 |
 |
|
Biography of Daniel Drew
Name: Daniel Drew
Birth Date: July 29, 1797
Death Date: September 18, 1879
Place of Birth: Carmel, New York, United States
Nationality: American
Gender: Male
Occupations: businessman
Daniel Drew
Daniel Drew (1797-1879) was one of America's sensational stock manipulators, speculating particularly in Erie Railroad securities.Born July 29, 1797, at Carmel, N.Y., Daniel Drew Grew up on the family farm. His career began as a cattle drover and horse trader: he drove cattle from the countryside into New York City. Successful, he extended activity into Ohio and Illinois, bringing livestock back to his own New York stockyard.Drew was said to have watered his beeves heavily before bringing them to market, thus increasing their weight (hence the origin of the term "stock-watering" in connection with the issuance of fraudulent corporate securities). By 1834 he was a New York City resident, operating steamboats on the Hudson River, Lake Champlain, and long Island Sound. A bold competitor, he made money and in 1844 set up the Wall street brokerage firm of Drew, Robinson and Company.In 1853 Drew entered the life of the Erie Railroad and …showed first 150 words…
You are viewing only a small portion of the biography.
Please login or register to access the full copy.
|
|
…showed last 150 words…of directors.Drew's star sank in 1870, when Gould and Fisk sold Erie stock in England to force up its price: Drew, selling short, lost ,500,000. During the depression of 1873-1879 Drew was finished; his banking firm failed, and in 1876 he filed for bankruptcy. He died on Sept. 18, 1879, in New York, wholly dependent upon his son. In his heyday Drew played the philanthropist, building Methodist churches at Carmel and Brewster, N.Y., and spending 0,000 to set up the Drew Theological Seminary at Madison, N.J. Further Reading Bouck White, The Book of Daniel Drew (1910), is a semifictional biography. The early story of the "Erie War" is in Charles F. Adams, Jr., and Henry Adams, Chapters of Erie and Other Essays (1871). A more sophisticated account is in Julius Grodinsky, Jay Gould: His Business Career, 1867-1892 (1957).Browder, Clifford, The money game in old New York: Daniel Drew and his times, Lexington, K.Y.: University of Kentucky, 1986.
Need a custom written paper?
|
|
 |
|
