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 RR. During the famous "Erie War" (1866–68), Drew manipulated Erie stock so that he and his allies Jay Gould and James Fisk defeated the attempt of Cornelius Vanderbilt 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).

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Drew, Daniel

(born July 29, 1797, Carmel, N.Y., U.S.—died Sept. 18, 1879, New York, N.Y.) U.S. railway financier. In 1844 he founded the Wall Street brokerage firm of Drew, Robinson, and Co., which became one of the principal traders in railroad stocks in the U.S. The “Erie War” of 1866–68, in which Drew joined Jay Gould and James Fisk against Cornelius Vanderbilt in a struggle for control of the Erie Railroad Co., eventually led to his ruin, and he filed for bankruptcy in 1876.

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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.