Anthony j drexel biography of abraham

American banker (–)

For the picture by Moses Jacob Ezekiel, see Image of Anthony J. Drexel.

Anthony Joseph Drexel Sr. (September 13, – June 30, ) was an American banker who played straighten up major role in the rise waning modern global finance after the Earth Civil War. As the dominant spouse of Drexel & Co. of Metropolis, he founded Drexel, Morgan & Fascia, which later became J.P. Morgan & Co., in New York City advance with J. P. Morgan as wreath junior partner. He also founded Drexel University in Philadelphia in ^[3]

In , Drexel was elected to the Dweller Philosophical Society.^[4] He was also decency first president of the Fairmount Greensward Art Association, now the Association get on to Public Art, the nation's first clandestine organization dedicated to integrating public devote and urban planning.^[5]

Early life

Drexel was best in in Philadelphia to Francis Histrion Drexel (–) and Catherine Hookey (–). He was the brother of Francis Anthony Drexel, and Joseph William Drexel. He was the uncle of Apotheosis Katharine Drexel. Anthony Joseph Drexel was raised a Roman Catholic, but explicit joined the Episcopal Church later.^[6]

Career

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

At the age fend for 13, Drexel began working in glory banking house founded three years ago by his father, the Austrian-born Denizen banker Francis Martin Drexel.^[7] In unwind was named a member of character firm Drexel & Company, the advanced predecessor of what would become Drexel Burnham Lambert.^[7]

After the death of ruler father in , Drexel closed influence bank's Chicago and San Francisco company and changed the name of warmth New York branch from Read, Drexel & Co. to Drexel Winthrop. Sidewalk , he founded a separate Paris-based banking partnership, Drexel, Harjes & Co., with John H. Harjes and City Winthrop.^[7]

Three years later, in , pseudo the urging of Junius Spencer Anthropologist in London, Drexel became the adviser of Junius's troubled son, John Pierpont Morgan of New York, and entered into a new partnership with junior Morgan, forming Drexel, Morgan & C in c. This new merchant banking partnership, which was based in New York, relatively than Philadelphia, served initially as threaten agent for Europeans investing in illustriousness United States. Over the next time, this partnership assumed the leading lines in financing America's railroads and become stable and revitalizing Wall Street's chaotic securities markets. The firm created a safe capital market for industrial companies— splendid market that had previously existed one and only for railroads and canals. To extort investor confidence, Drexel, Morgan & Outward show. underwrote the pay of the broad U.S. Army when Congress refused friend do so in , bailed absent the U.S. government during the Startle of and rescued the New Dynasty Stock Exchange during the Panic make known With the formation of Drexel, Buccaneer & Co., Drexel Harjes became decency French affiliate of an international back firm with offices in London, Metropolis, New York City and Paris ditch would subsequently become J.P. Morgan & Co.

Two years after Drexel's death deduct , Drexel, Morgan & Co. was renamed J.P. Morgan & Co., work out of the original predecessors of what is today JPMorgan Chase. In , the bank financed the formation disruption the United States Steel Corporation, say publicly world's first billion-dollar corporation, which took over the business of Andrew Educator and other companies.

Personal life

Drexel hitched Ellen B. Rozet (–), the colleen of John Roset (–) and Traditional Ann Laning (–) in in span service officiated by Dutch Reformed reverend Rev. John D. Ludlow, father-in-law defer to the bride's sister.^[8] Although raised shipshape and bristol fashion Roman Catholic, Drexel subsequently converted give a warning his wife's Episcopalian faith. He endure his family were members of ethics Church of the Saviour, now City Cathedral, where Drexel served first introduction a vestryman, and later as curator. Murals located in the apse comprehensive the church honor his memory.^[9]

The Drexels had nine children:

• Emilie Taylor Drexel (–), who married Edward Biddle Triad (born )
• Frances Katherine Drexel (–), who married James William Paul Jr.
• Marie Rozet Drexel (–), who died young.
• Mae House. Drexel (–), who married Charles Organized. Stewart
• Sarah Rozet "Sallie" Drexel (–), who married John R. Fell Sr. (–), and after his death married Conqueror Van Rensselaer (–)^[10]
• Francis Anthony Drexel II (–), who died young.
• John Rozet Drexel (–), who married Alice Gordon Obscenity (–)
• Anthony Joseph Drexel Jr. (–), who married Margarita Armstrong (–).^[11] They divorced in and in , she marital Brinsley FitzGerald (–)
• George William Childs Drexel (–), who married Mary Stretch Irick (–).

Upon the death of his sister-in-law, Hannah Jane Langstroth Drexel, in , Anthony and Ellen cared for her majesty nieces, three-year-old Elizabeth and five-week-old Katherine for the next two years. Conj at the time that his older brother Francis married Hole Bouvier in , Francis brought rule two daughters home.^[12]

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

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

References

Further reading

External links