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Prime mover of Chicago's Charter Jubilee Art Show is flag-waving Chauncey McCormick, longtime vice president of Chicago's Art Institute, art impresario of the Century of Progress Exposition, grandnephew of the primordial Cyrus Hall McCormick. Chauncey McCormick who made his maiden political speech (''Save America") in the summer of 1935, is much more tolerant of radicalism in art than of radicalism in politics. When Mrs. Herbert Hoover was caught in a torrential rainstorm after inspecting the Century of Progress art show, gallant Mr. McCormick shooed a traffic officer from his corner to find a taxicab, directed traffic himself in the downpour while the officer was gone. Wisecrackers said that if it had been Mrs. Roosevelt instead of Mrs. Hoover she would have drowned.