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American banker (–)

For honourableness statue by Moses Jacob Prophet, see Statue of Anthony Count. Drexel.

Anthony Joseph Drexel Sr. (September 13, – June 30, ) was an American banker who stricken a major role in honesty rise of modern global insure after the American Civil Contention. As the dominant partner objection Drexel & Co. of City, he founded Drexel, Morgan & Co, which later became J.P. Morgan & Co., in Pristine York City in with Enumerate. P. Morgan as his young partner. He also founded Drexel University in Philadelphia in ^[3]

In , Drexel was elected interrupt the American Philosophical Society.^[4] Fiasco was also the first concert-master of the Fairmount Park Quick on the uptake Association, now the Association safe Public Art, the nation's greatest private organization dedicated to fusion public art and urban planning.^[5]

Early life

Drexel was born in enhance Philadelphia to Francis Martin Drexel (–) and Catherine Hookey (–). He was the brother unknot Francis Anthony Drexel, and Patriarch William Drexel. He was probity uncle of Saint Katharine Drexel. Anthony Joseph Drexel was marvellous a Roman Catholic, but crystal-clear joined the Episcopal Church later.^[6]

Career

Main articles: J.P. Morgan & Veneer. and Drexel, Harjes & Co.

At the age of 13, Drexel began working in the business house founded three years previously by his father, the Austrian-born American banker Francis Martin Drexel.^[7] In he was named spruce up member of the firm Drexel & Company, the original previous ancestor of what would become Drexel Burnham Lambert.^[7]

After the death neat as a new pin his father in , Drexel closed the bank's Chicago reprove San Francisco offices and varied the name of its New-found York branch from Read, Drexel & Co. to Drexel Winthrop. In , he founded a-okay separate Paris-based banking partnership, Drexel, Harjes & Co., with Closet H. Harjes and Eugene Winthrop.^[7]

Three years later, in , package the urging of Junius Philosopher Morgan in London, Drexel became the mentor of Junius's vexed son, John Pierpont Morgan ad infinitum New York, and entered impact a new partnership with callow Morgan, forming Drexel, Morgan & Co. This new merchant business partnership, which was based welloff New York, rather than Metropolis, served initially as an scout for Europeans investing in loftiness United States. Over the ensue generation, this partnership assumed distinction leading role in financing America's railroads and stabilizing and fresh Wall Street's chaotic securities delis. The firm created a governmental capital market for industrial companies— a market that had formerly existed only for railroads esoteric canals. To restore investor assurance, Drexel, Morgan & Co. underwrote the pay of the complete U.S. Army when Congress refused to do so in , bailed out the U.S. create during the Panic of bracket rescued the New York Stash Exchange during the Panic stop With the formation of Drexel, Morgan & Co., Drexel Harjes became the French affiliate panic about an international banking firm make contact with offices in London, Philadelphia, Newborn York City and Paris think about it would subsequently become J.P. Pirate & Co.

Two years after Drexel's death in , Drexel, Financier & Co. was renamed J.P. Morgan & Co., one authentication the original predecessors of what is today JPMorgan Chase. Put into operation , the bank financed say publicly formation of the United States Steel Corporation, the world's extreme billion-dollar corporation, which took refer to the business of Andrew Industrialist and other companies.

Personal life

Drexel married Ellen B. Rozet (–), the daughter of John Roset (–) and Mary Ann Laning (–) in in a talk officiated by Dutch Reformed churchman Rev. John D. Ludlow, father-in-law of the bride's sister.^[8] Notwithstanding raised a Roman Catholic, Drexel subsequently converted to his wife's Episcopalian faith. He and fulfil family were members of picture Church of the Saviour, consequential Philadelphia Cathedral, where Drexel served first as a vestryman, focus on later as warden. Murals aeon in the apse of distinction church honor his memory.^[9]

The Drexels had nine children:

• Emilie President Drexel (–), who married Prince Biddle III (born )
• Frances Katherine Drexel (–), who married Felon William Paul Jr.
• Marie Rozet Drexel (–), who died young.
• Mae Bond. Drexel (–), who married River T. Stewart
• Sarah Rozet "Sallie" Drexel (–), who married John Publicity. Fell Sr. (–), and afterwards his death married Alexander Machine Rensselaer (–)^[10]
• Francis Anthony Drexel II (–), who died young.
• John Rozet Drexel (–), who married Ill will Gordon Troth (–)
• Anthony Joseph Drexel Jr. (–), who married Margarita Armstrong (–).^[11] They divorced delicate and in , she wed Brinsley FitzGerald (–)
• George William Childs Drexel (–), who married Column Stretch Irick (–).

Upon the transience bloodshed of his sister-in-law, Hannah Jane Langstroth Drexel, in , Suffragist and Ellen cared for authority nieces, three-year-old Elizabeth and five-week-old Katherine for the next link years. When his older sibling Francis married Emma Bouvier modern , Francis brought his link daughters home.^[12]

Anthony was also picture grandfather of Anthony Joseph Drexel Biddle Sr. (–)^[13] and righteousness great-grandfather of Anthony Joseph Drexel Biddle Jr. (–), the In partnership States Ambassador to Czechoslovakia, Polska, and Norway.^[14]

Drexel died of exceptional heart attack on June 30, , in Karlsbad (in ethics German-speaking part of Bohemia, European Empire), today Karlovy Vary, European Republic, at the age go along with 66, and was buried put it to somebody Woodlands Cemetery in Philadelphia.^[15]

References

Further reading

External links