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MALONE, CLARENCE M., SR.

MALONE, CLARENCE M., SR. (1885–1960). Clarence M. Malone, Sr., banker and civic leader, was born to William and Julia (McLeod) Malone on August 11, 1885, in San Angelo, Texas. He moved with his parents back to their home in Hays County in 1887. At age fifteen he was put in charge of a 750-acre farming, ranching, and gin operation. In 1902 he began work for the Trinity and Brazos Valley Railway Company as a stake driver. He later went into the operating department of the railroad and in 1905 was named auditor in Houston for the newly organized Houston Belt and Terminal Railway Company. In 1910 Malone became secretary of the Bankers Trust Company. He remained in that position until 1917, when he and his associates organized the Guardian Trust Company in Houston, of which he later became president. When President Franklin D. Roosevelt declared a bank holiday, Malone took the lead in refusing to comply with his order, which he considered an encroachment on free enterprise. From 1917 to 1945 Malone developed many of Houston's finest additions, as well as real estate properties in Brownsville and the Rio Grande Valley. He was active in many civic affairs and was a member of the American Bankers Association and the Texas Bankers Association.

In 1945 the Guardian Trust Company merged with the Second National Bank, and Malone became the vice chairman; he continued in that capacity with the Bank of the Southwest. For his work in soil conservation in 1949 the Texas Scripps-Howard newspapers called him the "No. 1 Non-Farming Soil Conservation Supporter of Texas" and honored him at their fourth annual "Save the Soil and Save Texas" awards program. In 1916 Malone also organized the Houston Dairy Fund Association, for which he raised $125,000 to help farmers develop high-quality dairy herds and learn the system of testing milk for butterfat. In 1950 Malone organized the Texas Friends of Conservation; in 1958 he received the American Forestry Association's Conservation Award in Tucson, Arizona, for his work in preserving forest resources. In addition to his conservation work, he was associated with the United Business Committee of the National Association of Manufacturers. Malone was first married to Mildred Ward in 1914, and they had two children. He married Alice Bragg in 1926, and they also had two children. He died on November 11, 1960, and was buried in Houston.

BIBLIOGRAPHY: 

Joseph L. Clark, Texas Gulf Coast: Its History and Development (4 vols., New York: Lewis Historical Publishing, 1955). Texas Industry, September 1959. Vertical Files, Dolph Briscoe Center for American History, University of Texas at Austin. Who's Who in America, 1948–49.

Gertrude Chambers

Citation

The following, adapted from the Chicago Manual of Style, 15th edition, is the preferred citation for this article.

Gertrude Chambers, "MALONE, CLARENCE M., SR.," Handbook of Texas Online (http://www.tshaonline.org/handbook/online/articles/fma24), accessed April 24, 2014. Uploaded on June 15, 2010. Published by the Texas State Historical Association.