Financial History 147 Fall 2023 | Page 4

The magazine of the Museum of American Finance

in association with the Smithsonian Institution

Issue 147 • Fall 2023 ( ISSN 1520-4723 )

Kristin Aguilera Editor

EDITORIAL ADVISORY BOARD

Howard A . Baker , Esq . Howard Baker Associates Lawrence A . Cunningham The George Washington University Peter C . Earle American Institute for Economic Research Brian Grinder Eastern Washington University Gregory DL Morris Freelance Journalist Susie Pak St . John ’ s University Arthur W . Samansky The Samansky Group Myles Thompson Columbia Business School Publishing Janice Traflet Bucknell University Robert E . Wright American Institute for Economic Research Jason Zweig The Wall Street Journal

ART DIRECTION Alan Barnett Design

MUSEUM STAFF David J . Cowen , President / CEO Kristin Aguilera , Deputy Director Robert Dinkelmann , IT / Technology Maura Ferguson , Director of Exhibits Sarah Poole , Collections Manager

Linda Rapacki , Managing Director of Visitor Services and Operations

Mindy Ross , Director , External Relations Ben Urizar , Assistant Director of Visitor Services

Copyright © 2023 by the Museum of American Finance , publisher . All rights reserved .

Financial History is the official membership magazine of the Museum of American Finance .

10 Taming the Street : Set a Thief to Catch a Thief

Joseph P . Kennedy leads the first Securities and Exchange Commission .

14 A Whale of a Tale

The history of venture investing in the United States .

20 The 1907 Stringency Crisis in Canada

The Panic of 1907 is well-remembered in the United States , but its impact was far different in its neighbor to the north .

24 Sandy Gottesman : A Whale of a Value Investor and Philanthropist

Profile of the First Manhattan founder and Berkshire Hathaway director who left a legacy of civic improvement , education and health projects in the United States and Israel .

29 Liberty Lost

Examining the four key “ growth diamond ” institutions that directly led to America ’ s prosperity .

33 The “ Insanity ” of the Susan B . Anthony Dollar

Long considered a great failure as an instrument of commerce , the SBA dollar coin finds its niche .

38 Developing the American System of Manufacturing

American entrepreneurial inventors and mechanics create a unique and effective manufacturing system in the early- to mid-19th century .

2 FINANCIAL HISTORY | Fall 2023 | www . MoAF . org