Anthony Joseph Drexel
Anthony Joseph Drexel Sr. | |
|---|---|
| Born | Template:Birth date Philadelphia, Pennsylvania, U.S. |
| Died | June 30, 1893 (aged 66) Karlsbad (now Karlovy Vary), Czech Republic |
| Occupation(s) | Financier, banker |
| Known for | Founder of Drexel University; co-founder of Drexel, Morgan & Co. (later J.P. Morgan & Co.) |
Anthony Joseph Drexel Sr. (September 13, 1826 – June 30, 1893) was a prominent American financier who played a crucial role in the development of modern international banking following the American Civil War. As the principal partner at Drexel & Co. based in Philadelphia, he co-established Drexel, Morgan & Co in 1871 alongside J. P. Morgan, who joined as a junior partner; this enterprise eventually became J.P. Morgan & Co., now known as JPMorgan Chase. Additionally, Drexel founded Drexel University in Philadelphia in 1891.
In 1892, Drexel gained membership in the American Philosophical Society. He was also the inaugural president of the Fairmount Park Art Association (presently the Association for Public Art), which was the first private group in the United States devoted to combining public art with city planning.
Early life
Born in 1826 in Philadelphia, Drexel was the son of banker Francis Martin Drexel and Catherine Hookey. He had siblings including Francis Anthony Drexel and Joseph William Drexel, and was uncle to Saint Katharine Drexel. Raised in the Roman Catholic tradition, he later adopted the Episcopal Church.
Career
At age thirteen, Drexel began his career at his father’s banking firm, which had been established just three years earlier. By 1847, he officially became part of Drexel & Company, the forerunner of Drexel Burnham Lambert.
Following his father’s passing in 1863, Drexel shut down offices in Chicago and San Francisco and rebranded the New York branch as Drexel Winthrop. In 1867, he launched a Paris-based partnership called Drexel, Harjes & Co. alongside John H. Harjes and Eugene Winthrop.
In 1871, prompted by encouragement from Junius Spencer Morgan, Drexel formed a partnership with Junius’s son, J. P. Morgan, creating Drexel, Morgan & Co. in New York City. This merchant bank initially represented European investors within the U.S., soon becoming a leading financier for American railroads and playing a pivotal role in stabilizing securities markets on Wall Street by establishing a national capital market for industrial enterprises.
During financial crises, Drexel, Morgan & Co. took significant steps to restore trust: underwriting the entire U.S. Army payroll during the 1877 turmoil, aiding government recovery amid the Panic of 1895, and rescuing the New York Stock Exchange throughout the Panic of 1907. The firm’s French affiliate, Drexel Harjes, was part of an international network that included offices in London, Philadelphia, New York City, and Paris.
Two years after Drexel’s death in 1893, the company was renamed J.P. Morgan & Co., which became an essential predecessor to today’s JPMorgan Chase. Notably, in 1901 this institution financed the establishment of United States Steel Corporation, recognized as the first billion-dollar corporation formed by consolidating Andrew Carnegie’s enterprises along with others.
Personal life
In 1850, Drexel married Ellen B. Rozet (1832–1891). Although he was originally Roman Catholic, he converted to his wife’s Episcopalian faith. The couple actively participated in the Church of the Saviour (now Philadelphia Cathedral), where Drexel held roles as vestryman and later warden. Murals within the church commemorate his legacy.
The Drexels had nine children, many of whom allied through marriage with notable families:
- Emilie Taylor Drexel (1851–1883), wed Edward Biddle III
- Frances Katherine Drexel (1852–1892), married James William Paul Jr.
- Mae E. Drexel (1857–1886), married Charles T. Stewart
- Sarah Rozet "Sallie" Drexel (1860–1929), first married John R. Fell Sr., then Alexander Van Rensselaer
- John Rozet Drexel (1863–1935), married Alice Gordon Troth
- Anthony Joseph Drexel Jr. (1864–1934), wed Margarita Armstrong; they divorced in 1917
- George William Childs Drexel (1868–1944), married Mary Stretch Irick; he inherited $10 million from his father
After their sister-in-law passed away in 1858, Anthony and Ellen cared for her daughters until his brother Francis remarried two years later.
Drexel was grandfather to Anthony Joseph Drexel Biddle Sr., and great-grandfather to Anthony Joseph Drexel Biddle Jr., who served as a distinguished U.S. ambassador.
He died from a heart attack on June 30, 1893, at age 66 in Karlsbad (now Karlovy Vary, Czech Republic) and was interred at Woodlands Cemetery in Philadelphia.