His parents were William Yost Preyer (June 4, 1888 Ohio – 1970) and Mary Norris Richardson (1889–1969) daughter of Lunsford Richardson (1854–1919) and Mary Lynn Smith (1858–1940).
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He worked for Vick Chemical Company in 1950 (founded by his grandfather) before serving as a North Carolina superior court judge from 1956 to 1961, when President John F. Kennedy appointed him to the United States District Court for the Middle District of North Carolina.
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After working as a vice president for North Carolina National Bank (today, Bank of America), Preyer was elected to the U.S. House of Representatives as a Democrat in 1968.
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He was seen as the moderate in the Democratic primary, between the conservative I. Beverly Lake, Sr. and the more progressive L. Richardson Preyer.