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F ederal

reserve

Bank

O F DA LLAS

Dallas, Texas, November 4, 1949

N O M IN A TIO N A N D E LE C TIO N OF D IRECTORS
(B y M ember 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 form s fo r their information only.

To the Member Banks o f Groups 1 and 3
in the Eleventh Federal Reserve D istrict:

In accordance with the provisions of Section 4 of the Federal Reserve Act and my
circular letter dated September 30, 1949, in regard to the election of directors of this
bank to succeed Mr. J. Edd McLaughlin, Class A director, and Mr. George L. MacGregor,
Class B director, whose terms will expire December 31, 1949, 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, 1949, 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 7, 1949, and close at 2:00 p.m. on November 22,
1949. Consequently, your ballot must be received here not later than 2:00 p.m., Novem­
ber 22, 1949, 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)

IM PORTANT

Please read carefully the instructions herein contained and the form o f 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 o f Directors, certified to me upon forms furnished for the purpose.
My circular letter of September 30, 1949, 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’ elec­
tions. 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 o f 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 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 for director of
class A and class B , respectively, upon a preferential ballot upon a form furnished by the chair­
man o f the board o f directors of the Federal reserve bank of the district. Each such officer shall
make a cross opposite the name o f 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 o f a member bank shall be eligible to serve as a class A director unless nomi­
nated and elected by banks which are members o f the same group as the member bank of
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 o f 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 fo r 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. If 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 col­
umn 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 candidates, 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 candidates 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 of such banks, which m ay 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 pur­
pose 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 that it will reach this office on or before 2:00 p.m., November 22,
1949. If the ballot is received after that time, it cannot be counted.

NOMINEES FOR CLASS A DIRECTOR

j.

edd

McL a u g h l i n

Vice President, Security State Bank & Trust Company
Ralls, Texas
Mr. McLaughlin was bom 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. Mc­
Laughlin 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 other prop­
erties.
Mr. McLaughlin has served as President of the Cap
Rock Bankers Association; President of the South Plains
Bankers Association; Chairman of the Seventh District,
Treasurer, 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 Com­
mittee, 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 Com­
merce; Trustee of the First Methodist Church; Finance
Chairman, member of the Executive Council, and Na­
tional Council member from the South Plains Area of
the Boy Scouts of America, from which he is recipient
of the Silver Beaver award. He is also Chairman of the
Crosby County Savings Bond Committee.

Nominated by the Following Banks in Group 3:
New Mexico
Lovington............................ ........ Lovington National Bank
Texas
Anton.......................................................Citizens State Bank
Aransas Pass The First State Bank, Aransas Pass, Texas
Bailey....................................First National Bank of Bailey
Brenham________The Farmers National Bank in Brenham
Comanche........... ............State National Bank in Comanche
Crosbyton............. . Citizens National Bank of Crosbyton
Dawson
................ The First National Bank of Dawson
Decatur ..... .............The First National Bank in Decatur
Eagle Lake............................................First National Bank
Gorman......... ........................... .......
First National Bank
Hale Center . .
First National Bank of Hale Center
Haskell . ...........
.............. Haskell National Bank

Hempstead.............................................. Citizens State Bank
Henrietta............... The First National Bank of Henrietta
Kerrville...................................... ................. First State Bank
La Feria-.-........................First National Bank of La Feria
Lakeview................ ......... First National Bank o f Lakeview
Lorenzo................... —.............................Lorenzo State Bank
Marlin.................................................. Marlin National Bank
Mart................... ...... Farmers & Merchants National Bank
Mart......................................................... First National Bank
Mexia.......................................First National Bank of Mexia
Morton................ ......... ........ ..... ... .............First State Bank
Newton..................................................... First National Bank
Post...................................The First National Bank of Post
Quitaque.................
First National Bank
Ralls......................Security State Bank & Trust Company
Rosebud...........
Planters National Bank
Rule............ ..... The Farmers National Bank of Rule, Texas
Seminole............................................... ..Seminole State Bank
Seymour .......... The Farmers National Bank of Seymour
Shamrock ...Farmers & Merchants State Bank of Shamrock
Spur.................................................
SpurSecurityBank
Taft....... ............................... The First State Bank of Taft
Teague____________ _____ First National Bank of Teague
Throckmorton. ...The First National Bank of Throckmorton
Wolfe City.......... Wolfe City National Bank in Wolfe City
Yorktown...............................First State Bank of Yorktown

W. H. WOELLERT
Cashier, First National Bank
Poth, Texas
Mr. Woellert was born on a farm near Poth, Wilson
County, Texas, on J a n u a ry 20, 1902. He has spent
his entire life in Wilson County, moving to Poth in 1913,
where his father, the late R. J. Woellert, was one of the
organizers of the First National Bank. He did part-time
work at his father’s bank while attending public school in
Poth, and in 1918 graduated from Draughons Business
College in San Antonio, Texas. Upon graduation, he ac­
cepted a position as bookkeeper at the First National
Bank in Poth, Texas. He was elected Assistant Cashier in
1919, which position he held until the death of his father
in 1940, at which time he was named Cashier and assumed
active management of the bank. He is also owner of an
insurance agency, which he started in 1920.

Nominated by the Following Bank in Group 3:
Texas
Rockport.......................... - ..........

.......First National Bank

NOMINEE FOR CLASS B DIRECTOR

GEORGE L. MacGREGOR
Chairman of the Board, President and General Manager
Dallas Power & Light Company
Dallas, Texas

Nominated by the Following Banks in Group 1:
Arizona
Tucson.......... — Southern Arizona Bank & Trust Company
Texas

Mr. MacGregor was bom in Little Rock, Arkansas, Oc­
tober 29, 1901. He attended the public schools of Waco,
Texas, and the Engineering School of the University of
Texas, receiving a Bachelor of Science degree in Electrical
Engineering in 1923. His early experience was obtained
in the shops and offices of the Westinghouse Electric Cor­
poration 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 Presi­
dent 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 Chair­
man of the Dallas County War Finance Committee, Cam­
paign Co-Chairman and President of the Community
Chest, and Director of Dallas County Chapter of Red
Cross. He is serving currently as President of Dallas Citi­
zens Council and as Vestryman of the Church of Saint
Michael and All Angels (Episcopal).
He is a Trustee of the Southwestern Medical Founda­
tion and of the Texas State Research Foundation.

Austin..................................... The American National Bank
Austin...........................................The Austin National Bank
Beaumont.................. The First Natonal Bank of Beaumont
Corsicana..........................First National Bank of Corsicana
Dallas.................................................... Dallas National Bank
Dallas........................... Mercantile National Bank at Dallas
Dallas............ .................. Republic National Bank of Dallas
Fort Worth.......Continental National Bank of Fort Worth
Fort Worth...........The First National Bank of Fort Worth
Fort Worth..........................The Fort Worth National Bank
Galveston....The United States National Bank of Galveston
Houston................................... ...... ......... Citizens State Bank
Houston............................. First National Bank in Houston
Houston
................................ Houston National Bank
Houston .......The National Bank o f Commerce of Houston
Houston.................. The Second National Bank of Houston
Houston.................. South Texas National Bank of Houston
Houston................. The Union National Bank of Houston
Port Arthur...........The First National Bank of Port Arthur
San Antonio___ The Alamo National Bank of San Antonio
San Antonio......The Groos National Bank of San Antonio
San Antonio....National Bank of Commerce of San Antonio
Waco .........................The Citizens National Bank of Waco
Waco............................. The First National Bank of Waco
Wichita Falls............ City National Bank in Wichita Falls
Wichita Falls......... First National Bank of Wichita Falls

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