IN THIS ISSUE
▶ By Walter A. Friedman
▶ By Christopher Kingston
▶ By Henry M. Paulson, Jr., Byron D. Trott, Senator William W. Bradley, David G. Booth, Timothy Michael Cardinal Dolan and Mary Ellen Stanek
▶ By Michael A. Martorelli
▶ By Jeffrey Boutwell
▶ By Ramon Vasconcellos
▶ By Daniel C. Munson
▶ By Joe Martin
IN THIS ISSUE
FEATURES
The magazine of the Museum of American Finance
in association with the Smithsonian Institution
Issue 157 • Spring / Summer 2026( 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 Partners Media 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 © 2026 by the Museum of American Finance, publisher. All rights reserved.
Financial History is the official membership magazine of the Museum of American Finance.
14 MoAF Boston Exhibit Guide
A guide to the Museum’ s seven new exhibits in Boston.
20 Roger W. Babson: Yankee Prophet
Profile of the Massachusetts businessman who helped establish economic forecasting.
▶ By Walter A. Friedman
24 Marine Insurance in 18th Century Boston
Colonial Boston was a major hub for maritime trade and an early center of marine insurance.
▶ By Christopher Kingston
28 Words of Wisdom
Remarks from the 2026 MoAF Gala.
▶ By Henry M. Paulson, Jr., Byron D. Trott, Senator William W. Bradley, David G. Booth, Timothy Michael Cardinal Dolan and Mary Ellen Stanek
34 Air Conditioning Comes to America
The invention of air conditioning in the early 20th century improved work efficiency and productivity in the country’ s factories long before the technology was routinely used in American homes.
▶ By Michael A. Martorelli
38 George Boutwell
The Massachusetts farm boy who became steward of the American economy.
▶ By Jeffrey Boutwell
42 Collapse of the Bank of United States
The 1930 failure of the Bank of United States on New York’ s Lower East Side( not to be confused with the Bank of THE United States) was at the time the largest bank collapse in US history.
▶ By Ramon Vasconcellos
46 The Waldseemüller Map and the Birth of the Capital Markets
Organizing patient, risk-tolerant investors.
▶ By Daniel C. Munson
52 Alexander Hamilton: The Father of Canadian Banking?
While Hamilton inspired the Canadian banking system, the three“ founders” of that system came to the Canadian colonies at different stages of their lives and made lasting contributions.
▶ By Joe Martin
2 FINANCIAL HISTORY | Spring / Summer 2026 | www. MoAF. org