| Share
 

Daniel Drew

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.

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

The Columbia Electronic Encyclopedia, 6th ed. Copyright © 2012, Columbia University Press. All rights reserved.

More on Daniel Drew from Infoplease:

  • Daniel Drew - Daniel Drew entrepreneur Born: 7/29/1797 Birthplace: Carmel, N.Y. Having begun his career in the ...
  • James Fisk - James Fisk financial speculator Born: 4/1/1834 Birthplace: Bennington, Vt. Known as the ...
  • Cornelius Vanderbilt - Cornelius Vanderbilt industrialist, financier Born: 5/27/1794 Birthplace: Port Richmond, N.Y. ...
  • Jay Gould - Gould, Jay Gould, Jay, 1836–92, American speculator, b. Delaware co., N.Y. A country-store ...
  • James Fisk - Fisk, James Fisk, James, 1834–72, American financial speculator, b. Pownal, Vt. In his youth ...

See more Encyclopedia articles on: Business Leaders


Premium Partner Content
HighBeam Research
Documents Images and Maps Reference
(from Newspapers, Magazines, Journals, Newswires, Transcripts and Books)

Research our extensive archive of more than 80 million articles from 6,500 publications.

Additional search results provided by HighBeam Research, LLC. © Copyright 2005. All rights reserved.

24 X 7

Private Tutor

Click Here for Details
24 x 7 Tutor Availability
Unlimited Online Tutoring
1-on-1 Tutoring