![]() 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 in London, Drexel became the mentor of Junius's troubled son, of New York, and entered into a new partnership with young Morgan, forming.
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