Two years after Drexel's death in 1893, Drexel, Morgan & Co. 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. Army when Congress refused to do so in 1877, bailed out the U.S.Government during the Panic of 1895 and rescued the New York Stock Exchange during the Panic of 1907. To restore investor confidence, Drexel Morgan underwrote the pay of the entire U.S. The firm created a national capital market for industrial companies- a market that had previously existed only for railroads and canals. Over the next generation, this partnership assumed the leading role in financing America's railroads and stabilizing and revitalizing Wall Street's chaotic securities markets. This 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. Three years later, in 1871, at the urging of Junius Spencer Morgan in London, Drexel became the mentor of Junius's troubled son, John Pierpont Morgan of New York, and entered into a new partnership with young Morgan, forming Drexel, Morgan & Co. In 1867 he founded a separate Paris-based banking partnership, Drexel, Harjes & Co., with John H. Īfter the death of his father in 1863, Drexel closed the bank's Chicago and San Francisco offices and changed the name of its New York branch from Read, Drexel & Co. In 1847 he was named a member of the firm Drexel & Company, the original predecessor of what would become Drexel Burnham Lambert. and Drexel, Harjes & Co.Īt 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 Drexel.
0 kommentar(er)
