The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-10-31

removed 10 the corner OF Ihird avenue and Twenty
io ,i street and hence the name OF Bulls Head
portion or tie CITY, though not exactly In the wilder
ness, was wei out OF town; In fact quite In the
| country. HIS cattle yard was little back IRON the
northwest corner OF the street. and was OF suclent
size to accommodate 1900 head OF cattle. Adjacent
10 the yard there was when he went there an extern
sive wheat field In fact, the country Oil around was
decidedly rural. In connection with the cattle yard
and winch was an important feature OF the Dusl-
ness was the public house on the corner, when ne
| Kept, and TO which was given the name "Bulps
w asa aaVen Under Ms managemena 'i,,s
me city. The same building. made memorable by
Den9 80 long his headquarters Is still standing but
w,th surroundings vastly different from the times to
| winch we have referred. IL would be pleasant TO
larry while at this Old hosiery to picture 10 the
| imagination Mr. Drew as the genial aud benignant
bonliace, dispensing his Inequalities to his hume
rous patrons; TO hear them talk their diverse
| experiences AS on long winter evenings they sat
around the cheerful DIRE IN the spacious barroon or
as on pleasant summer days they sat under the
nine years. His twenty years OF experience In the
cattle trade his close attention 10 business and his
| handsome fortune or course man OF his active
temperament could not long remain idle.
HIS STEAMBOAT ENTERPRISES.
In 1895 Mr.. Drew began his steamboat enterprises.
| Always living near the Hudson river and appreci-
ating the extent OF travel ana freight this noble
river, he saw the magnificent opening here for his
spirit OF daring enerprse-the opening as he clearly
| saw to making money more rapidly than III dealing
ness might be conducted lie seized tie opportunity.
| lie saw that Commodore Vanderbilt was carrying
eons no due the nc great sesaboat
King from the Held that at least he would divide
the honors and emoluments with HIM. lie COM
menced with the steamers Westchester and Eme-
raid, running them from New York TO Albany. MIR.
vanderbilt was then charging three dollars iare to
Albany ana corresponding prices for freight Mr..
Drew at once put the fare down TO one dollar and
made IKE reduction in freight.
You Will soon fail In this business said Com
modore Vanderbilt to hun.
what makes you think SO y asked Mr. Drew.
because you don't understand the busness,u
answered. the Commodore.
1--WE VIII see about that,n added Mr.. Drew.
He did not so into the business with reckless fool
hardness. He commenced cautiously lie went on
IeeilnB his way. lie calculated every step he took.
lie made no mistakes. He Kept adding, as business
Knlckerbocker; he bought the oregon George Law
had built for himself, ana added her to the line.
Soon he had also running the Isaac Newton and then
! the New World. These were large and magnificent
| steamers IN their time They were largely patron
lied by The travelling public and they crowded
| with freight. The revenue from the steamboats,
| enormous. lie broke down all oppositon-he COM
PEELED Commodore Vanderbilt to compromise
"Do you think understand the steamboat bust
ness ~ he SAID about this time to tue Commodore.
81 don't think anything about 1t, l know you do"
| answered the Commodore, bluntiy.
The Commodore ana Mr.. Drew were now, however,
| prises in harmony ana they have acted ia harmony
ever since. After Jour years. steamboating on the
river he became associated with Isaac Newton as
partner The line WAS then called 1.-THE Peoples
| Line" the name by which 1t Is still known More
than ify steamboats, have been placed on the river
In opposition to II, but thev have all had to succumb
to the superior management and success OF this line
In 1852 the hudson kiver Railroad commenced run
ming. 1t was Thought that this would utterly de-
molish the steamboat business.
Your steamboats, VIII have to go under" said
Mr.. Boorman President Of the road to him.
"Mhat makes you think soy' asked Mr. Drew,
very Quietly
"What do You want should dor"
"aaise your fare to the same as we charging
on the road'
choose" SAID Mr.. Drew "The only way you can
regulate my steamboat fares Is to buy the Peoples
Line, and tins don't believe you have got money
The steamboats, remained on the river, the fares
were Kept at their previous low figures ana instead
OF going under the business continued prosper
Gus. Those magnificent steamers, the st. John,
ing palaces, FOR extent and spendor OF appoint
ments unsurpassed ny any steamboats, IN the
dlsasters-the burning OF tine Isaac Newton and the
sinking OF the New World. There was no Insurance
on either OF Them and the result was heavy losses
The. New World. as Will be remembered, was sue
cessfully raised and put the river again. lie lost
altogether 100000 from these disasters. The
every larthing OF their losses. There was not
law suit or even single arbitration in the
case. The operations OF Mr.. Drew the Hudson
river do not comprise the full extent OF his steam.
boat enterprise. lie also bought out the Stonngton
line OF steamers which line lie ran for twenty-five
| years. deriving thererom handsome fortune.
third additional line or steamers he stationed on
Altogether his steamboat enterprises tell the story
no, onis OF Mr. prsss a, smcneps , or MS
ness operations. one thing that las contributed
largely, no doubt to his success Is his keen judg
ment III selecting proper operators aud assistants.
He knows well the value OF good man. and is en-
dowed not only with the requisite Judgment but the
nberaty TO pay good man Whit he Is worth.
WALL STREET BANKER AID DRoKER.
Mr.. Drew's large capacity for business did not
exhaust Itself in his varied steamboat enterprises.
In 1874 he entered Wall street nshanker and broker.
The firm was Drew, Robinson and Co. They did an
immense business. Their credit was unbounded.
lions OF our great money martthe house stood as
| firm as granite Mr.. Drew, as avail sterct Imam
cler. early showed marvellous shrewdness
OF foresight lie was a rapid, bold and
| successful operator. At one hme he guaran-
| teed the paper OF the Erie Railroad Company
| for S1500,0O0, which showed the magnitude OF his
transactions. Afterwards, as treasurer OF the Erie
Railroad his own paper for si,5O, ooo endorsed by
| Commodore Vanderbilt saved the road from bank
| rupicy. This was IN 1S5T-a perod o. most extern
] sivc and sweeping commercial disaster. During
this eventfl epoch though his Losses were Immense
| he never fnched, but met his paper promptly.
| "Can you sleep in these stormy times ~ gentle
| man asked him.
my heavy operations have not los wink OF sleep,
| and don't mean to-
In connection with Mr.. VANDERBILT he relieved the
| Harlem Railroad OF floating deli OF $590,000. and
! helped to place 1t IN its presentprosperous condi-
! ton. OF all the large operatloDsln which the firm
| engaged only one turned ont tobe mistake, and
i this arose irom loan mace comIary to Mr.. Drew's
| advice. While others have trenbled at taking i'm
| possibilities his extraordinary neve has carried
| him through steadily and safely. HISS wishing 10
abrdge his laoors, he gave up his banking business
to his son-in.law, Mr.. Kelley, but The latter dying
| shortly afterwards compelled him TO resume the
business again, which he Kept ny actively until his
retirement two years ago.
RAILROAD OPERATIONS.
MI. Drew was connected with the Erie Railroad
fourteen years. He began his coAn rction one OF
| the directors in 1858, and subsequently became,
Is well known, the treasurer which position he held
until his resignation. 1t Is unnecessary TO go through
the ups and Downs or this road during these years.
The eliminating point was the series Of legal
troversies Ia the courts, and of then two years
ago. The memory OF that exciting tmeis still fresh
In the public mind, with The charges OF
malfeasance and swndllng and counter charges the
afiidavts and counter alfdavlts. the inJncons and
counter inunctions issued by judges aching counter
to each other change or base 10 New Jersey and
the rowings In the midnight fog. Mr.. Drew made
powerful and conclusive reDuttal or the charges
preferred against him, and though resgning mis-
position AZ treasurer came out with clear and
spotess record. His honesty OF purpose AMI deal
ing was clearly ana fully established. We have
already shown how largely he was pecunary Inter-
esed IN this road and how he rskei largely OF his