Financial History 155 Fall 2025 | Page 4

The magazine of the Museum of American Finance

in association with the Smithsonian Institution

Issue 155 • Fall 2025( ISSN 1520-4723)

Kristin Aguilera Editor

EDITORIAL ADVISORY BOARD

Howard A. Baker, Esq. Howard Baker Associates Lawrence A. Cunningham University of Delaware Peter C. Earle American Institute for Economic Research Brian Grinder Eastern Washington University Mark Higgins Index Fund Advisors( IFA) Institutional 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 University of Austin 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 Gregory DL Morris, Research Associate

Linda Rapacki, Managing Director of Visitor Services and Operations

Mindy Ross, Director, External Relations

Copyright © 2025 by the Museum of American Finance, publisher. All rights reserved.

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

8 Women Pioneers in Corporate America

Long before gender equality and corporate social responsibility made headlines, a handful of extraordinary women quietly— but powerfully— shaped the American business landscape from within its highest ranks.

12 Private Finance, Public Power

In Millard Fillmore’ s brief stint as New York’ s chief bank supervisor in 1848 and early 1849, he discerned the key failings of the state’ s financial oversight regime. But he did little about it.

16 Cracked Foundations

School bonds in Levittown, New York.

20 Offshore Drilling in the Gulf of Mexico

The oil industry’ s history from its earliest days to today features an unusual mix of science, technology and politics.

24 The Real El Dorado

How corn became pervasive in the US economy.

28 Leonard Jerome, Gentleman Speculator

Winston Churchill’ s grandfather was a fascinating Wall Street figure.

32 The Silver Panic

Silver legislation and the Panic of 1893.

38 J. M. W. Turner: Celebrated Painter and Unrecognized Financial Arbitrageur

Joseph Mallord William Turner is famous for his oil paintings, watercolors and drawings. He is less known for his forays into risk-free arbitrage of British government securities.

2 FINANCIAL HISTORY | Fall 2025 | www. MoAF. org