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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.
*

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*

*

*

*

*

“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

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