Anthony Joseph Drexel III
Anthony Joseph Drexel III | |
|---|---|
| Born | 19 October 1887 |
| Died | 23 February 1946 (aged 58) |
| Occupation(s) | Banker, aviator |
Anthony Joseph Drexel III (October 19, 1887 – February 23, 1946) was a notable figure in American banking and aviation.
Early life
As the eldest child of Margarita "Rita" Armstrong (1867–1948) and Anthony Joseph Drexel Jr., he belonged to the influential Drexel banking dynasty. His brothers and sisters included aviation trailblazer John Armstrong Drexel, Louis Clapier Norris Drexel, and Margaretta Finch-Hatton, Countess of Winchilsea. Following his parents' separation in 1917, his mother remarried Brinsley FitzGerald.
On his father's side, his grandparents were banker Anthony Joseph Drexel, who was the son of Austrian-born financier Francis Martin Drexel, and Ellen Rozet Drexel. Through his sister Margaretta, he was uncle to Christopher Finch-Hatton, 15th Earl of Winchilsea. His maternal lineage traced back to John Armstrong of Baltimore.
Drexel received education at Farnborough and later spent three and a half years studying at Eton College. His father maintained close relationships with King Edward VII and Kaiser Wilhelm II. At the age of sixteen, he embarked on an extensive world tour lasting eighteen months.
Career
Upon completing his global travels, Drexel returned to Philadelphia and took up a clerical position at Drexel & Co., the family enterprise established by his great-grandfather Francis in 1838. His grandfather notably increased the family's wealth by collaborating with J. Pierpont Morgan to create Drexel, Morgan & Co. in New York (1871) as well as Drexel, Harjes & Co. in Paris.
In 1910, Drexel managed a flying school located in Beaulieu, England. After marrying, he moved back to the United States where he initially worked as a messenger before becoming a clerk at the New York brokerage E. and C. Randolph. Subsequently, he joined J. R. Williston & Co. as a partner for two years before purchasing a seat on the New York Stock Exchange. He then established his own brokerage firm, Liggett, Drexel & Co., alongside John E. Liggett of the Liggett tobacco family at 61 Broadway in Manhattan. In 1917, his brother-in-law George Jay Gould Jr. became part of the company. The following year, Drexel sold his exchange seat to his partner for $55,000.
The successor firms of Liggett & Drexel encountered several legal disputes: in 1919, Intermountain Railway filed a lawsuit seeking $286,000 related to an unsuccessful bond offering; in 1921, Merchants Trust Company initiated legal action against Liggett for endorsing notes that were bankrupt. Additionally, Liggett’s wife pursued legal claims asserting that she had supported Liggett & Drexel financially using her personal resources.
During World War I, Drexel served as a Lieutenant with Squadron A of the U.S. Army. After the war ended, he took on the role of vice president at Standard Film Industries Corporation based in New York. In 1935, he testified before a New York State Legislative committee advocating for charitable lottery initiatives.
Later life
Following his departure from banking activities, Drexel split his residence time between properties in Boca Grande, Florida and Shelter Island, Long Island. In 1937, he and his wife hosted Sir Bede Clifford, Governor of the Bahamas, for dinner at their Cable Beach home named Caprice. He maintained memberships with prestigious clubs such as the Philadelphia Club and the New York Yacht Club.
In 1938, Drexel sold his steel yacht weighing 238 tons, Queen of Scots, transferring it to British registry where it was converted into a hospital ship operated by the British Red Cross. During World War II, he and his spouse escaped from occupied France to Portugal before returning to America, where he devoted himself primarily to sporting pursuits like yachting.
Personal life
In 1910, Drexel united in marriage with Marjorie Gwynne Gould, the eldest daughter of financier George Jay Gould and former actress Edith Kingdon. The couple resided at 1015 Fifth Avenue, New York City, and maintained additional residences in Lakewood, New Jersey, as well as Cable Beach near Nassau in the Bahamas. Their offspring comprised:
- Edith Kingdon Drexel (1911–1934), who became the wife of Henry Sergeant Cram in 1931.
- Anthony Joseph Drexel IV (1912–1948), who married Helen Avis Howard, daughter of Dr. Clinton Chappell Howard.
- Marjorie Gould Drexel (1916–1947), who entered into matrimony with John Murton Gundry Jr. in 1935; following their divorce in 1945, she remarried Axel Julius Danielson in 1946.
Among Drexel’s broader family ties were prominent social affiliations: his sister-in-law Vivien Gould was wed to John Beresford, 5th Baron Decies; after her passing, Lord Decies took as his spouse Drexel’s cousin Elizabeth Wharton Drexel.
Drexel succumbed to a heart attack at his residence in Boca Grande on February 25, 1946. His widow later died in Manhattan on November 29, 1955.
Descendants
Through his daughter Edith, Drexel was grandfather to John Sergeant Cram III (1932–2007), who married Lady Jeanne Campbell, daughter of Ian Campbell, 11th Duke of Argyll. Prior to this marriage, Lady Jeanne had been wed to American author Norman Mailer. Their union produced a daughter, Cusi Cram (born 1967), an accomplished actress, recipient of the Herrick Prize for playwriting, and Emmy-nominated writer for the children's animated series Arthur.