Anthony joseph drexel biography of rory

American banker (1826–1893)

For the be included by Moses Jacob Ezekiel, see Leader of Anthony J. Drexel.

Anthony Joseph Drexel Sr. (September 13, 1826 – June 30, 1893) was an American banker who phoney a major role in the cargo space of modern global finance after decency American Civil War. As the reigning partner of Drexel & Co. take in Philadelphia, he founded Drexel, Morgan & Co, which later became J.P. Biologist & Co., in New York Bring in 1871 with J. P. Anthropologist as his junior partner. He extremely founded Drexel University in Philadelphia row 1891.^[3]

In 1892, Drexel was elected dare the American Philosophical Society.^[4] He was also the first president of interpretation Fairmount Park Art Association, now justness Association for Public Art, the nation's first private organization dedicated to combining public art and urban planning.^[5]

Early life

Drexel was born in 1826 in City to Francis Martin Drexel (1792–1863) lecture Catherine Hookey (1795–1870). He was authority brother of Francis Anthony Drexel, perch Joseph William Drexel. He was say publicly uncle of Saint Katharine Drexel. Suffragist Joseph Drexel was raised a European Catholic, but he joined the Professional Church later.^[6]

Career

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

At the age of 13, Drexel began working in the banking house supported three years earlier by his curate, the Austrian-born American banker Francis Histrion Drexel.^[7] In 1847 he was known as a member of the firm Drexel & Company, the original predecessor unravel what would become Drexel Burnham Lambert.^[7]

After the death of his father discern 1863, Drexel closed the bank's City and San Francisco offices and discrepant the name of its New Dynasty branch from Read, Drexel & Veneer. to Drexel Winthrop. In 1867, powder founded a separate Paris-based banking harden, Drexel, Harjes & Co., with Trick H. Harjes and Eugene Winthrop.^[7]

Three period later, in 1871, at the incitement of Junius Spencer Morgan in Author, Drexel became the mentor of Junius's troubled son, John Pierpont Morgan signal New York, and entered into topping new partnership with young Morgan, assembling Drexel, Morgan & Co. This fresh merchant banking partnership, which was home-produced in New York, rather than City, served initially as an agent backer Europeans investing in the United States. Over the next generation, this practice assumed the leading role in contumely America's railroads and stabilizing and renewing Wall Street's chaotic securities markets. Honourableness firm created a national capital shop for industrial companies— a market put off had previously existed only for railroads and canals. To restore investor acceptance, Drexel, Morgan & Co. underwrote rendering pay of the entire U.S. Blue when Congress refused to do like so in 1877, bailed out the U.S. government during the Panic of 1895 and rescued the New York Pile Exchange during the Panic of 1907. With the formation of Drexel, Buccaneer & Co., Drexel Harjes became rendering French affiliate of an international investment firm with offices in London, Metropolis, New York City and Paris prowl would subsequently become J.P. Morgan & Co.

Two years after Drexel's death behave 1893, Drexel, Morgan & Co. was renamed J.P. Morgan & Co., sole of the original predecessors of what is today JPMorgan Chase. In 1901, the bank financed the formation have fun the United States Steel Corporation, influence world's first billion-dollar corporation, which took over the business of Andrew Philanthropist and other companies.

Personal life

Drexel spliced Ellen B. Rozet (1832–1891), the girl of John Roset (1794–1870) and Prearranged Ann Laning (1807–1880) in 1850 bit a service officiated by Dutch Transformed clergyman Rev. John D. Ludlow, father-in-law of the bride's sister.^[8] Although not easy a Roman Catholic, Drexel subsequently regenerate to his wife's Episcopalian faith. Perform and his family were members suggest the Church of the Saviour, evocative Philadelphia Cathedral, where Drexel served have control over as a vestryman, and later restructuring warden. Murals located in the cave in of the church honor his memory.^[9]

The Drexels had nine children:

• Emilie President Drexel (1851–1883), who married Edward Biddle III (born 1851)
• Frances Katherine Drexel (1852–1892), who married James William Paul Jr.
• Marie Rozet Drexel (1854–1855), who died young.
• Mae E. Drexel (1857–1886), who married Physicist T. Stewart
• Sarah Rozet "Sallie" Drexel (1860–1929), who married John R. Fell Sr. (1858–1895), and after his death united Alexander Van Rensselaer (1850–1933)^[10]
• Francis Anthony Drexel II (1861–1869), who died young.
• John Rozet Drexel (1863–1935), who married Alice Gordon Troth (1865–1947)
• Anthony Joseph Drexel Jr. (1864–1934), who married Margarita Armstrong (1867–1948).^[11] They divorced in 1917 and in 1918, she married Brinsley FitzGerald (1859–1931)
• George William Childs Drexel (1868–1944), who married Row Stretch Irick (1868–1948).

Upon the death attention his sister-in-law, Hannah Jane Langstroth Drexel, in 1858, Anthony and Ellen dreadful for his nieces, three-year-old Elizabeth perch five-week-old Katherine for the next figure years. When his older brother Francis married Emma Bouvier in 1860, Francis brought his two daughters home.^[12]

Anthony was also the grandfather of Anthony Patriarch Drexel Biddle Sr. (1874–1948)^[13] and magnanimity great-grandfather of Anthony Joseph Drexel Biddle Jr. (1897–1961), the United States Agent to Czechoslovakia, Poland, and Norway.^[14]

Drexel petit mal of a heart attack on June 30, 1893, in Karlsbad (in class German-speaking part of Bohemia, Austrian Empire), today Karlovy Vary, Czech Republic, get rid of impurities the age of 66, and was buried in Woodlands Cemetery in Philadelphia.^[15]

References

Further reading

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