Great Fortunes, and How They Were MadeMcCabe, James Dabney
History
Great Fortunes, and How They Were Made
McCabe, James Dabney
United States -- Biography
These ventures were so successful that the operations of the firm were
extended into Pennsylvania, and finally into Ohio and the other States
of the great West. Mr. Drew and his partners brought over the mountains
the first drove of cattle that ever came from the West into New York
city. The cattle, two thousand in number, were collected into droves of
one hundred each, and were driven by experienced and careful men. The
journey occupied two months, and the total cost of the purchase and trip
was twenty-four dollars per head. The profit on the venture was very
large.
Mr. Drew continued in this business for fourteen years, slowly and
carefully laying the foundations of that immense fortune which has made
him so conspicuous, an example to others who have entered upon the
life-struggle since then.
In 1834, an event occurred which changed the whole tenor of his career.
In that year, the steamer "General Jackson," owned by Jacob Vanderbilt
(a brother of the famous Commodore), and plying between New York and
Peekskill, blew up at Grassy Point. A friend of Mr. Drew at once put a
boat called the "Water Witch" in her place, and Mr. Drew, to oblige his
friend, advanced one thousand dollars toward the enterprise. Commodore
Vanderbilt was not willing that any rival should contest the river trade
with him, and built a steamer called the "Cinderella," with which he ran
a sharp opposition to Mr. Drew. The contest was so sharp that fares and
freights were lowered to a ridiculous figure, and both parties lost
heavily. At the end of the season, the owner of the "Water Witch" found
himself ten thousand dollars in debt, and sold his boat to Drew, Kelly &
Richards for twenty thousand dollars.
Finding that Mr. Drew was not frightened off by his opposition,
Commodore Vanderbilt urged him to withdraw from his attempt, telling him
he knew nothing of the management of steamboats. Mr. Drew refused to be
intimidated; however, and continued his efforts. Since then, there have
been fifty attempts to run him off the river, but all alike have failed
of success.
In 1836, the "Water Witch" was replaced by a fine steamer called the
"Westchester," which was subsequently run as a day boat to Hartford,
Connecticut. The "Westchester" was run against the Hudson River Line,
from New York to Albany. The Hudson River Line at that time owned the
"De Witt Clinton," the "North America," and others--the finest
steamboats then afloat--and it seemed at first foolhardiness for any
one to attempt to oppose so popular a company. Mr. Drew and his
partners bought the "Bright Emerald," for which they gave twenty-six
thousand dollars, and ran her as a night boat between New York and
Albany, reducing the fare from three dollars to one dollar. During the
season, they bought the "Rochester" for fifty thousand dollars, and also
bought out the Hudson River Line, after which they restored the fare to
three dollars.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account