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 — Inside the Classic

A Defense Framed as Self-Examination

Kahn’s rhetorical strategy is notable: he poses questions to himself, such as “Should the Exchange Be ‘Regulated’?” and answers them at length. This device allows him to acknowledge criticisms—like “shortcomings and laxity of methods”—while deflecting blame onto outsiders who use the Exchange. He distinguishes between the institution and its users, a key argument that recurs throughout. The imaginary examination format also lets Kahn control the narrative, preempting hostile queries with measured, reasonable-sounding replies. He even compares the Exchange’s past tolerance of questionable practices to Congress’s former acceptance of corporate campaign contributions, implying that reform is a natural, ongoing process rather than a response to external pressure.

The Power of Personal Propaganda

Kahn advocates for direct, personal engagement over formal publicity. He quotes his late friend E. H. Harriman, who said, “all the opportunity I ever want is to be one of fifteen men around a table,” to illustrate how face-to-face conversation can dissolve animosity. Kahn urges brokers to cultivate relationships outside their accustomed circles, especially with people from the West and South. He argues that “an ounce of personal relationship and personal talk is worth many pounds of speech making and publicity propaganda.” This emphasis on personal diplomacy reflects a belief that the Exchange’s reputation can be repaired through individual efforts, not just institutional messaging.

Democracy’s Demand for Accountability

Kahn acknowledges that “this is the age of publicity” and that democracy “won’t take things for granted.” He warns that if the public concludes that the power accompanying material success is not used responsibly, it will find ways to limit rewards and curtail power. He insists that the Stock Exchange must “leave nothing undone to get itself better and more correctly understood” and should welcome scrutiny. The speech closes with a call for business to “come out of their old time seclusion” and vindicate their usefulness. Kahn’s tone is pragmatic, not defiant; he accepts that public opinion is the ultimate arbiter and that the Exchange must adapt to survive.

Kahn’s speech offers a window into the defensive posture of early 20th-century finance, blending self-criticism with a robust defense of the Exchange’s role. Readers should note that the text is a single, uninterrupted address; the excerpts provided do not include the full speech, so Kahn’s arguments may develop further beyond what is quoted. The speech is valuable for its candid discussion of public relations strategies and its reflection of contemporary debates about corporate power and democratic oversight.

There’s something almost tender in re-reading Kahn’s 1903 speech now, that old confidence in self-regulation as a kind of civic virtue. It reminds me, oddly, of the quieter optimism threaded through The American Consolidated Mines Company (1903) — Themes and Context, where even ambitious consolidation still felt like a handshake between strangers. Just a passing thought, really.