I found a source which mentions the Chautauqua Salute in numerous places. It evidently was very common in the 1910-1916 period.
http://www.jwforum.name/apol/apol_christ/Russell.pdf
Here are a few short excerpts mentioning it in various Convention Reports which can be found easily by searching the pdf:
...Address of Welcome
AT 11 o'clock Brother Russell came on the platform and was
greeted with the Chautauqua salute, which he returned, while all
joined in singing, "Blest Be the Tie That Binds."...
... There were about 250 present.
Brother Ward said: I know just how you all feel, you would like
to shake hands with Brother Russell. As we waved Brother
Russell off, so we will wave him here. (The Chautauqua salute
was given.)
Brother Russell:--I will wave mine in return.
Then after singing one or two more hymns the Chairman
introduced Brother Russell,...
... As he came on the platform all the
congregation rose, gave the Chautauqua salute and sang one
verse of "Blest be the Tie that Binds."...
..., Brother Russell arrived at the
hall and was warmly greeted with the Chautauqua salute and
singing of hymn No. 23. Brother Russell then addressed the
friends as follows:....
This is a practice which has been hardly mentioned on this site, and for it to be brought back in this summer's convention is remarkable.