Little Falls transcript. [volume] (Little Falls, Morrison County, Minn.) 1876-1894, 1879-10-23

And by the sweat of brow, tits said,
That man shall earn his living,
And to all such their daily bread
A bounteous soil is giving.
All honor, then, to him whose hand
The fruitful earth is tilling-
Obeying thus the great command
With cheerful heart and willing
DEATH OF DANIEL DREW:
The Story of His Life.
Daniel Drew, who, for forty years was
one of the most prominent figures in
Wall street, and the prime cause ofmany
a financial convulsion, died on Thursday
at the house of his son, at No. 3 East
Forty-second street, in very sudden
manner. The old man had been in his
usual health apparently during the early
part of the evening. He had oined with
Darius Lawrence, of the firm of Lawrence
Brothers, BROAD street brokers, in the
Grand Union Hotel, and made no COM
plant until 8 P. NJ when he said that he
did not feel quite we'll. He refused to
permit any one to set up with him and
retired to his room; but at 1915 P. NJ. he
arose and said that he was suffering from
a pain over his heart similar to that
which his mother experienced just before
her death. A moment later his head
sank upon his breast and he was dead,
the cause being either epilepsy or heart
disease.
Daniel Dreyr--Uncle Danl as he was
almost universally known in latter days
was born at Carmel, Putnam county,
N. Y, on the Goth of July, 1897, and was
therefore in his eighty-third year. He
was farmers son, and Scottish and
English. blood was mingled in his veins.
In 1912 his father died, leaving his moth
Ell with two children, himself and a
younger brother, in straitened clrcum-
stances. Daniel was then in his seven
tenth year and began life by enl1sting as
substitute in the state militia. He
went with his regiment to Fort Ganse--
WORT, but in three months peace was pro
claimed, and he was mustered out of the
service. With his substitute money he
engaged IN cattle trade. He bought cat
tie IN Putnam and Duchess counties and
drove them into the city after nightfall.
He was an excellent judgeof cattle and .
tireless worker, and made money from the
start But his restless energy was not
eatisfed with this small sphere of action.
He conceived the idea of bringing cattle
from Ohio-an apparently wild scheme
in those days-and succeeded in induc-
ing Henry Astor, the butcher, brother of
John Jacob Astor, to advance him the
necessary capital. The profits were so
great that Drew WAS soon able to repay
the borrowed money and extend his oper-
atlons to Kentucky and Illinois. Once
when he was driving cattle across the
Allegheny Mountains his horse was kill
ed by Lightning and he himself was hurl-
ed senseless to;the ground. In 1920 Mr..
Drew opened a cattle yard at Third aven-
ue and Twenty-fourth street, and the
"Bull's Head Tavern" became the head
quarters Of the drovcrs. In nine years
Mr.. Drew accumulated large fortune.
1t was in 1884 that Drew first pitted
himself as an opponent to Commodore
Vanderbilt in the steamboat business, by
running the Westchester and Emerald
between New York and Albany. He re-
duced the passenger fare from So to 81
and made a corresponding reduction in
freight rates. He built new boats, and
the competition between him and his ri
val ran SO high that passengers were car.
ried for shilling, but his energetic and
skillful management Won the day at last
In 1910 the well-known Peoples Line OF
steamers was organized, and Mr.. Drew
was the largest stakeholder. When the
Hudson Railroad was opened in 1852 he
refused to sell his stock, and the result
fully proved the shrewdness of his judy
mcnt. Tratfic~was stimulated by the
railroad, and the steamers carried as
many passengers and as much freight as
before.
In 1914 Mr.. Drew entered Wall street
in partnership with his son-in-law, Mr..
Kelley, and Nelson Taylor. Ten years
later both his partners were dead, and it
was then that Uncle Danl became known
rs ope of the boldest and shrewdest
operators in Wall street. He was es-
pecially interested in Harlem and Erie
stock, and it was in connection with
these that he fought his battles with bis
great rival, Vanderbilt. In the famous
"Harlem corner" he got the worst of it
and was compelled to pay nearly half a
million of dollars into Vanderbllt's peck
cts, but he had his revenge for this later
on in the great Erie contest.
When the Vanderbilt party had oh.
tanned control of the Hudson River, Cen.
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
derbllt 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 fed 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 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 q
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 mistrustcd his own allies
He determined to effect compromise
One Sunday morning he crossed the riy-
er and held a conference with Commo,
dore Vanderbilt, and the result was a
settlement. Commodore Van aerbllt was
relieved Of his $4,000 shares Of Erie,
Mr.. Drew settled his accounts as treas.
urer of the Erie and obtained a1elease in
full, the Eldridge party received $4,000.
~ 600 of Erie acceptance in lieu OF $4,000.
600 Of Boston, Hartford and Erie bonds
and Fisk and Gould were left in undis
puted possession of the Erie Railway
About $9,000,000 was drawn from thu
Erie treasury in the course OF this settle
ment. -, IT. l.t -.
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