The public ledger. [volume] (Maysville, Ky.) 1913-1968, 1917-10-29
DREW SEMINARY'S GOLDEN
JUBILEE

New York, October 29-Untouched
Oy age, save as time has added vigor
and strength, Drew Theological Semi
larry, at Madison, N. j., can now con-
.emplate 'the splendid harvest of fif-
ty years" A half century Of active
work in fitting young men for the
Methodist ministry has been rounded
out by the institution, and today there
began a three-day celebration in hon.
II of the semi-centennial. Exercises
commemorative of the event are to
be held at Madison and also in this
city. In addition to the literary ex-
ercises, the program will include an
historical pageant and conference
on the subject of theological educa-
tion, participated in by representa-
tives Of many institutions.
Drew Theological Seminary owes
its name to the munificence of Dan
lei Drew, one of the most daring and
one of the most eccentric spectators
aho Mr.. Hartman, Daniel Drew's
NEST notable operations in "the
Street" were in railroad securities
Mr.. Drew was probably the only man
sisnally defeated Commodore Wander
bit in speculation, but to do it he
had to escape by ferry to Jersey City
with carpet bag which contained
seven millions of aVnderbilts good
money.
Drew was treasurer of the Erie rail
way company in 1866 and personally
leaned the company 100000, taking
unused stock, and bonds convertible
into stock, to the amount of 100000
as security. The stock he afterward
sold to Vanderbilt, who was ambitious
to secure the control of the road, and
when that magnate thought he had
put 1t upon the market. The courts
enjoined Drew from selling the ex-
cess of stock over his loan, but this
proved no barrier and in the face of
the injunction he put his stock upon
the market and the corner was broken
and Vanderbilt nearly ruined
Drew was abliged to flee to New
Jersey carrying with him the seven
millions of vanderbilt's money, paid
for Bwatered stock" Vanderbilt af-
terward protected Drew from the con-
sequences of his contempt Of court,
and Drew returned to New York. But
the property of the Erie railway COM
pany fell to the lot of Fisk and Gould,
whom he had educated in finance, and
Drew for a time retired from Wall
Street. After a few months he re-
turned to find Erie stock inflated from
$34 100000 to $57,OOO,OOO, and he had
no chance against the pupils he had
introduced to the financial world. His
operations became more and more
disastrous, his millions rapidly disap-
peared, and he was finolly forced into
bankruptcy in 1876. Three years later
he died in this city.
Throughout his life Mr.. Drew was a
strong Methodist. In various of his
operations In Wall Street he Is said
to have prayed to the Lord to keep
matters going as he started them; but
when the market steadily went
against him he stopped his prayers
and devoted himself to practical eff
forts to prevent disaster.
When at the high tide of his pros
perity he built Drew Theological Sem
mary at cost of ,s275,OOO, and en-
lowed it with a similar amount which
he afterward increased to over half a
million dollars.
He founded the Drew seminary for
young ladies', at Carmel, N. Y, at a
cost of s25O.OOO. He also increased
the endowment fund of Wesleyan
University 100000 and Of the Con-
cord biblical institute to a consider
able amount.
Mr.. Drew's home In this city was at
the home Of Union Square and 18th
Street. Methodist ministers from any
part Of the world were always sure
ola welcome there. where they might