Drew, Daniel

Drew, Daniel,

1797–1879, American railroad speculator, b. Carmel, N.Y. He became a cattle dealer in early life and by 1834 was successful enough to engage in the steamboat business on the Hudson, which he developed rapidly. In 1844, Drew entered Wall St., where he founded the firm of Drew, Robinson & Company. After its dissolution a decade later, he became an independent operator and was bold and scheming in pursuing his goals. In 1857 he forced his way into becoming a director of the Erie RRErie Railroad,
rail transportation line designed to connect the mouth of the Hudson River with the Great Lakes region. The New York and Erie RR Company was enfranchised and incorporated in 1832, and construction was begun in 1835 near Deposit, N.Y.
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. During the famous "Erie War" (1866–68), Drew manipulated Erie stock so that he and his allies Jay GouldGould, Jay,
1836–92, American speculator, b. Delaware co., N.Y. A country-store clerk and surveyor's assistant, he rose to control half the railroad mileage in the Southwest, New York City's elevated railroads, and the Western Union Telegraph Company.
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 and James FiskFisk, James,
1834–72, American financial speculator, b. Pownal, Vt. In his youth he worked for a circus and as a wagon peddler of merchandise. During the Civil War he became wealthy purchasing cotton in occupied areas of the South for Northern firms and selling Confederate
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 defeated the attempt of Cornelius VanderbiltVanderbilt, Cornelius,
1794–1877, American railroad magnate, b. Staten Island, N.Y. As a boy he ferried freight and passengers from Staten Island to Manhattan, and he soon gained control of most of the ferry lines and other short lines in the vicinity of New York City.
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 to gain control. Sometime later, however, Drew was financially outsmarted by Gould and Fisk. This was the beginning of his downfall, which ultimately led to his complete financial ruin in the Panic of 1873. By 1876 he was bankrupt. In his heyday Drew, a Methodist, contributed to the establishment of several churches, as well as Drew Theological Seminary (now part of Drew Univ.) and Drew Seminary (for girls) at Carmel.

Bibliography

See C. F. Adams and H. Adams, Chapters of Erie (1871, repr. 1967); B. White, The Book of Daniel Drew (1910, repr. 1973).

Drew, Daniel

(1797–1879) capitalist; born in Carmel, N.Y. He moved rapidly from a successful cattle-driving business (1829) to competing against Cornelius Vanderbilt (1834) in the steamboat business, to opening the brokerage firm of Drew, Robinson & Company on Wall Street (1844). A millionaire, he earned a reputation for being unscrupulous during the "Erie War" with Cornelius Vanderbilt (1866–68) over control of the Erie Railroad and other stock and bank deals which brought ruin to thousands. In 1870 his former associates dealt against him and the panic of 1873 furthered his decline. Bankrupt, he became dependent on his son during his last years.
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My little delicate petal, Plucked from the annals of human misery: You have descended from Charles Drew, Daniel Hale Williams, Percy Julian, Harriet Tubman, Mary Bethune, and Barbara Jordan.
All our love always Morgan, Drew, Daniel & Lewis.
Devoted grandmother of Tyler, Kayla, Drew, Daniel, Samuel & Benjamin.