Appleton's Cyclopedia of American Biography, edited by James
Grant Wilson, John Fiske and Stanley L. Klos. Six volumes, New York: D. Appleton
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DREW, Daniel, capitalist, born in Carmel, Putnam County, New York, in 1788 ; died in New York City, 19 September 1879. He began active life as a cattle dealer, but soon became connected with steamboat building, and constructed many of the Hudson River boats. Still later he became identified with railroad enterprises, and was a prominent speculator in Wall Street. When in the height of prosperity his fortune was estimated at from $5,000,000 to $15,000,000. In 1866 he was treasurer of the Erie railroad company, to which he lent the sum of $3,500,000, receiving as security $3,000,000 of shares of unused stock and $3,000,000 of bonds convertible into stock. He began to sell the stock "short" at the prevailing high price, Cornelius Vanderbilt and his adherents being the purchasers. When the contracts matured Drew converted the bonds into stock and threw into the market the 58,000 shares of stock that he possessed. The matter resulted in litigation, which drove Drew and his party to New Jersey, where they remained until the case was settled. Drew afterward lost heavily, and when the firm of Kenyon, Cox & Co., of which he was a partner, failed, he was compelled to make an assignment and ultimately to go into bankruptcy. He gave liberally to Methodist educational institutions, founding the " Drew ladies' seminary" at Carmel, and giving large sums to Wesleyan University, Middletown, Conn. In 1866 he gave $250,000 to found the Drew theological seminary of Madison, New Jersey, and increased this sum by successive donations to nearly $1,000,000.
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