Joseph William Drexel was born on January 24, 1833 in Philadelphia, United States. He was the third son of Francis Martin Drexel and Catherine (Hookey) Drexel. He attended high school in Philadelphia but was largely indebted to his father for his extensive knowledge of languages, art, and music, as well as for his training in banking.
Drexel attended high school in Philadelphia but was largely indebted to his father for his extensive knowledge of languages, art, and music, as well as for his training in banking.
In 1867 Drexel became one of the partners of the firm of Drexel, Harjes & Company of Paris, and four years later he became associated with J. Pierpont Morgan in the firm of Drexel, Morgan & Company. Thereafter his principal activities were in New York. He was connected with a large number of other financial institutions, being director of eleven banks, including the Garfield National Bank of which he was one of the founders.
Pie lived during a period of exceedingly rapid industrial expansion, and vastly increased his inherited fortune by the conservative promotion of the more stable industrial enterprises as well as by handling great quantities of securities issued by national and local governments.
In 1876 he withdrew from active direction of his business interests in order to devote his time to philanthropic, public, and artistic enterprises, lie collected an extensive library of music, including noted manuscripts and autographs, and was also interested in etchings. Important collections were bequeathed to the Lenox Library and to the Metropolitan Museum.
His interest in public health found expression in his study and promotion of sanitation and in his serving as treasurer of the New York Cancer Plospital.
He was deeply interested in the condition of the poor, the unemployed, and the dependent classes.
He investigated the conditions of the families of large numbers of prisoners, and spent considerable sums for their relief.
In addition to conventional methods of relieving the poor, as by maintaining soup houses, he undertook remedial measures of a distinctive kind.
Among his various projects was a “back to the land” movement.
He proposed to purchase large tracts, divide them up into small farms, build five-room houses, and sell them at cost on easy terms to worthy but indigent people of the city.
Naturally the results, except in cases of occasional individual relief, were insignificant, and there is little indication that Drexel gave serious thought to the underlying causes of the conditions he sought to relieve.
Drexel's interest in public health found expression in his study and promotion of sanitation and in his serving as treasurer of the New York Cancer Plospital. He was deeply interested in the condition of the poor, the unemployed, and the dependent classes
On April 18, 1865 Drexel married Lucy Wharton of Philadelphia.
