The Middlebury register. [volume] (Middlebury, Vt.) 1850-1882, 1874-02-24

a fAflN0 OTEAMBOAT CnMPANf.-
How DRkw AND NEWTON PLAYED lT
FINE "A New York correspondent tell.
he following story Of Daniel Drew'o
.harpuess Daniel Drew aud his old
partner, Isaac Newton. played sharp
rick many years ngo--ubout 1S42-in
Peoples Line" stock. that ac;eds as al
eye opener to sume of their acquaintaucc>
who had previously imagined that such
pillars Of the Methodist aud Bapris'
churches could he nothing less thon square
in their dealings The business OF the
Peoples Line" was rapidly increasing
ou the Hudson, aud its old boats, Utica
aud North America. wore getting little
old, as the Troy line were getting out the
Empire and Swallow, two rapid aud mag
niicent boats. So Drcw and Newton
conceived the idea Of getting some Of the
Albapy and other up.the.river merchants
to unite with them and take stock enough
to enable the company to build two mag.
uifcent new steamers. BY showing the
profits realized by the old boats, which
were enormous, for those days, they had
little difficulty in getting quito a number
of ten thousand dollar men, with Tom
Schuyler at their head, Two floating
palaces were put GU the river the next
spriug, and ran crowded all the season.
The business was immense. The new
stockholders were in high glec. The new
boats had reimbursed in a single season
The praises Of the skilful management of
Drew and Norton were of the most lau.
datory character. The annual meeting
wes held. and the report Of the managers
was most gratifying. A very large cash
dividend was expected. Finally a new
stock holder moved that the profits be
divided. Uncle Daniel objected that
such proceeding would be highly i'm.
proper autecedent to the taking oil an ac
count Of the stock on hand, aud he moved
that in order to ascertain tho cash value
of tho company's boats they should be
put at auction to the highest bidder terms
cash. The small fry objected to this as
unnecessary. The company wanted the
boats to use the next season. There was
10 use in selling But as Drew and
Newton held the majority Of the stock,
Mr. Drew's motion carried. The new
boats were put up first, and Drew bid in
one at his own price, and Newton the
other. They we're the only parties pres
ent who could command the cash requi.
site to make the purchase. Having the
custody OF ell the compauy's money
they we're able to plank down the amount
Of their bids, The whole property Of the
company sold at nominal prices, these
sharks taking what was desirable and let.
ting the balance 60 to outsiders. When
the sale was over, the pool was found tc
realize ouly just enough to pay tho com
pany's bills, Drew and Newton being th,
largest creditors. next to the contractors
who built the new boats and engines
There was much tall swearing in tho,t
days, aud tearing Of hair and stamping
Of feet, aud guashing Of teeth and vows
of vengcance-fut there were TO divi
dends, aud the affair of that compau,
wero closed. Schuyler attempted ven.
geance by building the Rip Van Winklc.
gay and swift little steamer. which b,
ran in opposition to Drow and Newton as
long as he lived But the "Pcopls'-
Liue" prospered from necessity. The
western railways, then fast opening aud
extending, were admirable feeders, aud
all the boats found ample employment,
The little folks had their eyes opened, and
would never have any more stock opera.
tions with "Uac Daniel" The latter
ouly chuokled over his good fortune, and
went about concocting new schemes. This
was thirty year, ago, and most Of his
river compeers have passed away: bu,
he has graduated FROM steamboating into
railroading, in which he is now well up
in the senior class. 1t is NIP and tuck
whether he or Vanderbilt will take the
valedictory honors.