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

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Author: Otto H. Kahn
Published: 1917
Language: English
Wordcount: 6,096 / 25 pg
Flesch-Kincaid Reading Ease: 46.1
LoC Category: HG
Downloads: 781
Added to site: 2009.07.12
mnybks.net#: 24681
Genre: Essays
Excerpt

ombination of men. It would sweep any man or men aside like driftwood if they stood in its way or attempted to deflect it.

[Sidenote: Do "big men" put the market up or down?]

True, men at times discern the approach of that current from afar off and back their judgment singly, or sometimes even a few of them together, as to its time and effect. They may hasten a little the advent of that current, they may a little intensify its effect, but they have not the power to either unloosen it or stop it.

If by the term "big men" you mean Bankers, let me add that a genuine Banker has very little time and, generally speaking, equally little inclination to speculate, and that his very training and occupation unfit him to be a successful speculator.

The Banker's training is to judge intrinsic values, his outlook must be broad and comprehensive, his plans must take account of the longer future. The Speculator's business is to discern and take advantage of immediate situations, his outlo

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