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Alfred C. Glassell,Jr. JUSTIN INDUSTRIES EL PASO CO ‘k a t te s\\e Gc .60 0:0 4-` c1/4 44ei es cx c,W s \\SA c<6 G s c -2, \\IA FIDELITY UNION LIFE INSURANCE W. Dewey Presley ALLIED FINANCE CO. 4iok ci %66, S. 490 /vs Robert B. Cullum DALLAS POWER AND LIGHT 0 0 ZALE CORP. . \\' Ta Ne RAC` .5.4? ,s \\pc' 44 \ r e. 5\\e 's 3 TENNECO Lloyd S. Bowles REPUBLIC FINANCIAL SERVICES INC. John M. Stemmons Robert B. Cullum :? Power lines Texas bankholding company directors, frequently found on the boards of other major corporations, form a tight community of power that effectively governs much of the state's economic life. Antitrust laws forbid directors of one bankholding company from serving on the board of a competitor, but they don't prevent competitors from sitting together on the board of a third corporation. Such "secondary interlocks" are common in Texas business, and the chart below shows how they link the state's four largest bankholding companies. The chart does not outline all corporate board ties to the four companies, but only those created when a corporation draws board members from two of them. Republic of Texas Corporation 1>14414%**%**144\\s . C /We e Op TEXAS EMPLOYERS INSURANCE CO, NEIMAN MARCUS CO. Vka 11\\es Robe St e in L. Co x w art DR. PEPPER Marion B. Solomon EL PASO PRODUCTS CO. Ben F. Love Howard Boyd W.D. Noel M. W. Freeman AMERICAN GENERAL INSURANCE ,;\(.1 4.1′ N’6e 6 EXXON Randall Meyer s en GREAT SOUTHERN CORP.