The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1876-03-16
Daniel Drew.

NOT UNEXPECTED CLOSE TO A CAREER OF
OBSERVATION-DISCLOSURES OPERATIONS
IN WALL STREET.
The New York Tribune saws that the
bankruptcy Of Daniel Drew was the subject
of very general discussion in Wall street on
Monday. Not that it was q surprise; for
Mr.. Drew had practically failed during the
panic, and had made an assignment to Will.
liam L. Scott, of Erie, Pa. He had been
known as an unsuccessful Spectator during
the latter years of his career in Wall street,
and within the past ten years he had done
very little 10 stocks. At one time his bank
ruptcy would have created a sensation, but
yesterday it was merely subject for gossip
or street talk, serving to point the moral that
the longer man remains in Wall street the
less he is likely to take out of it. There is
no sympathy expressed for Mr.. Drew, his
career az a Spectator having been such as
! 10 harden the street against him. While Mr.
Drew personally may be a bankrupt, 1t is
| not considered that be is likely to suffer from
want, as his family are we'll supplied with
means.
To review Mr.. Drew's business life ia de.
tail would require columns. From the year
when he went into business as cattle.
drover until time about ten years ago he
may be said to have been successful man.
1t is his career in Wall street that has made
him more conspicuous than anything else in
bis history, notwithstanding his connection
with the magnificent Hudson river boats and
his muuificent endoWments of the Methodist
churches and theological seminaries and
schools. He has been thirty years in Wall
street, and at one time ruled the street. His
business sagscity seemed to be somewhat i'm
paired in his later years, for he went into ope-
rations in which be could not get q responsible
following. Perhaps one OF his severest
losses was in hss .encounter with Jay Gould
and Horace F. Clark, In Northwestern, when
his opponents cornered" him, and took
about $3.50, 900 from him. He was interested
In the Toledo and Wabash Railroad stock,
was concerned in the construction of the
Canada Southern railroad, was large holder
of Quicksilver Mining stock and Of Canton
fLand) Company stock. On all of these he
was 8 heavy loser. He was the special part
ner of Kenyon Cox g. Co., brokers, OF wall
street, and when that firm failed during the
panic he lost heavily by it. was compelled TO
make an assignment. and ultimately to go
into bankruptcy.
When in the height of his prosperity, the
wealth of Mr.. Drew was estimated by some
persons at So, 000,0 900, and by Others at
Sl5, 100000. One incident In his career
may be recalled here, as 1t was
the =. turning point in the financial
history of the re0rganized Erie Railway
Company. In 1866, whep Daniel Drew was
treasurer of Erie, the stock sold as high as
ninety.fve. The company needed money.
and Mr.. Drew lent it 50 100000, and received
as collateral security $4,000 shares Of I'm.
issued stock, and S3,O00,000 of bonds con-
,yertible into stock. Being possessed of the
facilities though they were
to guard against "corner," be began to
sell the stock "short" at the prevailing high
prices. The people who bought the stock
were Commodore Vanderbilt and his adhe-
rents.
When the contracts matured, and the
Vanderbilt "bulls " thought that they would
have very successful "corner," Drew con.
yerted his bonds into stock, and threw upon
the market $4,000 shares o. stock which he
then had in his hands. The prizes dropped
from 95 to 40 amid sthe most fnflous excite.
ment. 3 Inquiry was made, and the above