The Man Who Made Wall Street

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He tamed the market's bulls and bears. "He was the best friend I have ever had in every way."—J. P. Morgan. At the height of the Gilded Age, J. Pierpont Morgan wielded immense power over railroads, corporations, and governments, yet he looked up to Anthony J. Drexel, the most influential financier of the nineteenth century. The son of an Austrian émigré, Drexel (1826-1893) became the leading financial mind in his father's Philadelphia brokerage. Eschewing publicity and accolades, he formed a partnership with Morgan and his father, creating a formidable financial force. In an era without a central bank, Drexel's firms were crucial in raising funds for railroads, factories, and wars, guiding American business through unprecedented economic growth and four major depressions. His firms, with branches in major cities worldwide, were known for their integrity and innovative strategies, including trading national currencies and offering "sweat equity" to employees. By mentoring Morgan and allowing him to take the spotlight, Drexel remained in the background, nurturing his family. Despite his significant impact, Drexel's contributions have largely been overlooked. Dan Rottenberg's biography reveals Drexel's legacy through extensive research, uncovering 150 previously unknown letters and cables. Drexel believed in achieving success without seeking credit, and this work finally acknowledges his profound influence on Wall Street.