was given the Linz Award, which is presented annually to a Dallas citizen for outstanding com munity service; he was named Salesman of the Year 1951 by the Dallas Sales Executive Club. He holds honorary Doc tor of Laws degrees from Texas Wesleyan College in Fort Worth and from North Texas State College in Denton. He was President of the Dallas Chamber of Commerce for three consecutive terms, has served as Drive Chairman and President of the Dallas Community Chest, and is past Presi dent of Circle Ten Council, Boy Scouts of America. At one time, he served simultaneously as President of Lone Star G as Company, the American G as Association, and the Chamber of Commerce of the United States. He has long been active in the affairs of the Kessler Park Methodist Church in Dallas and is past Chairman of its Board of Stewards. Mr. Hulcy is presently on the National Petroleum Coun cil and the G as Industry Advisory Council and is a member of the Executive Board of the Southwestern Legal Founda tion, Southwestern Medical Foundation, Southwest Busi ness Foundation, Texas Research Foundation, the American Petroleum Institute, and the Dallas City-County Hospital System and of the Executive Committee of Southern Meth odist University. Roswell....................................................... The First National Bank of Roswell TEXAS Albany....................................... The First National Bank of Albany Bay City....................................... Bay City Bank & Trust Company Brownfield............................ Brownfield State Bank & Trust Company Cameron.............................. The Citizens National Bank of Cameron Corsicana.................................... First National Bank of Corsicana Corsicana.................................... State National Bank of Corsicana Dallas...................................... Industrial National Bank of Dallas Dallas................................................. National Bank of Commerce Dallas....................................... O ak Lawn National Bank of Dallas Denison.................................... The State National Bank of Denison Denton......................... The Denton County National Bank of Denton Gainesville.....................The Gainesville National Bank in Gainesville Gonzales..................................................... Gonzales State Bank Greenville............................... Citizens National Bank of Greenville Greenville.................................Greenville National Exchange Bank Harlingen................................. The First National Bank of Harlingen Hillsboro.......... ....................The Citizens National Bank of Hillsboro H ond o..................................................The Hondo National Bank Houston....................................... Fidelity Bank and Trust Company Houston...........................................The Harrisburg National Bank Houston.......................................................... Heights State Bank Houston..................................................... South Main State Bank Jacksonville........................... The First National Bank of Jacksonville Laredo.......................................... Union National Bank of Laredo Marshall.................................... The First National Bank of Marshall Mexia............................................... First National Bank of Mexia Nacogdoches...............The Stone Fort National Bank of Nacogdoches New Braunfels................... The First National Bank of New Braunfels Palestine........ ............................................. Royall National Bank San Angelo........................ The Central National Bank of San Angelo Sonora........................................................... First 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 Waco............................................................. National City Bank Waxahachie........................... Citizens National Bank in Waxahachie Weatherford..... The Merchants and Farmers Stale Bank of Weatherford
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