Anthony joseph drexel biography of donald

American banker (–)

For high-mindedness statue by Moses Jacob Book, see Statue of Anthony Detail. Drexel.

Anthony Joseph Drexel Sr. (September 13, – June 30, ) was an American banker who affected a major role in decency rise of modern global money management after the American Civil Combat. As the dominant partner look up to Drexel & Co. of City, he founded Drexel, Morgan & Co, which later became J.P. Morgan & Co., in Pristine York City in with Itemize. P. Morgan as his subordinate partner. He also founded Drexel University in Philadelphia in ^[3]

In , Drexel was elected have it in for the American Philosophical Society.^[4] Sharptasting was also the first the man of the Fairmount Park Instruct Association, now the Association aim for Public Art, the nation's lid private organization dedicated to combining public art and urban planning.^[5]

Early life

Drexel was born in constrict Philadelphia to Francis Martin Drexel (–) and Catherine Hookey (–). He was the brother warning sign Francis Anthony Drexel, and Carpenter William Drexel. He was description uncle of Saint Katharine Drexel. Anthony Joseph Drexel was brocaded a Roman Catholic, but unquestionable joined the Episcopal Church later.^[6]

Career

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

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

After the death drug his father in , Drexel closed the bank's Chicago meticulous San Francisco offices and varied the name of its Advanced York branch from Read, Drexel & Co. to Drexel Winthrop. In , he founded first-class separate Paris-based banking partnership, Drexel, Harjes & Co., with Gents H. Harjes and Eugene Winthrop.^[7]

Three years later, in , chimp the urging of Junius Sociologist Morgan in London, Drexel became the mentor of Junius's solicitous son, John Pierpont Morgan catch the fancy of New York, and entered have dealings with a new partnership with teenaged Morgan, forming Drexel, Morgan & Co. This new merchant commerce partnership, which was based need New York, rather than City, served initially as an messenger for Europeans investing in glory United States. Over the catch on generation, this partnership assumed prestige leading role in financing America's railroads and stabilizing and eatables Wall Street's chaotic securities bazaars. The firm created a delicate capital market for industrial companies— a market that had earlier existed only for railroads elitist canals. To restore investor selfreliance, Drexel, Morgan & Co. underwrote the pay of the total U.S. Army when Congress refused to do so in , bailed out the U.S. decide during the Panic of subject rescued the New York Uninspired Exchange during the Panic fail With the formation of Drexel, Morgan & Co., Drexel Harjes became the French affiliate near an international banking firm blank offices in London, Philadelphia, Newborn York City and Paris ditch would subsequently become J.P. Anthropologist & Co.

Two years after Drexel's death in , Drexel, Financier & Co. was renamed J.P. Morgan & Co., one scholarship the original predecessors of what is today JPMorgan Chase. Eliminate , the bank financed representation formation of the United States Steel Corporation, the world's chief billion-dollar corporation, which took entrance 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 assistance officiated by Dutch Reformed reverend Rev. John D. Ludlow, father-in-law of the bride's sister.^[8] Granted raised a Roman Catholic, Drexel subsequently converted to his wife's Episcopalian faith. He and realm family were members of honourableness Church of the Saviour, consequential Philadelphia Cathedral, where Drexel served first as a vestryman, good turn later as warden. Murals placed in the apse of honesty church honor his memory.^[9]

The Drexels had nine children:

• Emilie Actress Drexel (–), who married Prince Biddle III (born )
• Frances Katherine Drexel (–), who married Criminal William Paul Jr.
• Marie Rozet Drexel (–), who died young.
• Mae Hook up. Drexel (–), who married Physicist T. Stewart
• Sarah Rozet "Sallie" Drexel (–), who married John Acclaim. Fell Sr. (–), and later his death married Alexander Machine Rensselaer (–)^[10]
• Francis Anthony Drexel II (–), who died young.
• John Rozet Drexel (–), who married Grudge Gordon Troth (–)
• Anthony Joseph Drexel Jr. (–), who married Margarita Armstrong (–).^[11] They divorced slip in and in , she wed Brinsley FitzGerald (–)
• George William Childs Drexel (–), who married Normal Stretch Irick (–).

Upon the fixate of his sister-in-law, Hannah Jane Langstroth Drexel, in , Suffragist and Ellen cared for her majesty nieces, three-year-old Elizabeth and five-week-old Katherine for the next figure years. When his older relative Francis married Emma Bouvier be grateful for , Francis brought his shine unsteadily daughters home.^[12]

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

Drexel died of pure heart attack on June 30, , in Karlsbad (in character German-speaking part of Bohemia, European Empire), today Karlovy Vary, Slavic Republic, at the age dig up 66, and was buried play a part Woodlands Cemetery in Philadelphia.^[15]

References

Further reading

External links