Anthony Joseph Drexel
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| Anthony Joseph Drexel | |
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| Born | September 13, 1826 Philadelphia, Pennsylvania, U.S. |
| Died | June 30, 1893 (aged 66) Karlsbad, Bohemia |
| Occupation | Banker |
| Spouse | Ellen B. Rozet |
| Children | Emily Drexel Biddle (1850–1883), Frances Katherine Drexel (1852–1892) Marie Rozet Drexel (1854–1855) Fannie D. Drexel Paul (1855–1892), Mae E. Drexel (1857–1886) Sarah Rozet "Sallie" Drexel (1860–1929) Francis Anthony Drexel (1861–1869) John Rozet Drexel (1863–1935), Anthony Joseph Drexel II (1865–1934), George William Childs Drexel |
| Parents | Francis Martin Drexel Catherine Hookey (1795–1870) |
| Relatives | Francis Anthony Drexel, brother Joseph William Drexel, brother Katherine Drexel, niece Anthony Joseph Drexel Biddle, Sr., grandson Anthony Joseph Drexel Biddle, Jr., great grandson Anthony Drexel Duke, great great grandson |
Anthony Joseph Drexel (September 13, 1826 – June 30, 1893) was an American financier, banker, partner of J.P. Morgan and founder of Drexel University.[1]
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[edit] Birth
Drexel was born in 1826 in Philadelphia, Pennsylvania to Francis Martin Drexel (1792–1863) and Catherine Hookey (1795–1870). He was the brother of Francis Anthony Drexel, and Joseph William Drexel. He was the uncle of Saint Katharine Drexel.
[edit] Marriage and children
Drexel married Ellen B. Rozet (1832–1891) and they had the following 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)
- Mae E. Drexel (1857–1886), who married Charles T. Stewart
- Sarah Rozet "Sallie" Drexel (1860–1929), who married John R. Fell, Sr., and later married Alexander van Rensselaer
- Francis Anthony Drexel (1861–1869)
- John Rozet Drexel (1863–1935), who married Alice Gordon Troth (1865–1947)
- Anthony Joseph Drexel II (1865–1934), who married Margarita Armstrong
- George William Childs Drexel (1868–1944), who married Mary Stretch Irick (1868–1948).
[edit] Banking
At the age of 13 he began to work in the banking house founded three years earlier by his father, the Austrian-born American banker Francis Martin Drexel.[2] In 1847 he was named a member of the firm Drexel & Company, the original predecessor of what would become Drexel Burnham Lambert.[2]
After the death of his father, Drexel would leave Drexel & Company to found a new banking firm, Drexel, Harjes & Co., a Paris-based banking firm founded in 1867 by Drexel, John H. Harjes and Eugene Winthrop.[2]
Three years later, in 1871, Drexel entered into a new partnership, forming Drexel, Morgan & Co. with J. Pierpont Morgan.[3] The new merchant banking partnership, which was based in New York, rather than Philadelphia, served initially as an agent for Europeans investing in the United States. With the formation of Drexel, Morgan & Co., Drexel Harjes became the French affiliate of an international banking firm with offices in London, Philadelphia, New York City and Paris that would subsequently become J.P. Morgan & Co.. Anthony Drexel became the mentor and senior partner of J. Pierpont Morgan. Anthony was also the architect of the modern financial system known as "Wall Street".[1]
Following Drexel's death, Drexel, Morgan & Co. was renamed J.P. Morgan & Co. and is one of the original predecessors of what is today JPMorgan Chase. In the 1890s, the bank financed the formation of the United States Steel Corporation, which took over the business of Andrew Carnegie and others and was the world's first billion-dollar corporation.
[edit] Death
Drexel died of a heart attack on June 30, 1893 in Karlsbad (in the German-speaking part of Bohemia, Austrian Empire) today Karlovy Vary, Czech Republic at the age of 66, and was buried in The Woodlands Cemetery in Philadelphia.[4]
[edit] See also
- Drexel University
- Drexel & Co.
- The Happiest Millionaire, Walt Disney's last film, 1967.
[edit] References
- ^ a b Rottenberg, Dan (2006). The Man Who Made Wall Street: Anthony J. Drexel and the Rise of Modern Finance. Philadelphia: University of Pennsylvania Press. ISBN 0-812-21966-X.
- ^ a b c McDonald, Edward D.; Edward M. Hinton (1942). Drexel Institute of Technology 1891–1941. Haddon Craftsmen, Inc.. pp. 4–5. ISBN 1406763748.
- ^ Encyclopædia Britannica. 15th Ed. 1985. Print.
- ^ "Anthony J. Drexel is Dead.". New York Times. July 1, 1893. http://query.nytimes.com/gst/abstract.html?res=9A07EEDC143EEF33A25752C0A9619C94629ED7CF. Retrieved 2008-12-23. "News of His Death Sent by Cable from Carlsbad. He Went There in Poor Health to Spend the Summer. Last of the Sons of the Founder of His House. Known All Over the World as a Financier. A Philanthropist as Well. Connected with Many Gigantic Transactions."
[edit] Further reading
- Papadakis, Constantine (2001). Drexel University, a University with a Difference: The Unique Vision of Anthony J. Drexel. New York: Newcomen Society of the United States.
[edit] External links
- "Anthony Joseph Drexel". Find a Grave. http://www.findagrave.com/cgi-bin/fg.cgi?page=gr&GRid=9204051. Retrieved August 9, 2010.
- Bibliography of sources about Anthony J. Drexel and the Drexel family
- Article on Encyclopædia Britannica
