Francis Martin Drexel was an American banker. Drexel’s experience and judgment enabled him to develop a prosperous business, and his wealth was further increased by a successful venture in far-western banking during the mid-century gold rush.
Background
Francis Martin Drexel was born on April 7, 1792 in Dornbirn, Austria. His father, Franz Joseph Drexel, was a well-to-do merchant of Dornbirn, and his mother, Magdalen Willhelm Drexel, seems to have been a native of the same town.
For the son of a merchant, Francis Martin was given somewhat unusual opportunities for study by being sent to Milan at the age of eleven.
This was the period of the Napoleonic Wars, and the boy’s studies were interrupted by his father’s financial difficulties and by efforts to avoid conscription in the armies raised to fight against Napoleon.
Education
Francis Martin was given somewhat unusual opportunities for study by being sent to Milan at the age of eleven. Here he studied Italian and other languages and began his career as an artist. Here he studied Italian and other languages and began his career as an artist. For several years he continued his studies intermittently in different parts of Europe, painting portraits whenever opportunity afforded, and returning to Austria in 1815. For several years Drexel continued his studies intermittently in different parts of Europe, painting portraits whenever opportunity afforded.
Career
Unsettled conditions in Austria, combined with his roving disposition, sent him once more to various countries of Europe, and in 1817 Drexel set sail from Amsterdam for Philadelphia.
He remained in Philadelphia for nearly ten years, painting portraits, giving lessons in drawing, and establishing promising connections.
His progress as an artist was interrupted by a quarrel with his brother-in-law and by a return of his wanderlust, which took him in 1826 on the first of his South American adventures.
Here he remained four years, traveling extensively, making numerous acquaintances among the notables of the Latin-American countries, painting portraits, collecting curios, and accumulating considerable wealth by trafficking in currency as well as by practising his profession.
He later made another trip to South America and also visited Mexico.
His travels in Europe and America during periods of political disturbance and violent fluctuations taught him the nature and importance of banking and exchange and enabled him to profit handsomely in the incidental buying and selling of notes and currency.
It was the influence of these experiences, combined, perhaps, with a realization that his artistic ability was not of the highest order, that led him to abandon the profession of art and to open a brokerage office, in Louisville, Kentucky, in 1837.
In January of the next year, at 34 South Third St. , Philadelphia, he established the brokerage office, for dealing particularly in “uncurrent money, ” which ultimately grew into the world- famous house of Drexel & Company.
For the kind of business for which he was particularly equipped, conditions were propitious.
Opened a brokerage office, in Louisville, Kentucky, in 1837. In January of the next year, at 34 South Third St. , Philadelphia, he established the brokerage office, for dealing particularly in “uncurrent money, ” which ultimately grew into the world- famous house of Drexel & Company. For the kind of business for which he was particularly equipped, conditions were propitious. The charter of the Bank of the United States expired in 1836, and securities, whether public or private, as well as ordinary currency, were in a chaotic condition. Drexel’s experience and judgment enabled him to develop a prosperous business, and his wealth was further increased by a successful venture in far-western banking during the mid-century gold rush.
Achievements
Connections
Francis Martin Drexel married Catherine Hookey. They had 3 sons.