The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-03-14
DANIEL DREW BANKRUPT.
MILLIONS or DOLLARS MADE IND
LOST IN VAIL STREET.
First Euchred nv col. James Fisk. Jr.. and
then Badly Bitten on Northwcstern- What

First Euchred nv col. james Fisk. Jr.. and
then Badly Bitten on Northwestern What
"UucIed Daniel" saws About his Failure.
The bankruptcy of Daniel Drew was not
unexuected. IL had been predicted in wAn
street for months, and rumors Of Mr.. Drew's
actual failure had often been circulated. AZ
the ming OF the petition IN bankruptcy had been
discounted its occurrence was not followed by
any special 1utter In the street. "Uncle Dan
iel" had been looked upon as retired brok-
or" for some time. His adverse fortunes and
advanced age forbade his taking active part In
stock speculations, and the brokers who
formerly feared him had come to look upon
him as perfectly harmless. His business career
was virtually ended long ago, although the
formal proceedings making him bankrupt were
deferred. AZ preliminary step TO bankruptcy
he transferred for nominal amount his prop
erty To Union Square to william II. Drew The
transfer was made and recorded on Saturday.
Within an hour or two the same property was
transferred to Mrs. Roxanna Drew. This ma.
n9uvering insures the property against seizure
by hungry creditors. MIR. Drew is executor Of
bis grandchildren. He Ia liable and holden to
the children for tGOOOOO, entrusted to his care In
their behalf
1t ia thought that Mr. Drew's insects will not
more than half cover his liabilities, and that
| after settlement Is made he will have nothing
| left to hold In his own name. For nearly half a
/ century MT. DTcW was IN active OuelnosS lues
and for over quarter OF century he was one
| Of the heaviest operators in Wall street His
| successful and bold operations often astonished
tho brokers. The tide Of his success turned
when he was euchred by Col. James Fisk, Jr.,
| and his fall was fastened by the loss OF mil
lion dollars on corner In Northwestern stock
| about three years ago. The failure OF King, Cox
| n Co.. brokers, OF which firm MIR. Drew was gem
| eral partner, was another blow that staggered
| Mr.. Drew. Az Mr.. King and Mr.. Cox held little
| OF no property In their own names. Mr. Drew,
| being the only responsible person. had to bear
| all the loss. Toledo and Wabash was another
| unfortunate card for MIR. Drew He was caught
| short" on that stock for u large sum. The
| Quicksilver Mining Company and the Canadian
| Southern Railway enterprises also largely re-
| duced Mr.. Drews property. He Gays that the
| estate Of his grandchildren, for which he Ia ha-
| bic as executor, Is fully secured by mortgages.
| A reporter who lied upon Uncle Daniel yes
| terday found the old gentleman cheerful and
| happy, and DISPOSED to tak with freedom about
| his financial misfortune. Mr.. Drew said that he
| had been driven TO file an application to be de-
| clared a bankrupt by circumstances over which
| he had no control. He would not be a bankrupt
| II he could help II. He thought that any man
| would keep bis head above water as long as he
was able. He hopes and believes that his assets
| will 70 further than most men suppose toward
| covering his liabilities, and that his creditors
| will have no reason TO complain.
The schedule that has been filed In the clerks
| ONCE Of the United States Court In Bankruptcy
Is as follows: