Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1874-02-13

nov DREW AND NEWTON PLAYED ~ tl>F-
Anew York correspondent, tells the follow
ins story of Daniel Drew -harpne-- Daniel
Drew and has old partner. Isaac Newton.
played a sharp trick many years aso-ahout
ls43-in People Line" stock. thar acted
a. an eve-orencr +, some OF their aoquaintaH-
&C. Who had previously imagined that Such
pillar of the Methodist and Baptist churches
could be- nothing les than square n Their
dealing. The business of the People -
Line" was rapidly increasing on the Hudson,
and it, old boats tea and North America.
were getting little old. as the Troy lime
were getting ont the Empire and swallow
two rapid and magnificent buat-. - Drew
and Newton conceived the idea ol getting
some OF the Albany and other n}-tEc-rIyer
merchants 90 unite with them and take stock
cnought Ia enable the company "a build twl
magnificent new steamers. Sy showing the
profits realized 10y the old boats. which wer,
enormous. for those day-. Jhey had little
difficulty in getting quite number of ten
ilau--iud-lolilr men. with Tom Schuyler 90
their head Two floating palaces were put
"a the river tine next spring, and ran crowded
nli Tire season. The business was immense.
Tie new Stockholders were in high ciee.
The new hlat> had reimbursed in single
>cl~on The praise Of the sliiiul manage
lnent of Drew and Newton were of the most
mandatory character The annual meeting
was held. and the report OF the managers was
most gratifying. \ very large cash dividend
Vas expected. Finally a new stakeholder
moved that the profits be divided Uncle
Daniel objected That such proceeding would
be highly improper antecedeut To the taking
IF an account Of the stock on hand. and he
moved that IL order 70 ascertain the cash
value OF the company b01I- they should be
pat up at auction 10 the highest bidder.
terms cash. The small fry objected to this
a. unneceSsary- The company wanted the
h0at> 10 Use the next season. There was no
use in selling. But as Drew and Newton
held the maioritv OF the stock. Mr. Drew :
motion carried The new boats were put up
first. and Drew bid in one at hi- own price.
and Newton the other. They were the only
parties present who could command the cash
requisite 10 make the purchase Having the
custody OF all the c1mpany's money. they
were able 10 plank down the amount of their
bids. The whole property Of the company
snid at nominal price,. these sharks taking
what was desirable and letting the balance
= to outsiders When the sale was over.
the pool was found q realize only lust
enough TO pay the company, bills. Drew
and Newton being tEe largest creditors. next
- the contractors who built the new boat
and engines. There was much tall swearing
in tho~e days. and tearing Of hair and stamp
Ing OF feet. and guashing OF teeth and vows
OF ycngeance-bnt there were no dividends.
and the affairs of that company were closed.
Schuyler attempted vengeance hv building
the Rip Van Wrinkle. gay AMI swift little
steamer, which ne ran in opposition to
Drew and Newton a. long a. he lived. But
the Peoples Line praspered from neceSsi-
ty- The western railways. the. fast opening
and extending, were admirable feeders. and
all the boats found ample employment The
little folks had their ewes opened. and would
never have any more stock operations with
nele Daniel" The latter only chnckled
over ms good fortune. and went about con-
eoctlns new schemes. This wa~ thirty years
ago, and most Of his river comreers bavo
passed away but he has graduated from
steanboatlng into railroading. in which he :.
now well up in the senior class. II i ~.
and tuck whether he or Vanderbilt viii
take the valedictory honors.