The Northern Pacific farmer. [volume] (Wadena, Minn.) 1878-1885, 1879-10-23

tanned control Of the Hudson River, Gen.
trail and Harlem lines there remained the
Erie road to be overcome. They bought
heavily of Erie stock in the market, and
were apparently on the verge of gaining
their point, when Mr.. Drew made an ex.
traordinary issue of stock, and Mr.. Van
derbilt was left to sustain the market as
he could. Then followed the fierce bat
tie in the courts, in which injunctions and
amuses followed each other in such quick
succession that it was almost impossible
to tell just what the position Of affairs
was. Then came another heavy issue of
stock, and Judge Barnard ordered the
arrest of the directors of the Erie Railway
for contempt ofcourt. Mr.. Drew fled to
Jersey City, with six millions of dollars in
notes of which three and half millions
were paid into the Erie treasury. Then
the battle in the courts was renewed, and
in the midst Of it a body of fifty men
crossed the Pavonia Ferry and TOOK
possession of the Erie depot. The cry was
raised that Commodore Vanderbilt was
endeavoring to kidnap Mr.. Drew, great
excitement prevailed. The men employ
ed by the railroad were organized into a
military guard, and Taylor's Hotel in
Jersey City looked like generals head
quarters in war time. In the mean time
Mr.. Drew began to grow weary of his
Punishment. He knew that he was mis-
trusted, and he nlist:ustcd his own allies.
He determined to effect a compromise.
One Sunday morning he crossed the riv-
er and held a conference with Commo-
dore Vanderbilt, and the result was
settlement. Commodore Van lerbllt was
relieved Of his $4,000 shares of Erie,
Mr.. Drew settled his accounts as treas
urer of the Erie and obtained release in
full, the Eldridge party received Sd, 00O,~
900 of Ere acceptance in lieu OF $5,000,-
900 Of Boston, Hartford and Erie bonds
and Fisk and Gould were left in undis-
puted possession of the Erie Railway.
About 100000 was drawn from the
Eric treasury in the course OF this settle
ment.
Notwithstanding the proceedings in
the conflict between Mr.. Vanderbilt and
Mr.. Drew there was demand for Erie
stock on foreign account, and more than
a hundred thousand shares were pur-
chased in England, during the summer.
The Erie managers issued and sold $780,
600 new shares Of Erie stock and withdrew
$4,000, 900 of currency from circulation.
Mr.. Drew agreed to cooperate with bis
former allies in this blocking up'' con-
spiracy and to advance $4,oO0,00O. He
could not keep step with Fisk and Gould,
and finally withdrew from the combina-
ton. The process of Erie imitation
went on until the stock of the company
was increased one hundred and thirty
eight percentum in eight months. Mr..
Drew continued to "bear' the market on
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 81, 100000, having been as he
euphoneously expressed it "skinned by
the boys" In 1872 he lost three quarters
of a million in an encounter with Horace
F. Clark and Jay Gould. ''They tell me-"
quoth he, "Nor'west's arisin'. It's riz"
In 1873 he again lost heavily by the fail
ure of Kenyon, Cox & Co., and in 1876
his schedule in bankruptcy was fled,
showing liabilities amounting to $780,.
900, 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
member of St. Paul's Methodist Episce-
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 $3.50, 900. The endowment fund which
he created for the Theological Seminary
was $250,0OO, and he paid the interest on
this sum, but he never gave the money
outright. He added 100000 to the en-
dowment: fund Of Wesley yam University,
but neglected to do more than pay tile
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 eyes 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-
pccting persons who went to him for ad-
vice often paid dearly for the privilege.
Money brought him little enjoyment, but
he loved it for the power and the excite