Business; Capitalists and financiers -- United States; Speculation; Wall Street (New York, N.Y.)
“I gave my son the old homestead,” continued Mr. Drew, “and some other
small property up in Putnam, where we came from, which I hope will make
him independent at least. My daughter married a rich man, and when he
died, leaving considerable property to five children, I was made
executor of the will. For so great a trust as their property I was
obliged to give security, which I did by making over to them this house
where we are, and the North River steamboats, the Drew, Dean Richmond,
St. John and Chauncey Vibbard. This security makes them whole, and I
thank God that breach of trust is not on my conscience. Their mother, my
daughter, is, of course, well provided for, through her children and
deceased husband. My son’s principal business is now in connection with
the management of the boats, by which he is getting on very well.”
After Drew’s great disaster in the Erie “corner,” he became a special
partner in the firm of Kenyon, Cox & Co., and when this house failed,
after the panic of 1873, Uncle Daniel was compelled to make an
assignment. He had been for years on the losing side, having dropped
between two and three millions in the Erie “corner” through the
machinations of Gould and Fisk. Horace F. Clark and Gould had also
cornered him in Northwestern to the tune of $750,000. After the panic he
had made an assignment to Wm. L. Scott, of Erie, Pa., but was not
legally declared a bankrupt until 1876. His liabilities were
$1,074,131.83, and his assets were estimated at $746,499.46.
Like Vanderbilt, Drew kept his accounts in his head, and considered the
whole paraphernalia of book-keeping a confounded fraud.
His failure, which at one time would have induced a panic, did not cause
a ripple on the surface of speculation. After his discharge in the
bankruptcy proceedings, he appeared to pluck up fresh courage, and said,
“The boys think I’m played out, but I’ll give ’em many a turn and twist
yet.” He was interested in Toledo & Wabash, Canada Southern, Quicksilver
Mining Company and Canton (Land) Company stock.
Wm. H. Vanderbilt, who had received his early financial training as a
clerk in Drew’s office, still retained a kindly feeling for his old
employer, and sometimes gave him “pints” as Drew called them, on which
he made a little turn. It was said that Mr. Vanderbilt had intended to
give him another start in life about the time Drew passed suddenly over
to the majority. He died at 10.45 P. M., September 18, 1879, at the
residence of his son, Wm. H. Drew, No. 3 East Forty-second street.
Public-domain text, read in full here on John Shaqi.
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