Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1874-02-11
A PAYING STEAMBOAT COMPANY.

A PAYING STEAMBOAT COMPANY.
How Drew and Newton Played 1t Fine.
A New York correspondent tells the
following story of Daniel DreWs sharp
ness: Daniel Drew and his old part
ner, Isaac Newton, played sharp trick
many wears ago-about 1842-in ''Peo-
pies Line y stock, that acted as an eye
opener to some of their acquaintance
who had previously imagined that such
pillars of the Methodist and Baptist
churches could be nothing else than
square in their dealings. The business
of the peoples Line" was rapidly
increasing on the Hudson, and its old
boats, the Utica and North America,
we're getting little old as the Troy
line were getting out the Empire and
Swallow, two rapid and magnificent
boats So Drew and Newton conceived
the idea Of getting some of the Albany
and other up-the river merchants to
unite with them and take stock enough
to enable the company to build two
magnificent new steamers. By show
ing the profits realized by the old
boats, which were enormous, for those
days. they had little difficulty in get
ting quite number of ten-thousand
dollar men, with Tom Schuyler at
their head. Two floating palaces were
put on the river the next Spring, and
ran crowded all the season. The
praises of the skillful management of
Drew and Newton were of the most
laudatory character. The annual meet
ing was held, and the report of the
managers was the most gratifying. A
very large cash dividend was expected.
FINALLY a new stakeholder moved that
the profits be divided. Uncle Daniel
objected that such a proceeding would
be highly improper antecedent to the
taking of an account of the stock on
hand, and he moved that in order to
ascertain the cash value of the COM
pany's boats they should be put up 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 no use in selling. But as
Drew and Newton held the majority of
the stock, Mr.. Drew's motion was car
ried. The new boats were put up first,
and Drew bid in one at his own price,
and Newton the other. They were the
only parties who could command the
cash requisite to purchase, Having the
custody Of all the company's money,
they were able to plank down the
amount Of their bids. The whole pro-
perty of the company sold at nominal
prices, these sharks taking what was
desirable and letting the balance go to
outsiders. When the sale was over the
pool was found to realize only just
enough to pay the company's bills,
Drew and Newton being the largest
creditors. next to the contractors who
built the new boats and engines.
There was much tall swearing in those
days, and tearing of hair and stamping
Of feet, and crashing Of teeth, and VOWS
Of vengeance, but there were no dlvi-
dends, and the affairs of that company
were closed. Schuyler attempted ven
geance by building the Rip Van Win
kle, a gay and swift little steamer,
which he ran in opposition to Drew
and Newton. But the 'sPeople's line :"
prosperea from necessity. The west
ern railways, then fast opening and
extending, were admirable feeders, and
all the boats found ample employment.
The little folks had their eyes open
ed, and would never have any more
stock operations with "Uncle Daniel. "
The latter only chuckled over his good
fortune, and went about concocting
new schemes. This was thirty years
ago, and most OF his river compeers
have passed away; but he has gradual
ed from steamboating into railroading,
in which he is now we'll up in his senior
class. It is "nip and tuck" whether
he or Vanderbilt will take the valedic-
tory honors.