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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   By: (1867-1934)

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In "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," Otto Hermann Kahn presents a comprehensive analysis of the relationship between the stock exchange and public opinion during a crucial period in American history.

Kahn, a prominent investment banker and financial expert of his time, delves into the dynamics between the New York Stock Exchange (NYSE) and the wider public. Through his insightful remarks delivered at the annual dinner of the Association of Stock Exchange Brokers, held at the prestigious Astor Hotel, Khan sheds light on the challenges, misconceptions, and misjudgments surrounding the stock market during the early 20th century.

One of the book's strengths lies in its historical context. Khan provides readers with a clear understanding of the economic and social climate of the time, including the lead-up to World War I and the subsequent impact on financial markets. This context serves as a foundation for his analysis of public sentiment towards the NYSE and the influence of public opinion on market activities.

Khan's prose is engaging, yet informative, allowing readers to grasp complex financial concepts without feeling overwhelmed. He demonstrates his deep understanding of the stock exchange and skillfully conveys it to a diverse audience, making this book accessible to both experienced investors and those interested in understanding the role of the stock market in society.

Throughout the book, Kahn explores the popular misconceptions and prejudices held against the stock exchange and stockbrokers. He critiques the prevailing narrative of the time that financial markets were predatory and manipulative institutions, countering it with arguments that emphasized the significant benefits they brought to the broader economy.

Furthermore, Kahn emphasizes the importance of cultivating a positive public image for the NYSE and its participants. He argues that self-regulation, accountability, and transparency are essential for restoring public confidence in the stock market. While acknowledging the need for regulation to protect investors, he cautions against excessive intervention that stifles innovation and growth.

Although published over a century ago, "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" remains relevant to this day. The book serves as a reminder of the cyclical nature of public opinion towards financial markets and offers insightful lessons for investors, industry professionals, and policymakers alike.

In conclusion, Otto Hermann Kahn's book provides a valuable historical account of the New York Stock Exchange's relationship with public opinion during a crucial period. Through his eloquent analysis and engaging prose, Kahn manages to debunk misconceptions surrounding the stock market while advocating for transparency and self-regulation, making this book a must-read for anyone interested in understanding the intersection between finance and public sentiment.

First Page:

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... Continue reading book >>




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