Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-10-19


his own account Erie ran down to 80,
and by the middle Of November he had
contracted for the delivery of 10000
shares at current rates. Suddenly the
combination ran up the stock from 40 to
so, and Mr.. Drew was in the corner. By
great efforts he made his contracts good,
but he lost $l,50o,000, having been as he
euphoneously expressed it ''skinned by
the boys" In 1872 he lost three quarters
OF million In an encounter with Horace
+. Clark and Jay Gould. 'They tell me-"
quoth he, "Nor'west's arisin'. It's riz."
In 1878 he again lost heavily by the fail
ure of Kenyon, Cox & Co., and in 1876
his schedule in bankruptcy was filed,
showing liabilities amounting to $1,O00,~
600, and assets of little or no value.
Mr.. Drew married Roxana Mead, a far
mer's daughter, when he was twenty-five
years old, and by her had three children,
two of whom are still living. Mrs Drew
died short time ago. Mr.. Drew was a
member of St. Pauls Methodist Episca-
pal Church for many years. He gave large
sums to various religious and educational
institutions, but not always in money.
He built churches at Carmel and Brews-
ter's, in this State, founded the Drew
Theological Seminary at Madison, N. j.,
expanding $250,000 ON the buildings, in
creased the endowment funds of. WESLEYAN
University and the Concord Biblical In
stitute, and built the Drew Seminary for
Young Ladies at Carmel, N, Y, at cost
of $250,000. The endowment fund which
he created for the Theological Seminary
was $250,000, and he paid the interest on
this sum, but he never gave the money
outright. He added 100000 to the en-
dowment fund Of Wesleyan University
but neglected to do more than pay the
interest. Hence these amounts appear in
the list of his unsecured claims
The personal appearance of Mr.. Drew
was remarkable. His face was wonder
fully shrewd and sharp, but was scanned
with deep lines in every direction, and
had the appearance of being dried up
with extreme old age. His ewes were
wonderfully bright to the last, and con,
trasted strangely with the rest of his
face. He talked with a queer drawl
which impaired additional effect to many
Of his quaint, shrewd sayings He loved
to talk to the "boys' Of "sheers' and
| "p'ints," and it IS recorded that unsus-
pecting persons who went to him for adj
vice often paid dearly for the privilege.
Money brought him little enjoyment, but
he loved it for the power and the excite
ment which it brought him. His per-
sonal tastes were the simplest. His ex-
pericnce as a drover colored his whole
life, and the tastes and habits of his ear.
ly life chung to him in his old AGE. His
career is at once an illustration of what
can be achieved by energy and perse-
verance, and Of the periis which attend
the stock gambler. The man who once
controlled millions left the world almost
as poor as he entered it.
WALL STREET REM INIsCENCEs.
The death Of Daniel Drew was very
generally discussed in Wall street on
Saturday, especially by the older men,
and many were the anecdotes related
| about his connection with stock specula-
ton. At that time he began business
with William st John, at No. IS Wall
street, under the firm name of st. John &
Drew. The principal business of the
firm at first was dealiag in uncurrent
money, which they were able to buy at
discount of two or three per centum.
They held it until a favorable opportu-
nifty to sell came. In this business he
had an opportunity which other dealers
did not enjoy, as he was largely patron
lied by cattle dealers with whom he had
formed an acquaintance when he con-
trolled the Bulls Head Hotel. These
men would accumulate considerable un-
current money in their wanderings,
which Drew would purchase, and he
generally did SO, it is said, so as to make
a very fair profit on the transaction.
In fact, it is said that Mr.. Drew began
the business OF specializing several years
before he went into Wall street. About
the year 1880 he became the proprietor
OF the Bulls Head Hotel, which was pat
ronlzed almost exclusively by cattle drov-
ers whose business was to drive cattle
from the western part of the state to this
market From the time he was sixteen
or seventeen years old Drew had been in
this business himself and now entertained
many of his former associates as his
guests. While he was proprietor of the
Bulls Head he began his career as a
broker, buying up the claims of the drov-
ers, who, to avoid the delay and expense
of weeks sojourn in the city before
they could collect their bills, we're clad
to sell them at a small discount.
One old broker on the street to- day re-
lated an anecdote which shows the charac-
ter men had to deal with in Daniel Drew.
1t was when he was director in the Eric
Railway Company, and the Atlantic and
Great Western Company was seeking bv
all means to sell out to Erie. Sir Morton
Peto-who was one of the directors of
the Atlantic and Great Western Road
had made speech before the Erie direc-
tors, urging upon them the necessity of
purchasing this western connection, and
grew 50 warm that he dictatorially de-
manded that the purchase should be
made. Mr.. Drew had been sitting near
the table. with his head resting on his
cane. After waiting a moment to see if
any OF the other directors spoke, he arose
and said, in his peculiar vernacular
Mr.. Chairman, think it about time this
meeting adjourned. I didn't come here
to be dictated to by Sir Morton Peto mol
no other sir. move this meeting stands
adjourned sine dse," and the motion was
carried.
| MIR. Drew was spoken of by every one
with whom the reporter spoke this morn.
ing as liberal hearted man, and one
who was very generous to a poor man OF
one IN misfortune. 1t was said that one
Of his nelghbors executed mortgage
on his farm in Drew's favor. NIisfortunes
overlook him and he was unable to meet
the interest, but "Uncle Daniel" never