Francis Martin Drexel

Francis Martin Drexel
Francis Martin Drexel
Born	Template:Birth date; Dornbirn, Vorarlberg, Holy Roman Empire
Died	June 5, 1863 (aged 71); Philadelphia, Pennsylvania, United States
Occupation(s)	Banker, artist
Known for	Founder of Drexel & Co.

Francis Martin Drexel (April 7, 1792 – June 5, 1863) was an Austrian-born American banker and artist. He fathered Anthony Joseph Drexel, the founder of Drexel University and a forerunner of J.P. Morgan & Co, and was the grandfather of Katharine Drexel.

Early life

Drexel came into the world in Dornbirn, Vorarlberg, within the Holy Roman Empire, as the eldest child of merchant Franz Josef Drexel. He received his education at a Catholic convent school in Italy, where he mastered Italian and French, ultimately becoming fluent in five languages. To evade conscription amid Napoleon's invasion, he escaped to Switzerland, where he sustained himself for five years by painting portraits, signs, and houses. In 1812, he covertly returned to the Tyrol but soon relocated to Bern to further pursue his art studies.

Career

In May 1817, Drexel emigrated from Amsterdam to Philadelphia, establishing an art studio and instructing at Bazeley's Female Academy. His portrait work attracted considerable attention and was frequently displayed at the Pennsylvania Academy of Fine Arts.

Following a libel case involving his brother-in-law Bernard Gallagher that led to reduced commissions and loss of his teaching role, Drexel temporarily left his family to travel through Peru and Chile, where he painted prominent individuals such as General Simón Bolívar. He undertook several journeys to South America and also visited Mexico.

Drexel & Co.

After settling in Philadelphia in 1837, Drexel founded the banking firm Drexel & Co., which developed into one of the largest financial institutions in the United States. The firm's early operations concentrated on discounting privately issued bank notes, whose value greatly depended on the reputations of their issuing banks' principals. Drexel’s experience with these individuals through his portrait work reportedly offered him valuable insider knowledge.

Following his passing in 1860, the Paris-based firm Drexel, Harjes & Co. was established in 1868, and the New York firm Drexel, Morgan & Co. was created in 1871.

Children

In 1821, Drexel married Catherine Hookey. Their offspring included:

Mary Johanna Drexel (1822–1873), who wed businessman and philanthropist John D. Lankenau.
Francis Anthony Drexel (1824–1885), married first Hannah J. Langstroth and later Emma Mary Bouvier.
Anthony Joseph Drexel (1826–1893), a finance innovator and co-founder of Drexel University, married Ellen B. Rozet.
Joseph William Drexel (1833–1888), trustee of the Metropolitan Museum of Art and director of the Metropolitan Opera, married Lucy Wharton.
Heloise C. Drexel (1837–1895), married James Charles Smith.
Caroline "Carrie" Drexel (1838–1911), married stockbroker John Goddard Watmough.

Drexel succumbed in 1863 due to injuries from a train accident and was interred at The Woodlands Cemetery in Philadelphia.

Descendants

Through his eldest son Francis Anthony Drexel, he became the paternal grandfather of Saint Katharine Drexel (1858–1955). Via his son Joseph William Drexel, he was also the paternal grandfather of Elizabeth Wharton Drexel (1868–1944), a well-known socialite who married John Beresford, 5th Baron Decies (1866–1944).

Death and legacy

Francis Martin Drexel passed away on June 5, 1863.

A statue of Drexel crowns the Francis M. Drexel Memorial Fountain located in Chicago's Drexel Square. He was the benefactor of the land that later became known as Drexel Boulevard. This fountain, one of the city's earliest public sculptures, was commissioned by his sons, Francis A. and Anthony J. Drexel.

Drexel Park, situated on South Damen Street in Chicago, derives its name from Drexel Boulevard. Additionally, he contributed a substantial parcel of land farther east to the South Park Commission for the development of park space.

Sources

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