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F ederal R eserve Bank
OF DALLAS

Dallas, Texas, O cto b er 2 5 , 1 9 5 7

NOMINATION AND ELECTION OF DIRECTORS
(By Member Banks in Groups 1 and 2)
The member banks in Group 3 will not p articipate in
this election, and this circular is sent to them without
forms fo r their inform ation only.

To the Member Banks in Groups 1 and 2
in the Eleventh Federal Reserve District:
In accordance with the provisions o f Section 4 o f the Federal Reserve Act and my circular letter dated
Septem ber 18, 1 9 5 7 , in regard to the election o f directors o f this Bank to succeed M r. Sam D. Young, Class A
director, and M r. D. A . Hulcy, Class B director, whose terms will expire December 3 1 , 1 9 5 7 , there are listed
in this circular the names o f the individuals nom inated, together with the names o f the banks nominating them.
Accompanying this circular is a ballot upon which you should record your vote, together with the nec­
essary envelopes fo r use in sending your ballot to me. Please follow carefully the instructions which are printed
on the ballot and on the envelopes.
The vote o f your bank may be cast only by an officer whose authorization by the Board o f Directors
to vote in these elections has been certified to me as indicated on the list in my circular letter o f Septem ber
18, 1 9 5 7 , or subsequently changed by a certified authorization. If you so desire, you may change your
authorization by the proper action o f your Board o f Directors, but any such change must be certified to me
b efore the close o f the polls.
The polls will open on O ctober 2 8 , 1 9 5 7 , and close a t 2 :0 0 P.M. on Novem ber 12, 1 9 5 7 . Consequently,
your ballot must be received here not later than 2 :0 0 P.M., N ovem ber 12, 1 9 5 7 , at which time the ballot
box will be opened in the Board Room o f this Bank, the votes counted, and the results o f 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 afte r the opening of the polls.

Yours very truly.
ROBERT J. SMITH
Chairm an o f the Board

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

I MP O R T A N T

Please read carefully the instructions herein contained and the form of preferential ballot enclosed. Unless
a ballot of a voting member bank is p rep ared , 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 em pow ered to do so by action of its Board
of Directors, certified to me upon forms furnished fo r the purpose.
M y circular letter o f Septem ber 18, 1 9 5 7 , giving notice o f this election, contained a list o f member banks in Groups
1 and 2, showing the officers who w ere 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 beh alf o f 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 o f any bank. As there will be no opportunity for any prior inspection of
ballots fo r irregularities, the officer casting the ballot is requested to use special care in its preparation.
For your inform ation, there are quoted below extracts from Section 4 of the Federal Reserve Act which set forth
the method o f balloting and the m anner 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 chairman of the board of direc­
tors 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 nominated 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 column 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 fo r the purpose o f electing
Class A and Class B directors of the Federal Reserve Bank of Dallas: G roup 1 consists of banks with capital and surplus
o f $ 1 ,2 0 0 ,0 0 0 and over; G roup 2 consists of banks with capital and surplus of over $ 2 0 0 ,0 0 0 and less than $ 1 ,2 0 0 ,0 0 0 ;
and Group 3 consists o f banks with capital and surplus o f $ 2 0 0 ,0 0 0 and less.
Please fo rw ard your ballot so that it will reach this office on or before 2 :0 0 P.M., N ovem ber 12, 1 9 5 7 . If the
ballot is received after that time, it cannot be counted.

NOMINEE FOR CLASS A DIRECTOR
SAM D. YOUNG
President
El Paso N atio n al Bank

He is active in community affairs in the El Paso South­
west and is a member o f the Masonic Lodge, Knights
Templar, Scottish Rite, and El M a id a Temple o f the Shrine.
He is a mem ber o f the First Presbyterian Church of El
Paso.

El Paso, Texas

M r. Young was born in W o o d ville, Texas, Novem ber 15,
1 8 9 6 , where he attended the local schools. He started his
banking career as a messenger in the em ploy o f the G ulf
N atio n al Bank in Beaumont, Texas, now the First N atio n al
Bank. He served in almost every departm ent o f the bank
and was Collection Teller at the time o f his resignation
in 1 9 1 7 to enlist in the Air Corps at Kelly Field. A t the
close of W o rld W a r I, he held a commission as Second
Lieutenant.
He returned to the First N atio n al Bank a t Beaumont for
a short time, resigning in February 1 9 1 9 to accept an a p ­
pointment as State Bank Examiner. He was assigned to
the El Paso, Houston, San Antonio, Fort W orth, and Dallas
districts.

M r. Young is a farm er and cattlem an, in addition to
being a banker, fo r he owns and operates holdings in
the valley o f the Rio G ran d e just below El Paso.

Nominated by the Following Banks in Group 1:
TEXAS

Amarillo................................................The First National Bank of Amarillo
Austin..............................................The American National Bank of Austin
Austin.................................................. The Capital National Bank in Austin
Beaumont................................... The American National Bank of Beaumont
Beaumont............................................The First National Bank of Beaumont

In the fall o f 1 9 2 1 , M r. Young accepted an appointm ent
from the office o f the Comptroller o f the Currency and
served as Receiver o f banks in O klah o m a, Texas, and
N ew M exico. In 1 9 2 5 , he w ent to El Paso to liquidate the
N atio n al Border Bank.

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
Fort Worth...................................Continental National Bank of Fort Worth

In June o f that year, he completed the organization of
the El Paso N atio n al Bank and became its Executive Vice
President. He was elected to the presidency in 1 9 4 4 and
in 1 9 5 2 becam e Chairm an o f the Board as well.

Fort Worth.................................................... The Fort Worth National Bank
Houston.................. Bank of the Southwest Notional Associotion, Houston
Houston..............................................................................Citizens State Bank
Houston.................................................. First City National Bank of Houston

M r. Young is a director o f Hilton Hotels Corporation,
Chicago; Hotel W ald o rf-A sto ria Corporation, N ew York;
Hilton Hotels International, Inc., N ew York; Texas and
Pacific Railway Com pany, Dallas; G en eral Am erican Life
Insurance Com pany, St. Louis; and El Paso Times, El Paso.
He is President o f the Board o f Trustees, Providence
M em orial Hospital, El Paso.

Midland................................................ The First National Bank of Midland
Midland............................................................... The Midlond Notional Bank
O d e ssa ................................................... The First Notionol Bank of Odessa
San Antonio............................... The Alamo National Bank of San Antonio
Wichita Falls..........................................City National Bank in Wichita Falls
Wichita Falls................................. The First National Bank of Wichita Falls

NOMINEE FOR CLASS B DIRECTOR
D. A. HULCY

Nominated by the Following Banks in Group 2:

Chairm an
Lone Star G as Com pany
N E W M EXICO
Chairm an
Lone Star Producing Com pany

Roswell.................................................... The First National Bank of Roswell

Dallas, Texas
O K LA H O M A

M r. Hulcy was born N ovem ber 13, 1 8 9 2 , on a farm in
the Nesbitt community near Franklin in Robertson County
in East Texas. The fam ily moved to DeQ ueen, Arkansas,
when he was eight years o f ag e. In 1 9 0 9 , M r. Hulcy went
to work as a messenger boy for the International G rea t
Northern Railroad at Palestine. In 1 9 1 1 , when the general
accounting offices w ere moved to Houston, M r. Hulcy
chose to remain in Palestine and joined The Texas Com­
p an y’s distribution plant.

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

TEXAS

Albany.......................................................The First National Bank of Albany
Bay City........................................................Bay City Bank & Trust Company
Beaumont..................Security State Bank and Trust Company of Beaumont
Brenham........................................................ Washington County State Bank

From 19 1 2 to 1 9 1 9 , he worked fo r the Texas State
Railroad and advanced to the position of auditor. In order
to get medical treatm ent fo r his son, M r. Hulcy moved to
Dallas in 1 9 2 0 , at which time he obtained employment in
the Accounting Departm ent of the Lone Star Gas Com­
pany. Coming up through the ranks, he was m ade Execu­
tive Vice President in 1 9 3 6 and took over the presidency
on February 12, 1 9 4 0 . He served as President and C hair­
man from 1 9 5 2 until July 1 9 5 7 , at which time he retired
as President but continues to serve as Chairm an.
In 1 9 4 8 , M r. Hulcy was given the Linz A w ard, which is
presented annually to a Dallas citizen for outstanding
community service; he was named Salesman o f the Year
1951 by the Dallas Sales Executive Club. He holds hon­
orary Doctor o f Laws degrees from Texas W esleyan C ol­
lege in Fort W orth and from North Texas State C ollege in
Denton. He was President of the Dallas C ham ber of Com ­
merce for three consecutive terms, has served as Drive
Chairm an and President o f the Dallas Community Chest,
and is past President o f Circle Ten Council, Boy Scouts of
Am erica, and Dallas Citizens Council. At one time, he
served simultaneously as President o f Lone Star Gas Com­
pany, the Am erican Gas Association, and the C ham ber of
Commerce o f the United States. He has long been active
in the affairs o f the Kessler Park Methodist Church in
Dallas.

Cleburne......................................................................Cleburne National Bank
Conroe............................................................... First National Bank in Conroe
Corsicana............................................The First National Bank of Corsicana
Dallas.......................................................Industrial National Bank of Dallas
Denison.............................. ....................The State National Bank of Denison
Edna......................................................................First National Bank of Edna
El Campo..............................................Commercial State Bank of El Campo
Gainesville...........................The Gainesville National Bank in Gainesville
Galveston....................................... The Moody National Bank of Galveston
Gonzales........................................The Citizens National Bank of Gonzales
Greenville................................... The Citizens National Bank of Greenville
Greenville......................................The Greenville National Exchange Bank
Hillsboro..........................................The Citizens National Bank of Hillsboro
Houston............................................................................... Heights State Bank
Houston.................................................. Montrose National Bank of Houston
Jacksonville.................................... The First National Bank of Jacksonville
Laredo..........................................................Union National Bank of Laredo
Marshall............................................... The First National Bank of Marshall
McKinney........................... The Collin County National Bank of McKinney
Mineral Wells...............................The First National Bank in Mineral Wells
New Braunfels.............................The First National Bank of New Braunfels
Palestine..................................... The East Texas National Bank of Palestine
Palestine..........................................The Royall National Bank of Palestine
Port Arthur............................................Sabine National Bank of Port Arthur

M r. Hulcy is presently on the N atio n al Petroleum Coun­
cil and is Chairm an o f the Dallas M aster Plan Committee
and President of the Texas Bureau for Economic Under­
standing. He is a member of the Board of Trustees o f
Southwestern Legal Foundation, Southwestern M ed ical
Foundation, Southwest Business Foundation, Texas Re­
search Foundation, and Southwest Research Institute; he
is also a member of the Board o f Directors o f the A m eri­
can Petroleum Institute and o f the Executive Committee
o f Southern M ethodist University.

Sonora...................................................... The First National Bank of Sonora
Sweetwater......................................................National Bank of Sweetwater
Taylor...........................................................The City National Bank of Taylor
Teague.............................................................First National Bank of Teague
Temple............................................................................ Temple National Bank
Terrell..............................................The American National Bank of Terrell
Vernon................................................ The Herring National Bank of Vernon
W eatherford....... The Merchants and Farmers State Bank of Weatherford

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