The New York Stock Exchange and Public Opinion E-Book

Kahn

• Herausgeber: Science & Technology Publishing
• Kategorie: Fachliteratur
• Sprache: Englisch

Seitenzahl: 26

Veröffentlichungsjahr: 2025

Beschreibung

The New York Stock Exchange and Public Opinion: Remarks at Annual Dinner, Association of Stock Exchange Brokers, Held at the Astor Hotel, New York, January 24, 1917 is a historical document capturing a pivotal speech delivered during a transformative era in American finance. This book presents the insightful address given at the annual dinner of the Association of Stock Exchange Brokers, held at the prestigious Astor Hotel in New York City. The speaker, deeply involved in the workings of the New York Stock Exchange, reflects on the evolving relationship between the Exchange and the broader public, emphasizing the importance of transparency, trust, and ethical conduct in the financial markets. Set against the backdrop of early 20th-century America—a time marked by rapid industrialization, economic growth, and increasing public scrutiny of financial institutions—the remarks delve into the challenges and responsibilities faced by stockbrokers and the Exchange itself. The speaker discusses the critical role of public opinion in shaping the reputation and future of the Exchange, highlighting the need for self-regulation, honest dealings, and a commitment to serving the interests of both investors and the nation. Through eloquent language and persuasive arguments, the address explores themes such as the impact of media coverage on public perception, the necessity of maintaining high standards of integrity, and the potential consequences of failing to address public concerns. The book offers a rare glimpse into the mindset of financial leaders during a period of significant change, providing valuable historical context for understanding the development of modern financial markets. Ideal for historians, economists, and anyone interested in the history of Wall Street, The New York Stock Exchange and Public Opinion serves as both a primary source document and a thoughtful commentary on the enduring relationship between financial institutions and the society they serve.

Leseprobe

Note:

Images of the original pages are available through Internet Archive/American Libraries. See

http://www.archive.org/details/newyorkstockexch00kahnrich

The New York Stock Exchange

AND

Public Opinion

By Otto H. Kahn

REMARKS AT ANNUAL DINNER ASSOCIATION OF STOCK EXCHANGE BROKERS HELD AT THE ASTOR HOTEL, NEW YORK JANUARY 24, 1917

Published by The New York Stock Exchange

The New York Stock Exchange

A couple of weeks ago I went to Washington to contradict under the solemn obligation of my oath a gross and wanton calumny which, based upon nothing but anonymous and irresponsible gossip, had been uttered regarding my name.

On my way between New York and Washington, thinking that, once on the stand, I might possibly be asked a number of questions more or less within the general scope of the Committee's enquiry, I indulged in a little mental exercise by putting myself through an imaginary examination.

With your permission, I will read a few of these phantom questions and answers:

Should the Exchange Be "Regulated"?

Question:

There is a fairly widespread impression that the functions of the Stock Exchange should be circumscribed and controlled by some governmental authority; that it needs reforming from without. What have you to say on that subject?

Answer:

I need not point out to your Committee the necessity of differentiating between the Stock Exchange as such and those who use the Stock Exchange.

Most of the complaints against the Stock Exchange arise from the action of those outside of its organization and over whose conduct it has no control. No doubt there have at times been shortcomings and laxity of methods in the administration of the Stock Exchange just as there have been in every other institution administered by human hands and brains.

Some things were, if not approved, at least tolerated in the past which are not in accord with the ethical conception of to-day.

The same thing can be said of almost every other institution, even of Congress. Until a few years ago, the acceptance of campaign Should the Exchange be regulated? contributions from corporations, the acceptance of railroad passes by Congressmen and Senators were regular practices which did not shock the conscience either of the recipients or of the public. Now they have rightly been made and are looked upon as crimes.

Ethical conceptions change; the limits of what is morally permissible are drawn tighter. That is the normal process by which civilization moves forward.

The Stock Exchange has never sought to resist the coming of that higher standard. On the contrary, in its own sphere it has ever endeavored to maintain an exemplary standard, and it has ever shown itself ready and willing to introduce better methods whenever experience showed them to be wise or suggestion showed them to be called for.

In its regulations for the admission of securities to quotation, in the publicity of its dealings, in the solvency of its members, in its rulesShould the Exchange be regulated?