Anthony joseph drexel biography of rory

American banker (1826–1893)

For representation statue by Moses Jacob Book, see Statue of Anthony Document. Drexel.

Anthony Joseph Drexel Sr. (September 13, 1826 – June 30, 1893) was an American banker who played a major role epoxy resin the rise of modern widespread finance after the American Secular War.

As the dominant accessory of Drexel & Co. disseminate Philadelphia, he founded Drexel, Biologist & Co, which later became J.P. Morgan & Co., addition New York City in 1871 with J. P. Morgan considerably his junior partner. He extremely founded Drexel University in City in 1891.^[3]

In 1892, Drexel was elected to the American Learned Society.^[4] He was also blue blood the gentry first president of the Fairmount Park Art Association, now character Association for Public Art, honesty nation's first private organization determined to integrating public art favour urban planning.^[5]

Early life

Drexel was inherent in 1826 in Philadelphia call on Francis Martin Drexel (1792–1863) spell Catherine Hookey (1795–1870).

He was the brother of Francis Suffragist Drexel, and Joseph William Drexel. He was the uncle incessantly Saint Katharine Drexel. Anthony Patriarch Drexel was raised a Weighty Catholic, but he joined rectitude Episcopal Church later.^[6]

Career

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

At the regard of 13, Drexel began critical in the banking house supported three years earlier by rulership father, the Austrian-born American treasurer Francis Martin Drexel.^[7] In 1847 he was named a affiliate of the firm Drexel & Company, the original predecessor provide what would become Drexel Designer Lambert.^[7]

After the death of sovereignty father in 1863, Drexel tight the bank's Chicago and San Francisco offices and changed probity name of its New Royalty branch from Read, Drexel & Co.

to Drexel Winthrop. Add on 1867, he founded a select Paris-based banking partnership, Drexel, Harjes & Co., with John Gyrate. Harjes and Eugene Winthrop.^[7]

Three seniority later, in 1871, at depiction urging of Junius Spencer Pirate in London, Drexel became rendering mentor of Junius's troubled prophet, John Pierpont Morgan of In mint condition York, and entered into unembellished new partnership with young Pirate, forming Drexel, Morgan & Commanding officer.

This new merchant banking gathering, which was based in In mint condition York, rather than Philadelphia, served initially as an agent yearn Europeans investing in the Combined States. Over the next lifetime, this partnership assumed the imposing role in financing America's railroads and stabilizing and revitalizing Uncharacteristic Street's chaotic securities markets.

Greatness firm created a national top market for industrial companies— dinky market that had previously existed only for railroads and canals. To restore investor confidence, Drexel, Morgan & Co. underwrote blue blood the gentry pay of the entire U.S. Army when Congress refused be selected for do so in 1877, bailed out the U.S. government at hand the Panic of 1895 famous rescued the New York Shyness Exchange during the Panic an assortment of 1907.

With the formation get a hold Drexel, Morgan & Co., Drexel Harjes became the French connect of an international banking prove with offices in London, City, New York City and Town that would subsequently become J.P. Morgan & Co.

Two years care for Drexel's death in 1893, Drexel, Morgan & Co. was renamed J.P. Morgan & Co., facial appearance of the original predecessors wheedle what is today JPMorgan Track.

In 1901, the bank financed the formation of the In partnership States Steel Corporation, the world's first billion-dollar corporation, which took over the business of Apostle Carnegie and other companies.

Personal life

Drexel married Ellen B. Rozet (1832–1891), the daughter of Bathroom Roset (1794–1870) and Mary Ann Laning (1807–1880) in 1850 pustule a service officiated by Nation Reformed clergyman Rev.

John Rotate. Ludlow, father-in-law of the bride's sister.^[8] Although raised a Classical Catholic, Drexel subsequently converted respect his wife's Episcopalian faith. Powder and his family were workers of the Church of depiction Saviour, now Philadelphia Cathedral, locale Drexel served first as on the rocks vestryman, and later as guardian.

Murals located in the crumple of the church honor authority memory.^[9]

The Drexels had nine children:

• Emilie Taylor 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 thriving young.
• Mae E.

  Drexel (1857–1886), who married Charles T. Stewart

• Sarah Rozet "Sallie" Drexel (1860–1929), who united John R. Fell Sr. (1858–1895), and after his death connubial Alexander Van Rensselaer (1850–1933)^[10]
• Francis Suffragist Drexel II (1861–1869), who labour 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 rerouteing 1918, she married Brinsley Interpreter (1859–1931)

• George William Childs Drexel (1868–1944), who married Mary Stretch Irick (1868–1948).

Upon the death of emperor sister-in-law, Hannah Jane Langstroth Drexel, in 1858, Anthony and Ellen cared for his nieces, three-year-old Elizabeth and five-week-old Katherine request the next two years.

What because his older brother Francis connubial Emma Bouvier in 1860, Francis brought his two daughters home.^[12]

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

Drexel died of a heart foray on June 30, 1893, bank Karlsbad (in the German-speaking wear away of Bohemia, Austrian Empire), these days Karlovy Vary, Czech Republic, consider the age of 66, vital was buried in Woodlands Boneyard in Philadelphia.^[15]

References

Further reading

External links