Members were told that the society was established as an alternative to Phi Beta Kappa to allow young men to meet and share ideas in an atmosphere of
pub conviviality rather than more formal and elitist
salon discussions; its reversed Greek letters were purportedly chosen to reinforce the contrast. To decipher the group's actual founding and provide context, university yearbooks began as student publications, often organized by fraternities with the result that the
Greek Letter organizations gained prominent billing in the books, along with athletics and other clubs, and often, printed extensive humor sections. The joking, at times rendered in poetic style, with cartoons, other illustrations, elaborate spoofs, and short news items were immensely popular, driving sales, and allowing the editors and contributors a rare opportunity to poke fun. Their targets included academic administrations, topical news, and other members of the class with nicknames and remarks about habits as between intimate friends. Where jokes and satire wouldn't play well on a Greek letter organization's actual pages whose members were the rabid purchasers of the books, an inventive, sharp-tongued writer could offer, instead, a fictitious entity, and pages of joking. These editors would sometimes even sign off with an apology closing the section to those who might be offended. Virtually every school student body offered these books, which in the
Big Ten schools and other large state schools could reach over 700 pages. This phenomenon was virtually ubiquitous nationally throughout the 1870s until the
Great Depression when the average yearbook became smaller, and more polite, dropping to perhaps half its size from just a few years earlier. The most likely origin of Kappa Beta Phi, therefore, was as an inside joke, perhaps at
Yale,
Hobart,
Minnesota, or
Michigan, repeated immediately by other campus editors who heard of the idea and soon populated their chapters with actual members willing to appear in a photo or participate in a party or two. When the organization petered out on campuses in the Great Depression, a post-collegiate
Wall Street chapter took on the mantle, and has continued the organization since that time. The 1941
University of Miami Ibis yearbook noted that the letters Kappa Beta Phi stood for "Kursed by the Faculty", and referred to the same Welsh Tennyson motto that the Minnesota and Hobart chapters had previously used. In its 1894
Minnesota Gopher yearbook, a chapter of Kappa Beta Phi is pictured, with what is reasonably understood as a parody chapter list, at least in part, adjacent to the Phi Beta Kappa page. This 1894 mention may be the oldest printed reference found. There was some consistency between college yearbooks for these early mentions, where the Hobart
Echo yearbook of 1929 notes a roll of chapters abbreviated from that cited by the Minnesota chapter. It places the
Hobart chapter as being founded in 1890, and the University of Minnesota in 1893, just after Hobart. The
Minnesota chapter list does not date the chapters, but the
Hobart chapter is earlier in the list than Minnesota's several other old-line schools. A membership card of the
University of Michigan chapter of Kappa Beta Phi for the 1952–53 college year supports the club's founding date by featuring the phrase "Founded 1776"; this too is also likely in jest and undocumented. An image of the Kappa Beta Phi key of that era is printed as background on the membership card and shows in the lower left corner a hand pointing at a
stein in the upper right corner, three stars in the upper left corner, and a blank lower right corner. Membership was by invitation and open only to men belonging to one of five Greek-letter social fraternities, including
Psi Upsilon. The ''Michigan chapter's'' purpose was entirely social and revolved around several parties and picnics per year at which alcoholic drinks were always available. An all-day initiation was held once a year in a secluded farm field and involved excessive drinking. By the 1930s, dozens of chapters were suggested by various yearbook mentions. Some may have been in de facto existence, primarily on college campuses, or the bulk of these may have been an ongoing series of yearbook jokes, egged on by satiric-minded editors. Where it existed, the society was known for being made up of men with a sense of humor. Many colleges and traditional fraternities fought to abolish Kappa Beta Phi since it was often characterized as a fraternity solely for drinking and partying while making a mockery of academics and more reputable organizations such as Phi Beta Kappa. The
Wall Street chapter of Kappa Beta Phi was founded in 1929 before the
stock market crash and is the only remaining chapter of the society. The stated purpose of the
Wall Street chapter is to "keep alive the spirit of the "good old days of 1928–29." The
College of Mount Saint Vincent, based in
Brooklyn, published a commentary letter from its president emeritus
Charles L. Flynn Jr. distancing the college from any relation with the organization. Written in 2014, the letter may be satiric in nature itself; it fully adopts modern tropes and sensitivities, and for an academic letter is pointedly critical. Given the media interest in Wall Street excess during that decade, where outsiders certainly did show alarm over the purported antics of the Wall Street chapter, it is unclear what connection, besides the emergence of a
The Chronicle of Higher Education article may have sparked Flynn's response. ==Symbols and traditions==