Anthony Joseph Drexel ( Eng. Anthony Joseph Drexel ; September 13, 1826 , Philadelphia , PA , USA - June 30, 1893 , Carlsbad , Austria-Hungary ) is an American banker , financier and philanthropist who played a key role in the formation of the modern global financial system after the American Civil War. As a senior partner of Drexel & Co. from Philadelphia, he founded Drexel, Morgan & Co (later JP JP Morgan & Co. ) in New York in 1871 as a junior partner. Drexel is the founder of Drexel University ( 1891 ) [4] [5] . He was the first president of the Fairmount Park Art Association (now the Association for Public Art), the first private American organization to integrate art into urban planning [6] .
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Biography
Anthony Drexel was born September 13, 1826 in Philadelphia , PA in the family of Martin Francis Drexel (1792-1863), an American banker of Austrian descent who came to the United States in 1817 , and Catherine Goki (1795-1870). His brothers: Francis Anthony and Joseph William, were also bankers. Catherine Maria Drexel, a saint of the Roman Catholic Church, was Anthony's niece. He was married to Helen Rosett, with whom Drexel had nine children - five daughters and four sons, two of whom died in childhood.
At the age of thirteen, Anthony Drexel began working at a bank founded three years earlier by his father [7] . In 1847 , Anthony became an employee of Drexel & Company, the predecessor of Drexel Burnham Lambert [7] . After his father died in 1863 , Anthony Drexel closed the Chicago branch of Drexel & Company and transformed the New York branch of Read, Drexel & Co. into a new bank, Drexel Winthrop. In 1867 , Anthony Drexel and his partners John Garges and Eugene Winthrop founded the Paris-based company Drexel, Harjes & Co., specifically to work with the European market [7] .
In 1871, at the request of Junius Spencer Morgan , Anthony Drexel became the mentor of his son, John Morgan , and they founded a new company in New York called “Drexel, Morgan & Co.” The main target audience of the new banking organization were mainly European entrepreneurs who wanted to invest in a business in the United States. Firms Anthony Drexel acted for them as an agent.
Over the next twenty years, this partnership played a leading role in financing the construction of an extensive network of American railroads, as well as revitalizing and stabilizing the then chaotic securities market on Wall Street .
Anthony Drexel's firm has practically created a national capital market for industrial enterprises. Previously, a similar market existed only for railways and shipping channels. To restore investor confidence, Drexel Morgan funded payments to the U.S. Army when the U.S. Congress refused to do so in 1877 and helped get out of the plight of the U.S. government during the panic of 1895 , and saved the New York Stock Exchange during the 1907 panic .
With the advent of Drexel, Morgan & Co., the foreign partnership of Drexel Harjes became the French branch of an international banking firm with offices in London , Philadelphia, New York and Paris , which later changed its name to JP Morgan & Co. .
Anthony Drexel died of a heart attack on June 30, 1893 in Carlsbad , a spa town in Bohemia, which was then part of Austria-Hungary. His body was transported to his homeland and buried in Philadelphia at the Woodlands Cemetery [8] .
After Drexel’s death, Drexel, Morgan & Co. Bank was renamed JP Morgan & Co. , and later became JPMorgan Chase & Co., one of the largest and oldest financial conglomerates in the world. In 1901 , the bank funded the creation of the United States Steel Corporation, a corporation that incorporated Andrew Carnegie and other companies.
Notes
- ↑ 1 2 SNAC - 2010.
- ↑ 1 2 Find a Grave - 1995. - ed. size: 165000000
- ↑ 1 2 The Peerage
- ↑ Rottenberg (2001) .
- ↑ Anthony Joseph Drexel | American banker , Encyclopedia Britannica . (eng.)
- ↑ White, Theo B. Fairmount: Philadelphia's Park. - Philadelphia, PA: The Art Alliance Press, 1975 .-- P. 94. - ISBN 0879820152 . (eng.)
- ↑ 1 2 3 McDonald, Edward D. Drexel Institute of Technology 1891-1941. - Haddon Craftsmen, Inc., 1942. - P. 4-5. - ISBN 1-4067-6374-8 .
- ↑ Anthony J. Drexel is Dead. , New York Times (July 1, 1893). Date accessed December 23, 2008. “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. ". (eng.)
Sources
- Rottenberg, Dan. The Man Who Made Wall Street: Anthony J. Drexel and the Rise of Modern Finance. - 1. - Philadelphia: University of Pennsylvania Press, 2001. - ISBN 978-0-8122-3626-2 .
- Papadakis, Constantine . Drexel University, a University with a Difference: The Unique Vision of Anthony J. Drexel. - New York: Newcomen Society of the United States.
Links
- Drexel Family History Bibliography
- Anthony Joseph Drexel British Encyclopedia