Drexel & Co. of Philadelphia established a template for modern global finance following the American Civil War by creating a national capital market for industrial firms. As the dominant partner of this house, Anthony Joseph Drexel steered the expansion of merchant banking, later founding the partnership that would eventually evolve into the global financial services firm JPMorgan Chase.
Professional Ascent
Born in Philadelphia in 1826 to Francis Martin Drexel and Catherine Hookey, Anthony Joseph Drexel entered the family banking business at age 13. By 1847, he was a member of the firm. Following his father's death in 1863, he reorganized the bank's branches, notably establishing the Paris-based partnership Drexel, Harjes & Co. in 1867 alongside John H. Harjes and Eugene Winthrop.
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In 1871, at the recommendation of Junius Spencer Morgan, Drexel became a mentor to John Pierpont Morgan. The resulting New York partnership, Drexel, Morgan & Co., functioned primarily to facilitate European investment within the United States. This firm became instrumental in financing the expansion of American railroads and served to stabilize securities markets by underwriting industrial debt, moving beyond the restricted capital markets of the era.
Public Service and Legacy
Beyond finance, Drexel was the inaugural president of the Fairmount Park Art Association, an organization focused on urban planning and public art integration. In 1891, he founded Drexel University in Philadelphia. He was elected to the American Philosophical Society in 1892. Following his death from a heart attack in 1893 while in Karlovy Vary, he was buried at The Woodlands.
Fast facts
- Born: 1826, Philadelphia
- Died: 1893, Karlovy Vary
- Primary Occupation: Banker
- University Founded: 1891
- Religion: Episcopal Church
- Burial Site: The Woodlands
- Partnership Formed: Drexel, Morgan & Co. (1871)
Questions readers ask
What was the significance of the 1871 partnership?
It merged the interests of Drexel and John Pierpont Morgan, creating a powerhouse that stabilized Wall Street and financed major American industrial development.
Did Drexel have a religious affiliation?
Although raised Roman Catholic, he converted to the Episcopal Church and served as a warden at the Church of the Saviour in Philadelphia.
