The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1876-06-26
DANIEL DREw'S LOSSES.
His Story of His speculatiOns.

His story OF HIS SpeculatlOns'
In his examination before the Register
in Bankruptcy Mr.. Drew gave this Curl
Gus account of his immense losses
through his s'honesp brokersI No Won
der sit seems like dream" to him, as
he saw his millions melting away.
MY first losses began in 1878; had
very large loss in 1878 in Northwestern;
l lost in the neighborhood Of million;
don't know exactly; he knows better
thanI.
Q. Who is Her A. Boyd.
Q. What Boyd? A. Boyd OF Boyd,
Vincent b Co.; the next large loss was
in Wabash and Canada Southern-at
least million dollars; then the next big
loss was about fifteen months ago; was
very short of Wabash. which l knew
would be lost, and they bought it all in;
l lost about $1.200,000 there; that was
sold out way down town; it was in fine
shape; l was President and got the
Company in fine shape; sold a good
many ''puts" on it, and the loss was i'm
mense; then / lost on Lake Shore; l
guess lost there 100000 or $40O, 900; l
| lost largely in Canton, perhaps $3OO,OO
had a statement made out, as near as
l could from memory, and Boyd said he
WOuIu corlect AtS saiu W nAA Wanteu
that paper sent back to me; but he
has not sent it yet; but l
know that fifteen Or sixteen
months ago l had more than million
dollars more than l owed, after l had
secured to the grandchildren the money
that was left to them by their father; l
owned the securities when they were at
par, and they went way down to thirty;
my son Billy sold the securities to keep
me out of bankruptcy;I told him l never
would 20 into bankruptcy; L gave him
| some of this Canada stock two OF three
years ago; l always expected it would
be good thing, and it turned out an al
mighty loss; these children l secured;
| nut up some Canton, so that when
their interest came due for July, they
would get their interest; l secured
them with some steamboat stock and
the mortgage on the house and some
other things put up.
| @. You say you lost $500, 900 or $500, 900
on Canton and Lake Shore; that was
about the last loss? A. No; Quicksilver
was the last; that was sold out about
fifteen or sixteen months ago; l have
never been on the street since; all those
big losses were made then; these brokers
sold out when they had no business to-;
some of them had margins.
O. They had no business to? A. No;
not when man has margin.
@ VINO were the brokers! A. Robin
son & Chase did considerable of it; they
had more securities than anybody else;
| their account was enormous; can't tell
ANYTHING about how much it was; they
all Jumped in and sold; they all kept
selling, l don't know as there was any
agreement; you know these brokers; the
custom is if they have margin they
should not have sold the stock; it is the
oueerest business in the world that they
mould nave SOLD those things; they
made me a loss in gold Of $4,000 0l
1000.
O. Did they never explain that to you
A, 1 amt never seen Robinson but once
since: he said the account was all right;
they said there was u statement aftel
that; l amt never seen it.
O. DID you do anything with Rubins
A. Yes; had some transactions with
him-a great scamp; he ain't got moth
ing l spose. In regard to Wabash, my
agents did unwisely; they bought !
when they ought to have let
5 alone. The last pool was in wa
S in Northwestern. That was wnel
S that corner was made; there wa
VI nobody directly interested but INT
j. int other people lost like oil,
:; Sambo. Cox paid $500, O,OOO-paid it righ
|; otf-raye his check for it. [ had JOIN
's account with Robinson, and made col
siderable money, but it was all wipe
p out, He never gave me an account c
j. our Joint account. The Quicksilver wa
oi the greatest loss; when they sold 1t,
le wiped me out. These debts to broker
ct on the street were caused by puts"
le sod. They never came due until SIX
d seven months ago. When they came du
WhV Van An
" burch has number Of them that didn
NJ awe six OF seven months ago. don
~ know as 1 could tlnd out those accOun!
40 with the brokers. l did my bushes
+ different from anybody else-depende
to ON the men to be honest.
Mr.. Drew was exam ned as to the pa
- ments TO his grandchildren, for whom
was guardian, OF between 100000 an
$500 900, and also as 10 the affairs of Il
as New Jersey Steamboat Company. I
u said that he had owned nine thousai
lie two hundred shares of stock in the Coz
ne pany. and had deposited most OF 1t wi
ed the Farmers' Loan and Trust Col
VA nany as security for the money Whi
m. ne owed the children OF his daughtt
m Mrs. Kelly. Billy owns some OF the stoc
for which he has been offered 20 cents
a the dollar. / have never traI
DIS lerred any property to anybody exec
ST. to the Loan and Trust Company a
ay Billy. None of these brokers have al
lu- thing, unless they have chiseled me
DIS OF it," Mr.. Drew was also examined
to- to his payments to his daughter, N
ne Kelly, about TWO years ago. He sa
ga. II paid her about two-thirds of wha
rtv owed her, That was the worst thi
net about my misiortune-that l didn't
aIi right when / could have done it. +
Ing pie think have got some great do
ice know what. know l aint. tell yo
re. amt. 1t seems like dream TO me.
- trN " Trihunp