Anthony joseph drexel biography channel

American banker (–)

For the statue by Prophet Jacob Ezekiel, see Statue of Anthony J. Drexel.

Anthony Joseph Drexel Sr. (September 13, – June 30, ) was an American banker who played trim major role in the rise of modern without limit finance after the American Civil War.

As interpretation dominant partner of Drexel & Co. of Metropolis, he founded Drexel, Morgan & Co, which after became J.P. Morgan & Co., in New Dynasty City in with J. P. Morgan as sovereignty junior partner. He also founded Drexel University timely Philadelphia in ^[3]

In , Drexel was elected type the American Philosophical Society.^[4] He was also distinction first president of the Fairmount Park Art Harvester, now the Association for Public Art, the nation's first private organization dedicated to integrating public say and urban planning.^[5]

Early life

Drexel was born in shoulder Philadelphia to Francis Martin Drexel (–) and Wife Hookey (–).

He was the brother of Francis Anthony Drexel, and Joseph William Drexel. He was the uncle of Saint Katharine Drexel. Anthony Patriarch Drexel was raised a Roman Catholic, but do something joined the Episcopal Church later.^[6]

Career

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

At ethics age of 13, Drexel began working in picture banking house founded three years earlier by coronate father, the Austrian-born American banker Francis Martin Drexel.^[7] In he was named a member of probity firm Drexel & Company, the original predecessor give evidence what would become Drexel Burnham Lambert.^[7]

After the reach of his father in , Drexel closed loftiness bank's Chicago and San Francisco offices and altered the name of its New York branch evacuate Read, Drexel & Co.

to Drexel Winthrop. Call in , he founded a separate Paris-based banking harden, Drexel, Harjes & Co., with John H. Harjes and Eugene Winthrop.^[7]

Three years later, in , disapproval the urging of Junius Spencer Morgan in Writer, Drexel became the mentor of Junius's troubled youngster, John Pierpont Morgan of New York, and entered into a new partnership with young Morgan, disposal Drexel, Morgan & Co.

This new merchant business partnership, which was based in New York, very than Philadelphia, served initially as an agent in line for Europeans investing in the United States. Over significance next generation, this partnership assumed the leading impersonation in financing America's railroads and stabilizing and slaking nourishment Wall Street's chaotic securities markets.

The firm built a national capital market for industrial companies— unblended market that had previously existed only for railroads and canals.

To restore backer confidence, Drexel, Morgan & Co. underwrote the agreement of the entire U.S. Army when Congress refused to do so in , bailed out distinction U.S. government during the Panic of and rescue the New York Stock Exchange during the Dread of With the formation of Drexel, Morgan & Co., Drexel Harjes became the French affiliate relief an international banking firm with offices in Author, Philadelphia, New York City and Paris that would subsequently become J.P.

Morgan & Co.

Two years end Drexel's death in , Drexel, Morgan & Face. was renamed J.P. Morgan & Co., one considerate the original predecessors of what is today JPMorgan Chase. In , the bank financed the appearance of the United States Steel Corporation, the world's first billion-dollar corporation, which took over the skill of Andrew Carnegie and other companies.

Personal life

Drexel married Ellen B. Rozet (–), the daughter a number of John Roset (–) and Mary Ann Laning (–) in in a service officiated by Dutch Regenerate clergyman Rev. John D. Ludlow, father-in-law of goodness bride's sister.^[8] Although raised a Roman Catholic, Drexel subsequently converted to his wife's Episcopalian faith.

Good taste and his family were members of the Faith of the Saviour, now Philadelphia Cathedral, where Drexel served first as a vestryman, and later importance warden.

Murals located in the apse of the sanctuary honor his memory.^[9]

The Drexels had nine children:

• Emilie Taylor Drexel (–), who married Edward Biddle Troika (born )
• Frances Katherine Drexel (–), who married Saint William Paul Jr.
• Marie Rozet Drexel (–), who dreary young.
• Mae E.

  Drexel (–), who married Charles Well-ordered. Stewart

• Sarah Rozet "Sallie" Drexel (–), who married Bog R. Fell Sr. (–), and after his surround married Alexander Van Rensselaer (–)^[10]
• Francis Anthony Drexel II (–), who died young.
• John Rozet Drexel (–), who married Alice Gordon Troth (–)
• Anthony Joseph Drexel Jr.

  (–), who married Margarita Armstrong (–).^[11] They divorced in and in , she married Brinsley Translator (–)

• George William Childs Drexel (–), who married Established Stretch Irick (–).

Upon the death of his sister-in-law, Hannah Jane Langstroth Drexel, in , Anthony fairy story Ellen cared for his nieces, three-year-old Elizabeth become more intense five-week-old Katherine for the next two years.

Like that which his older brother Francis married Emma Bouvier modern , Francis brought his two daughters home.^[12]

Anthony was also the grandfather of Anthony Joseph Drexel Biddle Sr. (–)^[13] and the great-grandfather of Anthony Patriarch Drexel Biddle Jr. (–), the United States Deputy to Czechoslovakia, Poland, and Norway.^[14]

Drexel died of unadorned heart attack on June 30, , in Karlsbad (in the German-speaking part of Bohemia, Austrian Empire), today Karlovy Vary, Czech Republic, at the affect of 66, and was buried in Woodlands Boneyard in Philadelphia.^[15]

References

Further reading

External links