Financial
history
The magazine of the
Museum of American Finance
in association with
the Smithsonian Institution
Issue 100 • Spring/Summer 2011
(ISSN 1520-4723)
Kristin Aguilera
Editor
Editorial Advisory Board
Howard A. Baker, Esq.
Howard Baker Associates
Brian Grinder
Eastern Washington University
Gregory DL Morris
Freelance Journalist
Arthur W. Samansky
The Samansky Group
Bob Shabazian
American Stock Exchange (ret.)
Robert E. Wright
Augustana College
Jason Zweig
The Wall Street Journal
Editor Emeritae
Diana E. Herzog
Art Direction
Alan Barnett Design
Museum Staff
David J. Cowen, President/CEO
Kristin Aguilera, Deputy Director
Jeanne Driscoll, Director of Development
Linda Rapacki, Managing Director
of Visitor Services and Operations
Becky Laughner, Director of Exhibits and Archives
Maura Ferguson, Director of Exhibits
and Educational Programs
Alexis Goodman, General Counsel
Drew Pascarella, Director of Education
Arturo Gomez, Business Manager
Copyright 2011 by the
Museum of American Finance, publisher,
48 Wall Street, New York, NY 10005. Telephone:
212-908-4110; fax: 212-908-4601. All rights reserved.
Financial History is the official membership
magazine of the Museum of American Finance.
Annual individual membership is $55. Payment must
be made in dollars, by credit card or check payable
to the Museum of American Finance.
There is no implied endorsement
of any advertiser in this magazine.
In This Issue
Features
14 A Profitable Century of Prudence
Survival is a skill some banks have honed through many cycles.
By Gregory DL Morris
20 More Money Than God
The history, character and future of hedge funds.
By Sebastian Mallaby
24 Alexander Hamilton: Lineage and Legacy
The extraordinary history of one of the nation’s most
complex founding fathers.
By Becky Laughner
29 The Jamestown Experiment
The American Dream is built along the banks of the James River in Virginia.
By Tony Williams
34 Ken Guy: Artist in Steel
An illustrated biography of American Bank Note’s
last great picture engraver.
By Mark D. Tomasko
40 Moneymaker
The entrepreneurial story of shopkeeper-turned-counterfeiter
Samuel Curtis Upham.
By Ben Tarnoff
45 Insurance: Antebellum America’s Other White Meat
Early insurers’ contributions to the American economy.
By Robert E. Wright
50 Nerds on Wall Street
An illustrated history of wired markets.
By David Leinweber
56 The Most Notable Figures in Fund History
Profile sketches of the individuals who have made
mutual funds America’s favorite investment.
By Matthew P. Fink
60 Real Estate: The Bubble, the Bust and Beyond
Financial history provides important insight into the
long-standing pros and cons of real estate investing
and clues to its future as a popular investment choice.
By Kenneth G. Winans
www.MoAF.org
2 Financial History | Spring/Summer 2011 | www.MoAF.org