Anthony Joseph Drexel I
Encyclopedia
Anthony Joseph Drexel (September 13, 1826 – June 30, 1893) was an American
financier, banker, partner of J.P. Morgan and founder of Drexel University
.
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.
. In 1847 he was named a member of the firm Drexel & Company, the original predecessor of what would become Drexel Burnham Lambert
.
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.
Three years later, in 1871, Drexel entered into a new partnership, forming Drexel, Morgan & Co. with J. Pierpont Morgan. 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".
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.
, Czech Republic
at the age of 66, and was buried in The Woodlands Cemetery in Philadelphia.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
financier, banker, partner of J.P. Morgan and founder of Drexel University
Drexel University
Drexel University is a private research university with the main campus located in Philadelphia, Pennsylvania, USA. It was founded in 1891 by Anthony J. Drexel, a noted financier and philanthropist. Drexel offers 70 full-time undergraduate programs and accelerated degrees...
.
Birth
He was born in 1826 in Philadelphia, PennsylvaniaPhiladelphia, Pennsylvania
Philadelphia is the largest city in the Commonwealth of Pennsylvania and the county seat of Philadelphia County, with which it is coterminous. The city is located in the Northeastern United States along the Delaware and Schuylkill rivers. It is the fifth-most-populous city in the United States,...
to Francis Martin Drexel
Francis Martin Drexel
Francis Martin Drexel was a Philadelphia banker and artist. He was the father of Anthony Joseph Drexel, the founder of Drexel University and the grandfather of Saint Katherine Drexel....
(1792–1863) and Catherine Hookey (1795–1870). He was the brother of Francis Anthony Drexel
Francis Anthony Drexel
Francis Anthony Drexel was a Philadelphia banker.-Biography:He was born on June 20, 1824 to Francis Martin Drexel. He had two brothers, Anthony Joseph Drexel and Joseph William Drexel.He married Hannah J...
, and Joseph William Drexel
Joseph William Drexel
Joseph William Drexel was a banker, philanthropist, and partner of Baring Brothers in London and Rothschild et fils in Paris.-Biography:...
. He was the uncle of Saint Katharine Drexel.
Marriage and children
He 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).
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 DrexelFrancis Martin Drexel
Francis Martin Drexel was a Philadelphia banker and artist. He was the father of Anthony Joseph Drexel, the founder of Drexel University and the grandfather of Saint Katherine Drexel....
. In 1847 he was named a member of the firm Drexel & Company, the original predecessor of what would become Drexel Burnham Lambert
Drexel Burnham Lambert
Drexel Burnham Lambert was a major Wall Street investment banking firm, which first rose to prominence and then was forced into bankruptcy in February 1990 by its involvement in illegal activities in the junk bond market, driven by Drexel employee Michael Milken. At its height, it was the...
.
After the death of his father, Drexel would leave Drexel & Company to found a new banking firm, Drexel, Harjes & Co., a Paris
Paris
Paris is the capital and largest city in France, situated on the river Seine, in northern France, at the heart of the Île-de-France region...
-based banking firm founded in 1867 by Drexel, John H. Harjes and Eugene Winthrop.
Three years later, in 1871, Drexel entered into a new partnership, forming Drexel, Morgan & Co. with J. Pierpont Morgan. 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
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, Philadelphia, New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
and Paris
Paris
Paris is the capital and largest city in France, situated on the river Seine, in northern France, at the heart of the Île-de-France region...
that would subsequently become J.P. Morgan & Co.
J.P. Morgan & Co.
J.P. Morgan & Co. was a commercial and investment banking institution based in the United States founded by J. Pierpont Morgan and commonly known as the House of Morgan or simply Morgan. Today, J.P...
. 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".
Following Drexel's death, Drexel, Morgan & Co. was renamed J.P. Morgan & Co.
J.P. Morgan & Co.
J.P. Morgan & Co. was a commercial and investment banking institution based in the United States founded by J. Pierpont Morgan and commonly known as the House of Morgan or simply Morgan. Today, J.P...
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
Andrew Carnegie
Andrew Carnegie was a Scottish-American industrialist, businessman, and entrepreneur who led the enormous expansion of the American steel industry in the late 19th century...
and others and was the world's first billion-dollar corporation.
Death
He died of a heart attack on June 30, 1893 in Karlsbad (in the German-speaking part of Bohemia, Austrian Empire) today Karlovy VaryKarlovy Vary
Karlovy Vary is a spa city situated in western Bohemia, Czech Republic, on the confluence of the rivers Ohře and Teplá, approximately west of Prague . It is named after King of Bohemia and Holy Roman Emperor Charles IV, who founded the city in 1370...
, Czech Republic
Czech Republic
The Czech Republic is a landlocked country in Central Europe. The country is bordered by Poland to the northeast, Slovakia to the east, Austria to the south, and Germany to the west and northwest....
at the age of 66, and was buried in The Woodlands Cemetery in Philadelphia.
See also
- Drexel UniversityDrexel UniversityDrexel University is a private research university with the main campus located in Philadelphia, Pennsylvania, USA. It was founded in 1891 by Anthony J. Drexel, a noted financier and philanthropist. Drexel offers 70 full-time undergraduate programs and accelerated degrees...
- Drexel & Co.
- The Happiest MillionaireThe Happiest MillionaireThe Happiest Millionaire is a 1967 musical film starring Fred MacMurray and based upon the true story of Philadelphia millionaire Anthony J. Drexel Biddle. The film received an Academy Award nomination for Costume Design by Bill Thomas. The musical song score is by Robert and Richard Sherman...
, Walt Disney's last film, 1967.