Call Number:

00.065

Repository:

Drexel University: Archives and Special Collections

Extent:

1.0 cubic feet

Language:

English

Date:

1872-1979 (inclusive)

Creator:

Drexel & Co..

Form:

Financial records

Abstract:

Drexel & Co. was founded in 1838 by Francis Martin Drexel. The first office in Philadelphia was located at 34 South Third Street. In 1847, both of Francis Martin's sons, Anthony J. and Francis A. Drexel, became partners in the firm. In 1851, the company earned large profits from the gold discoveries in California where Francis Martin set up a banking house in San Francisco. During the Mexican-American War, Drexel & Co. sold $49.2 million of the Treasury's war bonds. For the U.S. Civil War, Drexel & Co. once again raised money the government to fund the war; however, Jay Cooke & Co. played the largest role. In 1863, A.J. Drexel became the head of Drexel & Company when his father died. A.J. Drexel partnered with J.P. Morgan and created one of the largest banking companies in the world, Drexel, Morgan & Company. Drexel & Company built a new banking house in 1888 on the southeast corner of Fifth and Chestnut Street. During the 1960s and early 1970s, Drexel and Company underwent three mergers: first Drexel Harriman Ripley, then Drexel Firestone, and lastly Drexel Burnham Lambert in 1973.

This collection consists of financial books, scrapbooks, and ephemera relating to the Drexel & Co. business from 1872-1979. The first series, Financial books, consists of four ledger books and three balance books documenting various company expenses. The second series, Scrapbooks, consists of two scrapbooks with newspaper clippings. One scrapbook belongs to Horatio G. Lloyd Jr. who was a partner of the banking houses of J.P. Morgan & Co. and Drexel & Co. The third series, Ephemera, includes various historical items and documents relating to the company. The historical items includes photographs, checks, Edward T. Stotesbury's cable book, and a list of partners on January 1, 1895 when J.P. Morgan & Company was formed. Also included with this series are two folders of memorabilia relating to business and individuals at Drexel & Co. as well as an autobiography written by Francis M. Martin for his children.