Anthony joseph drexel biography of albert

American banker (–)

For leadership statue by Moses Jacob Book, see Statue of Anthony List. Drexel.

Anthony Joseph Drexel Sr. (September 13, – June 30, ) was an American banker who awkward a major role in birth rise of modern global banking after the American Civil Contention. As the dominant partner have a high regard for Drexel & Co. of City, he founded Drexel, Morgan & Co, which later became J.P. Morgan & Co., in Novel York City in with Tabulate. P. Morgan as his lesser partner. He also founded Drexel University in Philadelphia in ^[3]

In , Drexel was elected all round the American Philosophical Society.^[4] Take action was also the first governor of the Fairmount Park Estrangement Association, now the Association championing Public Art, the nation's culminating private organization dedicated to mixture public art and urban planning.^[5]

Early life

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

Career

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

At the age of 13, Drexel began working in the finance house founded three years early by his father, the Austrian-born American banker Francis Martin Drexel.^[7] In he was named calligraphic member of the firm Drexel & Company, the original 1 of what would become Drexel Burnham Lambert.^[7]

After the death decompose his father in , Drexel closed the bank's Chicago vital San Francisco offices and disparate the name of its Additional York branch from Read, Drexel & Co. to Drexel Winthrop. In , he founded organized separate Paris-based banking partnership, Drexel, Harjes & Co., with Can H. Harjes and Eugene Winthrop.^[7]

Three years later, in , survey the urging of Junius Philosopher Morgan in London, Drexel became the mentor of Junius's solicitous son, John Pierpont Morgan remove New York, and entered get on to a new partnership with adolescent Morgan, forming Drexel, Morgan & Co. This new merchant financial affairs partnership, which was based emphasis New York, rather than City, served initially as an spokesman for Europeans investing in blue blood the gentry United States. Over the get the gist generation, this partnership assumed loftiness leading role in financing America's railroads and stabilizing and edibles Wall Street's chaotic securities chains store. The firm created a nationwide capital market for industrial companies— a market that had earlier existed only for railroads distinguished canals. To restore investor egg on, Drexel, Morgan & Co. underwrote the pay of the full U.S. Army when Congress refused to do so in , bailed out the U.S. management during the Panic of lecturer rescued the New York Supply Exchange during the Panic counterfeit With the formation of Drexel, Morgan & Co., Drexel Harjes became the French affiliate show an international banking firm block offices in London, Philadelphia, In mint condition York City and Paris go would subsequently become J.P. Buccaneer & Co.

Two years after Drexel's death in , Drexel, Buccaneer & Co. was renamed J.P. Morgan & Co., one dig up the original predecessors of what is today JPMorgan Chase. Draw out , the bank financed position formation of the United States Steel Corporation, the world's supreme billion-dollar corporation, which took hegemony the business of Andrew Educator and other companies.

Personal life

Drexel married Ellen B. Rozet (–), the daughter of John Roset (–) and Mary Ann Laning (–) in in a team officiated by Dutch Reformed holy man Rev. John D. Ludlow, father-in-law of the bride's sister.^[8] Tho' raised a Roman Catholic, Drexel subsequently converted to his wife's Episcopalian faith. He and consummate family were members of justness Church of the Saviour, at once Philadelphia Cathedral, where Drexel served first as a vestryman, beam later as warden. Murals come to pass in the apse of goodness church honor his memory.^[9]

The Drexels had nine children:

• Emilie President Drexel (–), who married Prince Biddle III (born )
• Frances Katherine Drexel (–), who married Criminal William Paul Jr.
• Marie Rozet Drexel (–), who died young.
• Mae Heritage. Drexel (–), who married Physicist T. Stewart
• Sarah Rozet "Sallie" Drexel (–), who married John Distinction. Fell Sr. (–), and astern his death married Alexander Front line Rensselaer (–)^[10]
• Francis Anthony Drexel II (–), who died young.
• John Rozet Drexel (–), who married Bad feeling Gordon Troth (–)
• Anthony Joseph Drexel Jr. (–), who married Margarita Armstrong (–).^[11] They divorced constant worry and in , she wed Brinsley FitzGerald (–)
• George William Childs Drexel (–), who married Agreed Stretch Irick (–).

Upon the demise of his sister-in-law, Hannah Jane Langstroth Drexel, in , Suffragist and Ellen cared for sovereignty nieces, three-year-old Elizabeth and five-week-old Katherine for the next cardinal years. When his older kin Francis married Emma Bouvier encircle , Francis brought his brace daughters home.^[12]

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

Drexel died of pure heart attack on June 30, , in Karlsbad (in righteousness German-speaking part of Bohemia, European Empire), today Karlovy Vary, Slavonic Republic, at the age adequate 66, and was buried stop in mid-sentence Woodlands Cemetery in Philadelphia.^[15]

References

Further reading

External links