New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-03-14
BUSINESS REVERSES.
DANIEL DREW'S FAILURE.


A NOT UNEXPECTED CLOSE TO A CAREER OF
ACKNOWLEDGEMENTS OPERATIONS IN
wuI-sT - THE BANKRUPT's SCHEDULE - LA
BuITrEs 81, O74, 131 S3-AssETs EXCEPT CHOOSES
IN ACTION VERY SMALL
The bankruptcy of Daniel Drew was the
subject OF very general discussion In Wast yesterday
Not that 1t was SURPRISE for Mr. Drew had pracncay
failed during the panic and had made an assignment 10
william L. Scott O. Erie Pennsylvania. He had been
known as an unsuccessful Spectator during the latter
years OF his career wals and within the past ten
wears he had done very little In stocks At one time his
bankruptcy would have created sensation, but yester
day IL was merely subject for gossip CT street talK
serving 10 point the moral that the longer man
rcmans in Wall-st the less he is likely 10 take out
Of IT, There no sympathy expressed Tor MI
Drew his career as specuatOr having been such as to
harden the street against him. While Mr. Drew person
ally may be bankrupt it not considered that he Is
likely to suffer from want as his family are well supplied
with means.
To review Mr.. Drew's business life in detail would
REQUIRE columns. From the year when he went INTO
business as cattle droyer until tine about ten years
ago. he may be said to have been successful man. It's
his career in walst that has made him more conspicuous
than anything else in his history, Notwithstanding his
connection with the magnificent Hudson River boats and
his munihcent endOwments OF the Methodist ChuIc"es
and Theological seDinaiies, and schools. lie mas
been thirty years in Walst and at one Time
ruled the street. His business sagaclty seemed
to be somewhat impaired in his later years, for
he went into operations in which he could not
get responsible following. Perhaps OF his severest
losses was ip his encounter with Jay Gould and Horace
f. Clark, In Northwestern, when his opponents cor
nered" him. and took about 900 rom 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 Qand Com
papy stock On all of these he was heavy loser. He
was the special partner Of Kenyon Cox Co.. brokers,
of Wallet and when that firm failed during the panic
he lost heavily by IT, compelled TO make an assign
ment and ultimately 10 go into bankruptcy.
When hight OF his prosperity, the wealth OF MI
Drew was estimated by persons at 50oOooO, and
by Others at SI5OO0OO0. One incident in his career
may be recalled here it the turning point IN the
financial history Of the recognized Eric Railway Com
pauy In 1866, when Daniel Drew was Treasurer OF
Erie, the stock sold as high as 3D. Inc
Company needed money, and Mr.. Drew lent u
$3.50 900 and received as collateral security $4,000
shares OF unssued stock and $4,000 o or
bonds convertible into stock Being possessed Of the
facites-auestionable though they were-to guard
against corner he began to sell the stock short at
the prevailing high prices. The people who bought the
stock were Commodore Vanderbilt and his adherents
when the contracts matured aud the Vanderbilt bulls
thought they would have very successful " cor
ner" Drew converted his bonds into stock aud threw
unon the market So 600 shares of stock which he then
had in his hands. Tho price dropped from % TO ~
amid the most furious excitement. Inquiry was made
aud the above developed the matter resulting
in the famous Vanderbilt litigation, which drove Drew
and his associates TO NewJersey where they re-
manned until the ease was settled Mr. Drew, however,
has been proved to be very Vulnerable. He was corn
eredn in Harlem Railroad stock and in Michigan South
ern Railroad, lost In Prairie du Chem, and suffered
severely in North Western and other lnes OF speculation
The schedule Of the bankrupt filed in the Clerks ONCE
OF the United States Bankruptcy Court shows the fol-
lowing claims secured by mortgage on the property at
Ir..tL- .a..lIur