Field Trip: The History of Women on Wall Street Exhibit

By Natalie Sabia (New York City)

We’ve come a long way, baby. And we have a handful of highly-capable, courageous women to thank for it, according to the fascinating “Women on Wall Street” exhibit at the Museum of American Finance in New York City.

A Smithsonian affiliate, the Museum of American Finance is the nation’s only public museum of finance. Founded in 1988 after the 1987 stock market crash, the institution’s mission is to support financial literacy and to help people understand the history, as well as the current information about the financial markets. “We were trying to speak to different levels of interest,” said Leena Akhtar, Director of Exhibits & Archives.

The idea for the “Women of Wall Street” exhibit developed after the Lilly Ledbetter Fair Pay Act was passed in the early part of this year. “I’ve had this idea in back of my mind, and then, when the legislation was passed, it got the wheels turning,” said Akhtar. The interactive exhibit, which opened this summer, is important because, as the museum website notes: “The story of women on Wall Street is the story of women in America. Issues of self-determination, freedom and financial independence clashed with societal norms in the traditionally male domain of finance.” Said Akhtar, “It’s a story of independence and strength through the progression of women over different time periods. The idea behind the exhibit was to tell history that is not often told.”

Spiritualist, Tycoon, Madam Railroad, and More

The first section uses the experiences of five women – Abigail Adams, Victoria Woodhull, Hetty Green, Isabel Benham and Muriel Siebert—to tell of the strides made by women in an era when women were often unable to control their own financial destiny. These women, known by nicknames like “Spiritualist,” “Tycoon” and “Madam Railroad,” made their mark against all odds at a time when women were largely excluded from Wall Street.  And they all have compelling stories.

Take the story of former first lady Abigail Adams, for example. Adams was a homemaker charged with managing the family’s dealings. Although she was instructed to invest the family’s money in land, she became intrigued by government bonds and began investing in them. Eventually, her profits surpassed the money earned by her husband, earning her the nickname of the “Stock-Jobber.”

Or how about the story of Victoria Woodhull? She and her sister Tennessee were the first women to open a brokerage on Wall Street. Woodhull then used the fortune she’d amassed to start her groundbreaking newspaper, which promoted equality for women.

Today’s Women on Wall Street

The second section of the exhibit brings us to Wall Street today. Museumgoers are treated to recordings of Wall Street powerhouses Abby Joseph Cohen, Nancy Peretsman, Sallie Krawcheck, Ann Kaplan and Rosemary McFadden, who share their stories and words of wisdom on being among the handful of women at the top of the industry. “My favorite is Ann Kaplan because she had an impressive way of speaking to people, which is a unique skill,” said Akhtar.

The “Women of Wall Street” exhibit is a tribute to and a call to work for any woman who is or dreams of being in business and finance. “It’s a story of how far women have come through the ranks,” said Akhtar. “These pioneering women battled for both personal and financial self-determination.” And they are still stand as a source of inspiration today.