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

At a 1917 banquet in New York’s Astor Hotel, a leading financier steps up to the microphone to confront a wave of criticism aimed at the nation’s premier market. He recounts a recent trip to Washington where he was called to refute an unfounded rumor about his reputation, and he walks listeners through a series of imagined questions that frame the debate. The speech quickly focuses on whether the Stock Exchange should be placed under government control, drawing a clear line between the institution itself and the actions of individual participants.

Drawing on recent reforms, the speaker argues that ethical standards evolve and the Exchange has consistently embraced higher expectations, from rigorous admission rules to real‑time public reporting of every transaction. He compares the New York market with its European counterparts, insisting that its transparency and self‑regulation make it a model of efficiency. Listeners are offered a snapshot of early‑20th‑century financial confidence, the tension between public opinion and private governance, and the resolve to improve practices as new challenges arise.