17
BANKER
THE CHICAGO
October iy, 1908]
(Department of Chicago Banker)
An Open Forum Dedicated to the Associated Chapters A. I. of B. in Which to Advance the Great Movement for Independent Action and Universal Membership
er Circles
ufacturers’ and National Committees on Tariff Adjustment, handled the difficult subject “The Coming Tariff Revision” in a most interesting and instructive manner. After a brief but careful review of conditions in the United States at the inception of tariff legislation, Mr. Harding showed how gradually the favorite phrase “protection for infant industries” became more and more a misnomer until its final disappearance with the “tin plate” enactment in the late McKinley bill.
The attention of his hearers was then directed to the fact that, owing to the United States government having no power of direct taxation, this power being in the hands of the states, counties, and municipalities, practically the only sources of revenue left to the national government are the internal revenues and those received from imports.
In Europe, however, notably Great Britain, the central government has the power of direct taxation of its citizens.
Mr. Harding then discussed at length the relations of the producers and consumers of this country, and pointed out some of the fallacies existing in the minds of the latter with regard to tariff ills. Of special interest was his discussion of the existing misunderstanding of the relations of rates on raw materials and those on finished products, which defects were strikingly illustrated by the lamented Wilson bill. He also cited the experiences of England along this line and the remarkable changes in sentiment toward tariff reform as indicated by the rapidly increasing tendency towards protection as practiced by the United States.
In conclusion, Mr. Harding called particular attention to the fact that the present tariff schedule is the result of over one hundred years’ experience; and that, even in the event of so radical a president as Mr. Bryan, with the complexion of the house and senate committees on tariff remaining any way near its present status, no sweeping changes may be expected before the fall of 1909, or the spring of 1910, owing to the technical difficulties in connection with each tariff provision. He was inclined to lean towards a belief that the fair and candid tariff planks in Mr. Taft’s platform, if carried out, would bear greater results if he should be elected, than those of Mr. Bryan.
The second speaker of the evening, Talcott Williams, one of Philadelphia’s most enlightened journalists and scholars, delighted the young bankers present by an able discussion of the subject “Trusts and the Individual.” Time forbade Mr. Williams from treating his subject in any other than a colloquial way, but by so doing he kept well within the range of his hearers. Of unusual interest and instruction to the young men was the manner in which he dispelled some of the existing ideas with regard to this being the day in which individual merit has limited opportunity. In doing so, he gave a most comprehensive review of business conditions from colonial days up to the present time, pointing out the many difficulties in the way of family holdings and influences, limited fields of investment, etc., which practically left the only alternative of entering business for themselves on the part of the
s in Chapt
president; Page Lawrence, Columbia Savings * & Loan Company, vice-president; Plorace Id. Brooks, International Trust Company, secretary:	J. P. McEUherren, Union Stockyards’
Bank, treasurer.
Beside the new officials the following members were enrolled:	F. M. Sammis, J. S.
Davis, Charles I. Dearden, W. C. Garver, M. E. Weston, A. J. Wirth, A. W. Hug, J. B. Bauowitz, George Hauck, O. E. Crebell, Theo. Bushnell, G. A. Ackling, A. A. Hauck, H. B. Snyder, George A. Brown, George T. Wells, James B. Lippitt, Gordon C. Ken, J. M. Hansen, G. L. Pease, H. L. Williamson, O. Preston, J. M. McKenney, P. A. Simpson, A. H. Lentz, and P. A. Weiner.
Buffalo Chapter Lectures
Several lectures on banking, political economy and kindred subjects will be delivered by men of national reputation in Buffalo during the coming season under the auspices of the Buffalo chapter of the American Institute of Banking. Francis B. Sears, senior vice-president of the National Shawmut Bank of Boston, will deliver an address on “The New England Clearing House,” Wednesday evening. Other speakers of equal prominence are expected to appear at later dates.
Augusta Chapter Organized
A chapter of the American Institute of Banking has been organized at Augusta, Ga., with a flourishing membership, and a number of out-of-town bankers on the roll of members.
Milwaukee Chapter Meeting
The first meeting of the season of the Milwaukee chapter, American Institute of Banking, was held recently in the rooms of the Merchants & Manufacturers’ Association. The meeting was largely given over to accounts of the national convention at Providence, R. I., and F. E. Bachhuber, R. L. Stone, of Milwaukee, and A. H. Jensen, of Edgerton, told of their experiences at the gathering. Former Congressman Theobald Otjen, manager of the South Side Branch of the German-American Bank of Milwaukee, will lecture before the chapter at the next meeting, on “Parliamentary Law.” Among others who will appear during the year are John I. Beggs, president of the Milwaukee Electric Railway & Lighting Company; Prof. Goode, of Chicago University; Dr. Flughes, president of Ripon College, and others.
Philadelphia Chapter Fires its First “Broadside.”
—By E. L. Allison.
Following the opening “smoker” of September 18th, which was the occasion of the opening of the handsome new assembly rooms in the stately Roger Williams Building at Seventeenth and Chestnut streets, the Quaker City chapter held another record breaking meeting in point of attendance and interest on October 2d. In spite of the fact that fifty-three (53) new members had enrolled in the interim, the average attendance for the two meetings exceeded 60 per cent of the total membership of the chapter.
The initial speaker of the evening, Charles H. Harding, a prominent member of the Man-
Fall Event
At a meeting of 30 employees of the banking institutions of Denver recently a Denver chapter of the American Institute of Banking was organized under the authority of the national association which was made a section of the American Bankers Association at the recent convention in Denver. As the only national organization in the world composed of employees which is financially and in every other way heartily supported by the organization of the employers in the same business the institute stands alone in efficiency in promoting the best interests of its individual members.
For this reason the establishment of a chapter in Denver is of particular significance to the welfare of the banking industry and especially so to the employees of Denver institutions. Under the direction of George E. Allen of New York City, educational director of the institute, the men met in the directors’ room of the Denver National and after listening to the advice of Mr. Allen and D. C. Wills, member of the executive council of the American Bankers Association from Pittsburgh, effected formal organization and elected officers.
One of the important addresses of the evening was by Frank D. Brundage of Knauth, Nachod & Kuhne of New York City, who belongs to both the Chicago and New York chapters.
In brief the purposes of the national institute are the improvement and education of the employees in the business principally through their own efforts beside series of lectures which are given on pertinent subjects by leading financiers and authorities. Through the medium of the chapter, the 9,000 members are afforded opportunities of discussing and studying the broader aspects of the different branches of their profession than could by any other means be afforded them. In special investigation and debate of the members the historical and relative sides of the various divisions of banking are adduced to the benefit of all and is done so mainly by themselves. The institute maintains lecturers throughout the country to talk upon special subjects. A magazine is published in which the activities of the different chapters are given periodically and articles printed of value to the entire body of membership.
That the institute is of practical use can be attested by one fact: that in the 45 cities in which the institute has branches, 90 per cent of the higher bank officials have graduated from the active membership of the organization to the more honorary class of fellows. The association is entirely for the benefit of the young men in the business, who are given chances by their work in it to display and increase their executive abilities. The American Bankers Association each year spends a sum of money in support of the organization and at the recent convention in Denver, largely through the efforts of Joseph Chapman of Minneapolis, made the institute a separate section similar to that of the savings banks and the like.
The first set of officers of the new chapter are:	George A. Brown, Denver National,