Financial History

Articles from No. 110, Spring

All the Presidents' Bankers
By the end of the 19th century, the titans of banking were replacing the barons of industry as the beacons of economic supremacy in the United States. Some of the men who epitomized this transformation straddled both industry and banking. Others relied...
A Well-Refined Operation: 90-YEAR-OLD DIVERSIFIED UTILITY BUILDS THE FIRST NEW REFINERY SINCE THE BICENTENNIAL
90-YEAR-OLD DIVERSIFIED UTILITY BUILDS THE FIRST NEW REFINERY SINCE THE BICENTENNIALConventional wisdom has been that it would be impossible for a wholly new oil refinery to be built in the US. The last one was put into service by Marathon Oil (now Marathon...
Charles Dickens on Compound Interest
London. Michaelmas Term lately over, and the Lord Chancellor sitting in Lincoln's Inn Hall. Implacable November weather. As much mud in the streets as if the waters had but newly retired from the face of the earth, and it would not be wonderful to meet...
Dominick & Dominick: The History of an Enduring Wall Street Firm
WHEN THE FIRST EDITION of the Wall Street Journal was published on July 8, 1889, several companies took out front page ads. Today, only two of them remain: Rand McNally and Dominick & Dickerman (D&D), the latter of which was known for years as...
MoAF Center for Financial Education Launches Class on Financial Bubbles
What goes up must go down. For one of the Museum's newest course offerings, that idiom does not relate to gravity but to the ebb and flow of stock market bubbles. The class, "Booms, Bubbles and Busts," uses political cartoons to help students understand...
Museum Launches P-Credit Course for Teachers and Renews Free Student Summer Program
The Museum's program offerings and visitorship numbers have never been stronger. So far this year, the Lecture/ Symposia Series has featured Sheila Bair, former head of the FDIC during the recent credit crisis; Alan Blinder, former vice chair of the...
NEW BEDFORD, MASSACHUSETTS and the Importance of Local Sources of Capital
VISITORS TO NEW BEDFORD today are hard pressed to believe that this little port on the Acushnet River in southern Massachusetts once boasted the highest per capita income in the entire United States. The little city (population roughly 100,000) is far...
THE EVOLUTION OF VALUE INVESTING: Past, Present and Beyond
CONSIDERING THE POPULARITY of value investing, it is somewhat surprising that a paper recently published by Joseph Calandro in the Journal of Investing was the first formal attempt to categorize the development of this highly-effective and influential...
The Graham-Newman Collection
Benjamin Graham's contributions to the financial services industry are vast and varied. He is considered to be the father of value investing, and he made significant contributions to the standardization and professionalization of the field of security...
The Origins of US Credit Unions
ON APRIL 6, 1897, a Conservative member of the Canadian Parliament named Michael Quinn introduced a bill to ban "usurious" lending practices from the Dominion. Though the proposed legislation ultimately died in the Senate, the stories that were told...
The World's First Stock Exchange
By Lodewijk Petram, Columbia Business School Publishing, 2014 304 pages with illustrations, notes, bibliography and indexTALK ABOUT a ground-floor opportunity. In 1602, residents of the Dutch Republic could buy shares in the new Dutch East India Company...
Volunteer Spotlight: Greg Brennan
Greg Brennan began volunteering at the Museum in 2008, shortly after the Museum opened on Wall Street. A neighborhood resident with a lifelong passion for financial history, Greg was an ideal candidate to lead tours of the exhibits, and he became one...
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