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Federal

reser ve

Bank

OF DALLAS

Dallas, Texas, November 3, 1950

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
sent to them without forms for their information only.

To the Member Banks of 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 29, 1950, 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 direc­
tor, whose terms will expire December 31, 1950, 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 29, 1950, 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 6, 1950, and close at 2:00 p.m. on November 21,
1950. Consequently, your ballot must be received here not later than 2:00 p.m., Novem­
ber 21, 1950, 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 of Directors, certified to me upon forms furnished for the purpose.
My circular letter of September 29, 1950, 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 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 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 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 o f 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.
*#«##*#*#«#

“ A n y candidate having a m ajority of all votes cast in the column of first choice shall be
declared elected. If no candidate have a m ajority 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
m ajority o f the electors voting and the highest number of combined votes shall be declared
elected. If no candidate have a m ajority 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 o f votes shall be declared elected. An immediate report of 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.
**#**#*#*«*

“ 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 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 21,
1950. If the ballot is received after that time, it cannot be counted.
’

NOMINEE FOR CLASS A DIRECTOR

W. L. PETERSON
President, State National Bank of Denison
Denison, Texas
Mr. Peterson was born in Hallettsville, Texas, Decem­
ber 9, 1893, where he was also reared. He began his bank­
ing 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, and upon being dis­
charged 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 De­
partmental 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 approxi­
mately 80 insolvent State banks. In 1923 he was appointed
Deputy Banking Commissioner of Texas, which position
he resigned in 1924 to assume the active management of
the State National Bank of Denison.
Mr. Peterson is President of the First National Bank,
Antlers, Oklahoma; President of the North Texas Loan &
Trust Company, Denison, Texas; Chairman of the Board
of Waples-Platter Company, a large wholesale grocery
concern with headquarters in Fort Worth, Texas. He is a
member of the President’s Advisory Board 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; 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

Oklahoma
Durant........................The Durant National Bank in Durant
Durant.................... ....... The First National Bank in Durant
Hugo..........................Security First National Bank of Hugo

Texas
Amarillo.............. The American National Bank of Amarillo
Ballinger.................................................First National Bank
Bay City............................Bay City Bank & Trust Company
Belton............................The First National Bank in Belton
Bonham...................... The First National Bank of Bonham
Borger..................................................Panhandle State Bank
Brenham.................... The First National Bank of Brenham
Brownfield.......... Brownfield State Bank & Trust Company
Brownwood.................... First National Bank in Brownwood
Cleburne............................... City National Bank of Cleburne
Conroe................................... First National Bank in Conroe
Dallas............................Oak Lawn National Bank of Dallas
Dumas............................................................First State Bank
El Campo.................. Commercial State Bank of El Campo
Gainesville....The Gainesville National Bank in Gainesville
Gonzales.............................................. Gonzales State Bank
Graham............................... First National Bank in Graham
Greenville............ The Citizens National Bank of Greenville
Harlingen.................. The First National Bank o f Harlingen
Henderson.................. Citizens National Bank of Henderson
Hereford.................... The First National Bank of Hereford
Hillsboro............... .The Citizens National Bank of Hillsboro
Houston..........................Fidelity Bank and Trust Company
Houston...............................................South Main State Bank
Jacksonville...........The First National Bank of Jacksonville
Laredo................... .*
.............Union National Bank of Laredo
Marshall.................... The First National Bank o f Marshall
M exia...................................... First National Bank of Mexia
Midland................................................Midland National Bank
New Braunfels-.The First National Bank of New Braunfels
Ozona......................................................Ozona National Bank
Palestine................................................ Royall National Bank
Robstown..................................................State National Bank
Sonora.................................................... First National Bank
Taylor............... ...............................The City National Bank
Taylor.......................................... First-Taylor National Bank
Terrell........... ...... The American National Bank of Terrell
Weatherford.................... The Merchants and Farmers State
Bank of Weatherford
Winnsboro.............. The First National Bank of Winnsboro
Yoakum....................................... The Yoakum National Bank

NOMINEE FOR CLASS B DIRECTOR

W. F. BEALL
President and General Manager
3 Beall Brothers 3

Oklahoma
Colbert...................................
FirstNationalBank
Hugo............... .................................The Citizens State Bank

Department Stores
Jacksonville, Texas

Mr. Beall was born at Oak Hill near Henderson, Rusk
County, Texas, February 14, 1889, and attended rural
schools in that County. In 1910 he moved to Henderson,
Texas, and accepted a position with Mayfield-Alford Com­
pany Department Store, where he served 13 years, ad­
vancing to the position of buyer and merchandise man­
ager 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 eastern
part of the State. In 1930 the company was incorporated,
and Mr. Beall was elected President and General Manager,
in which capacity he continues to serve. The Company has
22 department stores, all of which have been opened out
of earnings. He is a past vice president of the National
Retail Dry Goods Association.
Mr. Beall is still a farmer at heart, having a ranch in­
terest 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:
Louisiana
Delhi............ ................... The First National Bank of Delhi

Texas
Alto......................................................Continental State Bank
Anna........................................................ First National Bank
Avinger...................... .......................... The First State Bank
Bailey..................................... First National Bank of Bailey
Baird................................. The First National Bank of Baird
Cooper................................... First National Bank in Cooper
Cushing............................... First National Bank of Cushing
Dawson........................The First National Bank of Dawson
Eagle Lake.............................................. First National Bank
Eastland...........................................Eastland National Bank
Franklin....................................................First National Bank
Huntsville......................First National Bank of Huntsville
Jefferson......................The First National Bank of Jefferson
Kerrville........................................................ First State Bank
Mart................. ........ Farmers & Merchants National Bank
Mart............................... „ ...................... First National Bank
Newton.................................................. First National Bank
Palestine................................................... First National Bank
Rusk............................. Farmers and Merchants State Bank
Sweetwater............................. National Bank of Sweetwater
Teague................................... First National Bank of Teague
Tomball.......................................Guaranty Bond State Bank
Troup............................... The First National Bank of Troup
Van Alstyne.........................
First National Bankt
Whitewright........ The First National Bank of Whitewright
Yorktown............................. First State Bank of Yorktown

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