198 
on ‘‘Review and Outlook for Banking Reform’’ 
as follows: 
1. ‘‘Requirements of the South in Banking Re- 
form,’’ by William A. Blair, vice-president of the 
People’s National Bank, Winston-Salem, N. C. 
2. ‘‘The Function of a Gold Reserve in a Na- 
tional Banking System,’’ by Hon. George E. Rob- 
erts, Director of the Mint, Washington, D. C. 
3. ‘Relation of Banking Reform to Corporate 
Financing,’’ by Mr. J. Selwyn Tait, late manager 
of the International Banking Corporation’s 
Branch, Washington, D. C. 
4, ‘‘The United States Treasury as Related to 
the Country’s Banking System,’’ by the Hon. Lee 
McClung, Treasurer of the United States. 
5. General discussion of foregoing papers, by 
Roger W. Babson, formerly expert for the Mon- 
etary Commission, Wellesley Hills, Mass. 
The Friday evening session of the section, to 
which the members of the American Heonomic 
Association and those of the American Civie Alli- 
ance were invited, was one of the largest meetings 
of the series. Some seven hundred persons listened 
to addresses on ‘‘Corporate Problems of To-day.’’ 
Dr. John Franklin Crowell, associate editor of the 
Wall Street Jowrnal, was in the chair and opened 
the session with a brief address. Six speakers 
summarized the corporate problems of banking 
and currency, of the railroads and of the indus- 
trials. The program was: 
1. ‘‘Problems of Banking and Curreney,’’ (a) 
by the Hon. A. Piatt Andrew, assistant secretary 
of the Treasury, Washington, D. C.; (b) by the 
Hon. James T. McCleary, secretary of the Amer- 
jean Iron and Steel Institute, New York City. 
2. ‘“Problems of Industrial Corporations,’’ (a) 
by Professor T. N. Carver, of Harvard University, 
secretary of the American Economie Association; 
(b) by Hon. John Hays Hammond, Washington, 
D. C., late special ambassador of the United States 
to Great Britain. 
3. ‘‘Problems of Railway Corporations,’’ (a) 
by John B. Daish, Esq., counselor-at-law, Wash- 
ington, D. C.; (b) by Samuel Untermyer, Hsq., 
counselor-at-law, New York City. 
Each paper presented in succinct form the es- 
sential limitations of the problems. If the six 
addresses were printed together, an excellent hand- 
book of the corporate problems of to-day would be 
furnished for students of this field. 
Much interest was aroused by the address of 
Mr. John Hays Hammond, relating to the Indus- 
trial Corporations, in which he advocated a federal 
commission. At the close of the meeting, Dr. 
SCIENCE 
[N.S. Vou. XXXV. No, 892 
Crowell announced the election of Mr. John Hays 
Hammond to the vice-presidency of the section, 
succeeding Dr. J. Pease Norton. 
Smaller meetings and round table gatherings 
were held by the visiting societies. The Home 
Economics Society presented a large and varied 
program. 
The American Economie Association discussed 
immigration, economic concepts, tariff investiga- 
tions and the decline of rural population in the 
south. In the session on tariff legislation Pro- 
fessor H. Parker Willis took issue with Professor 
Henry C. Emery in regard to the principles under- 
lying the investigations of the Tariff Board and 
the result was an illuminating discussion fruitful 
of results. 
Dr. John L. Coulter, of the University of Minne- 
sota, and Dr. Frissell, principal of Hampton Insti- 
tute, spoke on ‘‘Rural Conditions in the South.’’ 
An important symposium of the American Civie 
Alliance on the subject of ‘‘Old Age Retirement’’ 
was participated in by several speakers. Mr. Miles 
Dawson, actuary of the Armstrong Commission, 
discussed retirement plans in foreign countries and 
showed the necessity of the straight pension plan. 
In this opinion Mr. Dawson was seconded by Mr. 
M. F. O’Donoghue, president of the United States 
Civie Service Retirement Association, representing 
a quarter of a million government employees. An 
opposite view was taken by Congressman Gillette, 
who advocated that a portion of each employee’s 
salary or wages be reserved by the government 
for the use of the employee after his retirement, 
this fund to be free from attachment and aliena- 
tion. This plan, sometimes called the ‘‘Compul- 
sory Savings Plan,’’ was put forward as the 
remedy for the situation developed by the large 
number of superannuated employees in the civil 
service. 
Interesting sessions were held by the statisti- 
cians. ‘‘The Naturalization of Immigrants’’ 
from a statistical standpoint was presented by 
Mr. Fred ©. Croxton, statistician of the U. S. 
Immigration Commission. Other sessions were 
devoted to the ‘‘Forecasting of Business Condi- 
tions by a Study of Statistics’’ and ‘‘ Industrial 
Injuries.’’ The former was treated by Mr. Roger 
W. Babson, economic engineer, of Wellesley Hills, 
Mass., and by Dr. John F. Crowell, of the Wall 
Street Journal. The latter was discussed in a 
joint session of the Statisticians and the American 
Association for Labor Legislation, led by Charles 
P. Neill, Commissioner U. S. Bureau of Labor; 
Frederick L. Hoffman, president of the Statistical 
