El Paso herald. (El Paso, Tex.) 1901-1931, 1910-01-27
BANKING ABUSES
Mr.. M'hARYS
SUBJECT
Addresses the Chamber Of
Commerce-Payne Is
Elected President.

ID. NJ Payne. who was elected presi-
dent of the chamber of commerce at the
first meeting of the new board of di-
rectors this morning, presided at his
first meeting today when he introduced
James G. McNary, vice president Of the
First National bank. who spoke on the
relation of the banker and the business
men. Mr.. McNary's talk was from the
bankers view and ne showed how the
relation of the banker and the business
man was a mutual one. The speaker
said that when he referred to the bust
ness man, he referred TO the borrowing
customer, as he is the person with
whom the banker has the confidential
relation.
Banking Abuses.
AS a method Of correcting banking
abuses, especially those typical of the
west, Mr.. McNary urged the elimination
Of overdrafts and the disposition of
custom to neglect paper when it is due.
Speaking of the pernicious system of
overdrafts, Mr.. McNary said the over
drafts of the smallest bank in FL Paso
would probably be shown TO be greater
than the largest bank in Chicago. He
said that it was this practice that the
bank examiners and controller of the
treasury were most opposed to and said
that he had heard the statement made
that the bank officer who permitted an
overdraft was personally responsible
for it as there was nothing in the
banking rules permitting such prac-
tice.
a Needed Reform.
Another reform in the banking system
of the west was suggested in the hand
ling of paper that is due at the bank.
II the loans are met when due or the
banker is given reasonable advance
notice he can arrange his plans accord
ingly, the speaker said. If we could
get the view established that note is
a promise 10 pay, one Of the rocky OBJ
stacles in the path of the banker would
be cleared away" Mr.. McNary said.
At the close of his talk, Mr.. McNary
suggested that since he had spoken on
the subject from the bankers side,
talk from business man from the
business mems view Of the relation
would be interesting. This talk, presi-
dent Payne announced, would be as
signed at one of the early luncheons.
Elephant Butte Dam.
Arthur P. Davis, chief engineer of the
reclamation service, who is here today,
was one of the guests at the luncheon
and made a short talk TO the business
men who attended. He explained that
the Elephant Butte work was only held
up pending condemnation of land.
New Directors.
The directors of the chamber of COM
merce who were selected at the annual
election Thursday are: w S Clayton,
W. E. Anderson, G.. F. Hawks, A. Heine-
man, s. J. Larl1in, II. S. Potter. d. 7.
White, George R. LeBaron, and d. NJ
Payne.
At tho first meeting of the new
board, D. NJ. Payne was elected presi-
dent OF the chamber. c. y. Kline secre-
tary. A w Reeves, traffic manager,
Nita Ransberger, assistant secretary, w
S Clayton. first vice president; a. 3
Potter, second vice president; e. r
Hawks. treasurer. James G. McNary,
J. A. Happier and ]. F. Williams, who
were nominated for the directorate,
Withdrew. and their names were not
voted upon at the election.
Tonight the annual meeting will be
held at the chamber Of commerce build
ing
At the Luncheon.
Those present at the luncheon today
were: J. ". Lorentzen, T. c. Phillips,
of Las Cruces; II. 3. Stevens, J. g.
McNary, Claiborne Adams, d. NJ. Payne,
W M Reed. Arthur P. Davis, James A.
Dick, F. ". Gallager, Edgar Kayser,
J. w Zoller, @. J.. Binfcrd, ]. c. VIII
rnarth, J. A Smith, W. H. Tuttle, r. E.
Patton. c. F. Holmes, H. B. Fitzpatrick,
H. Y Ellis, V. R. Stiles. w. r. Brown,
A. W. Reeves, Garnet King, Winchester
Cooley, J. c. Garnett, Fred J. Feldman,
w H Shelton. A. S Howard, j. A
Wright, E. NJ. Bray. d. T. White. w. E.
Anderson. Maurice Parker, c. W. Free
man. ". H. Austin. Paul Hermans, Fred
WOodWarfh Felix Martinez.