December 18, 1909]	THE CHICAGO BANKER	17
CEAFTEM EE€®MID)
(Department of Chicago Banker)
An Open Forum Dedicated to the American Institute of Banking in Which to Advance the Great Movement for Systematic Education and Universal Membership
mediate demands of the socialists are very significant to investors. They desire old age pensions, taxation of unearned increment, etc. Socialism seems almost certain to gain a strong foothold in America, especially in the cities. That means there will be a marked tendency toward municipal ownership of all public utilities, and the passage of much legislation favorable to the working class. On the whole the socialist movement is in the direction of greater democracy and has many good features. A country governed by corporations and trusts is not likely to be governed in an ideal way. If a strong socialist party develops in this country which champions the interests of the common people it may do a great deal of good.
San Francisco Chapter
Prof. A. C. Whittaker of Stanford, delivered his final lecture on “Foreign Exchange” December 8th. The chapter contemplates having a vaudeville performance and its annual dance about the middle of January. The English course, as conducted by the San Francisco Chapter of the American Institute of Banking is meeting with fine success, classes being held each Tuesday and Friday. A class will soon be organized for a course in practical banking, to be followed by one in political economy and another in commercial law, all under the supervision of Wm. A. Day, vice-president.
San Francisco Chapter has filled two vacancies in its official staff. Rudolph C. Gingg of the San Francisco National, resigned the secretaryship, and the board of governors elected Treasurer W. B. Compton of the Crocker National to fill the vacancy, and Milton R. Clark of the First Federal Trust Co. was elected treasurer.
The Farmers and Merchants Bank, of Powers Lake, N. D., with a capital of $10,000, has been chartered by C. D. Smith, J. J. Finch, A. W. Bray and others.
are also of three main types—local and national, trade organizations, and fedrations. Employers in trade organizations aid each other by financial assistance in case of strike; by furnishing legal assistance; by getting strike breakers; by doing work for the strikebound firm, (in case one member has a strike on in his establishment the other members in the same business will take over and get out his orders without extra cost to him during the strike), and by turning patronage toward firms boycotted by the unions.
The federation of employers, especially the national federation, like the national association of manufacturers, are concerned chiefly with the broader questions affecting employers. Two years ago the national association of manufacturers voted that $500,000 per year should be expended for educational purposes.
A much more significant factor in the labor situation than either the trade unions or employers associations is the international socialist movement, which is of comparatively recent growth. In 1867 the socialist vote of the world was 30,000—and these were all cast in Germany. In 1877 the vote rose to 494,000. In 1887 the total socialist vote of the world was 931,000; in 1897, 3,896,000; in 1907, 8,803,-000. Thus within forty years the number of socialist voters in the world increased from
30.000	to 8,803,000. In 1898 the socialist vote in the United States was less than 100,000. In 1908, ten years later the vote had risen to about 450,000. At the present time the socialist party is the strongest party in Germany, polling over
3.250.000	votes. It is also a powerful factor in France, Italy, Austria, Belgium, Finland, Denmark, Sweden and England. Socialism is primarily a movement of the working class to secure control of the powers of government. They propose to use these powers to establish an industrial democracy, in which the chief instruments of production—the mines, factories, railroads, etc., will be owned by the government. Not only the ultimate aims but the im-
Labor Problem Up at Chapter Meeting
By F. H. Ti-iiese
Prof. J. C. Kennedy, of the Chicago University, addressed the members of the Chicago Chapter A. I. B. and said in part:
The modern labor problem is a product of capitalistic, large scale production. Under this system the employers and employees become fairly distinct economic classes. The capitalists own the instruments of production but do not operate them; the wage workers use the instruments of production but do not own them. In some respects the interests of the wage-workers and the capitalists are harmonious, but in other respects antagonistic. This antagonism is intensified by lack of personal touch between employers and employees, and by difference of training, work and environment. The workers find that, as individuals it is very difficult for them to protect their interests against powerful corporations, and the corporation has a strategic advantage in settling questions of wages, hours of work, working conditions, etc. Therefore, the workers try to increase their power by the formation of unions, which strengthens the power of the workers, by doing away with competition among members for jobs, except under certain conditions; by having the bargaining of the workers done by skilled business agents, and by making it possible to bring strong pressure to bear on employers through strikes, etc. Labor organizations are of three types: local and national, trade unions, and federations of unions. Unions first attained great strength in Great Britain. At present they have about
1,900,000	members in that country. In France there are about 800,000 members; in Germany, 2,250,000, and in the United States about 1,800,-000. The growing power of unions led to counter organizations of employers. These
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407 Monadnock Block	... Chicago
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