The chair took it upon himself, in order that the program might not lack any of the things a program of this Association. should have, to call upon a Chicagoan, than whom no Chicagoan can more fittingly represent the solidity of the city, financial, social, moral, any phase you please than he and in response to a request, not for a prepared address, but for a few words from Chicago from the city that does things, to the men who do things in other cities. It gives the chair, therefore, a great deal of pleasure -personal and official - to present Mr. George B. Caldwell, Vice-president of the Continental & Commercial Trust & Savings Bank of Chicago. FINANCES By GEORGE B. CALDWELL, Vice-President. Continental & Commercial Trust & Savings Bank, Chicago, Ill. When I was asked to appear here today, I hesitated to come, fearing you might not like to be welcomed by a banker - a proceeding rather unusual. As I look over this large gathering, I am reminded of what a noted general once said at a dinner given the officers of his old brigade. He said, "Now, boys, we will have a family gathering and" (pointing to the table loaded with good things), he continued, "treat it as you would the enemy." At the end of the feast, an Irish Captain was discovered in the act of stowing away three bottles of champagne in his saddlebags. "What are you doing, sir?" gasped the astonished general. Obeying orders, sir." replied the Captain in a firm voice, you told us to treat the dinner as we would the enemy, and you know, General, what we can't kill we capture." A banker, as I know him, is something like the Irish captain. 46 Before you turn your thoughts to the more serious purposes that have brought you together, it is my very pleasant duty to welcome you to this City. We have just had as our guests for three days 400 representatives from forty-odd different countries, who have departed filled with gratitude for our hospitality, and, I hope, with a renewed ambition for civic righteousness. They looked at us from a different viewpoint, no doubt, than you will, confined as you are to your own resources and to a fixed program and the Stock Yards and Stock Yards Inn. You are greater in numbers and stature and I venture to say that the pecuniary rewards of this meeting. will surpass their visit and I hope be very profitable to you. However, you are none the less welcome, knowing as I do that it is just such meetings as these which insure to your profession and mine their healthy life and vigorous growth. It is the frequent gathering together of earnest men, each with his individual experiences, but all with a single engrossing purpose, which keeps your profession up-to date and ready for the next forward step. I am of the opinion that in all the various national organizations today none is your equal in directness of purpose and determination to please a critical and exacting public. If to be a "Progressive" one must continually find fault with the other fellow, then I think I hear you say that the people are all Progressives". 66 On the other hand, in our daily communications, either of business or friendship, what is more trying than the person whose habits of thought, speech or action lead him merely to guess, or hint or falter. I think you will agree with me that all the world admires a man who can hit the mark, and nowhere is this characteristic so necessary it seems to me as in the management, today, of our great corporations, especially our railways. We today have great banks which twenty years ago were impossible. We have great industrial corporations likewise of recent date and unusual size. We have great railway systems, both steam and electric the greatest in the world-and if their service is to be respected and your work rewarded you must shoulder responsibility in proportion not only to increased capital requirements, but to increased public requirements. I am employed by a bank which receives deposits and grants credits: you are employed by a railway company that employs credits and issues deposits for the price of a ride. In this that we both have the same client, the depositor in my case and the passenger in your case we are not wholly unlike. At times I have known both banks and railways to be very unpopular, and in the last analysis there is but one solution Service". Many of you are familiar with our experiences in Chicago during recent years, so far as our surface lines are concerned: we had bad financing, bad service, failure, political troubles, labor troubles and a public sentiment that forced every remedy to the highest courts. All this has been changed today we have a modern system, serving a greater number than ever and a public sentiment in sympathy with the present management. Six years ago the bonds and stocks were so discredited that no one cared to buy; today our own people buy eagerly the securities upon these same properties rehabilitated. Good service, in my judgment, is the essential element in the success of all business dealing with the public and applies even in politics, and whether you be the President of the United States, the manager of a mercantile establishment, factory, bank or railway, if you do not render good service, you will not meet with success. In conclusion, permit me to congratulate you most heartily upon the size of your organization and the work you are pledged to do. Using Chicago slang, "Go to it." Be not discouraged that your coming to and going from this great City shall not be heralded by the blare of trumpets or the booming of cannon. Deep in the heart of each citizen and of the world there is growing a profound reverence for the things you are doing. Meet in Chicago as frequently as you can— - solve here today the problems of today, and if "conscientious service" is your motto, you will have new problems for tomorrow, next year and the year after, that I hope will bring you back. You, like every other manager of a public institution, have enlisted in the service of humanity, with vigilance and patience as your motto. Chicago may lack in patience, but it is ever vigilant and withal human, and in its name I wish you a pleasant and profitable meeting and your early return to this city for a subsequent meeting. VICE-PRESIDENT HARRIES:- We will next take up the Report of the Committee on Subjects, Mr. C. Loomis Allen, Chairman. REPORT OF THE COMMITTEE ON SUBJECTS To the Members of The American Electric Railway Association: GENTLEMEN: The Committee on Subjects begs leave to make a formal report of its work during the past year as follows: The work of this Committee has been considerably augmented this year by giving it authority over the program of the Mid-year meeting and in addition, the Executive Committee, at its meeting in January last, in lieu of the appointment of a Committee on Publication, vested in the Committee on Subjects the right to inspect and approve reports and papers prior to their presentation at the annual Convention. Your Committee met first in November and developed there the program of the Mid-year Meeting, the arrangements embracing the following: 1. A discussion of the report of the Committee on Determining the Proper Basis for Rates and Fares, by various member company officials. 2. An address on Publicity for Electric Railways," with formal discussion. 3. An address on "Economic Limitations Upon the Development of Transportation by Electric Railways," with formal discussion. 4. An address on The San Francisco Strike ". A second meeting was held during the period of the Mid-year Conference when the program for the 1912 Convention was developed in outline form. It seems unnecessary to go into the details of this as the plans of the Committee as there decided upon are practically reflected in the program of the American Association, which you have before you. The Committee wishes to take this opportunity of expressing its appreciation of the co-operation of the gentlemen who have aided its work by consenting to speak at the Mid-year Meeting and at these Convention sessions. Respectfully submitted, C. L. Allen, Chairman, E. C. FOSTER, P. H. GADSDEN, P. S. YOUNG, E. O. ACKERMAN, H. K. BENNETT, J. N. SHANNAHAN, Committee on Subjects. VICE-PRESIDENT HARRIES:- If there is no objection, the Report will be received and printed in the proceedings. The Secretary will next present the Report of the Committee on Company Membership, of which Mr. Allen is also Chairman. REPORT OF THE COMMITTEE ON COMPANY MEMBERSHIP To the Members of the American Electric Railway Association: GENTLEMEN. Your Committee on Company Membership begs to submit herewith a report of the work conducted during the year and the results thereof. A meeting of the Committee was held during the Mid-year Conference and certain plans were there discussed and formulated which have since been put into execution. It developed a comprehensive folder briefly summarizing the activities of the Association, in order that the non-members could, at a glance, see the scope of the work of your organization and the return to be had for the amount of dues involved. This folder showed that there were at work throughout the year more than 50 committees and that these comprised a total membership of 400 individuals. In addition to various other statistics and the outline of the work of these committees, the privileges afforded members, convention data and other information was given in the folder. The country was then sub-divided and a certain territory assigned to each member of your Committee, lists were furnished of all non-member companies and their officials in the respective territories, and these non-members were then communicated with either personally or by letter. In addition your Committee requested the co-operation of all member companies, with the result that officials of the companies personally communicated with certain non-member companies with which they were in most intimate touch. All of the above was supplemented by consistent follow-up work and the result of the campaign is shown in the fact that 50 companies have been added to the membership during the present year. It is gratifying to know that this has brought the total enrollment up to 393 companies, a net gain of 30 over the number enrolled at the beginning of the year, this despite the fact that a loss of 10 companies was sustained by consolidations throughout the year and some few withdrawals, mainly due to receiverships. As Chairman of the Committee, I desire to pay tribute to the efforts of the gentlemen making up this Committee, who by earnest co-operation and consistent and hard labor have, with the assistance of other member company officials, been able to show what in the opinion of your Chairman is a splindid conclusion to the year's work, particularly so when it is understood that the field to work in is rapidly growing more confined. Respectfully submitted, October 8. 1912. C. LOOMIS ALLEN, The full personnel of the Committee on Company Membership for the year 1911-1912 was as follows: C. Loomis Allen, Chairman, Syracuse, N. Y. C. H. Harvey, Knoxville, Tenn. Jos. S. Wells, Salt Lake City, Utah. E. C. Faber, Wheaton, Ill. E. B. Peck, Indianapolis, Ind. J. H. Pardee, New York, N. Y. |