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, 1917Kahn, Otto H.
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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
Kahn, Otto H.
New York Stock Exchange
I recall in this connection an incident which concerns my great friend,
the late E. H. Harriman. He talked to me about his wish to be elected
to a certain railroad board. I said, "I don't really see what use that
would be to you. You would be one of fifteen men, of whom presumably
fourteen would be against you." He answered: "I know that, but all the
opportunity I ever want is to be one of fifteen men around a table."
And the result has shown that that was all the opportunity he needed.
We cannot all have the conquering genius and force of a Harriman, but
every one of us, in a greater or lesser degree, every one in some
degree has the power of co-operating in the vastly important task of
personal propaganda for a better understanding, a juster appreciation
of each other, between East and West and South, between what is termed
Wall Street and the men who make our laws, between business and the
people.
[Sidenote: _This is the age of publicity_]
This is the age of publicity, whether we like it or not. Democracy is
inquisitive and won't take things for granted. It will not be satisfied
with dignified silence, still less with resentful silence.
Business and business men must come out of their old time seclusion,
they must vindicate their usefulness, they must prove their title, they
must claim and defend their rights and stand up for their convictions.
Nor will business or the dignity of business men be harmed in the
process.
No healthy organism is hurt by exposure to the open air. No dignity is
worth having or merited or capable of being long preserved which cannot
hold its own in the market place.
Democracy wants "to be shown." It is no longer sufficient for the
successful man to claim that he has won his place by hard work, energy,
foresight and integrity.
[Sidenote: _The use of the power that goes with success_]
Democracy insists rightly that a part of every man's ability belongs to
the community. Democracy watches more and more carefully from year to
year what use is being made of the rewards which are bestowed upon
material success, and particularly whether the power which goes with
success is used wisely and well, with due sense of responsibility and
self-restraint, with due regard for the interests of the community.
And if the consensus of enlightened public opinion should come to
conclude that on the whole it is not so used, the people will find
means to limit those rewards and to curtail that power.
And what is true of the public attitude towards individuals holds good
equally of its attitude towards organizations such as the Stock
Exchange.
There can be little doubt that a great deal of misconception prevails
as to its methods, spirit and practices, as to its functions, purposes
and its place in the country's economic structure.
Public-domain text, read in full here on John Shaqi.
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