Daniel Drew
Born
July 29, 1797; Carmel, New York
Died
September 18, 1879;

Daniel Drew (July 29, 1797 – September 18, 1879) was an American financier. He was born in Carmel, New York. Daniel Drew (1870 photograph) This image has been released into the public domain by the copyright holder, its copyright has expired, or it is ineligible for copyright. ... July 29 is the 210th day (211th in leap years) of the year in the Gregorian Calendar, with 155 days remaining. ... 1797 was a common year starting on Sunday (see link for calendar). ... Carmel is a town located in Putnam County, New York. ... September 18 is the 261st day of the year (262nd in leap years). ... 1879 was a common year starting on Wednesday (see link for calendar). ... July 29 is the 210th day (211th in leap years) of the year in the Gregorian Calendar, with 155 days remaining. ... 1797 was a common year starting on Sunday (see link for calendar). ... September 18 is the 261st day of the year (262nd in leap years). ... 1879 was a common year starting on Wednesday (see link for calendar). ... Financier (IPA: /ˌfi nãn ˈsjei/) is an elegant term for a person who handles large sums of money, usually involving money lending, financing projects, large-scale investing, or large-scale money management. ... Carmel is a town located in Putnam County, New York. ...

Poorly educated, his father died at the age of 15, and Drew enlisted and fought in the War of 1812. After the war, Drew started a successful cattle-driving business. In 1834, he entered the steamship business, competing unsuccessfully with Cornelius Vanderbilt but running numerous profitable lines outside of New York. In 1844, he founded the brokerage firm of Drew, Robinson & Company in 1844, which dissolved a decade later with the deaths of his partners. He continued to work in the brokerage business as an independent operator. The War of 1812 was fought between the United States and United Kingdom from 1812 to 1815, on land in North America and at sea around the world. ... Cornelius Vanderbilt Cornelius Vanderbilt (May 27, 1794 – January 4, 1877) was a U.S. entrepreneur who built his wealth in shipping and railroads and was the patriarch of the Vanderbilt family. ... NYC and New York, New York redirect here. ...

In 1857, Drew became a member of the board of directors of the Erie Railroad and used his position to manipulate the firm's stock price. The Erie Railroad (AAR reporting mark ERIE) was a railroad that operated in New York State, Pennsylvania, Ohio, Indiana and Illinois, connecting New York City with Lake Erie, and extending west to Cleveland, Ohio, Cincinnati, Ohio and Chicago, Illinois. ...

In 1864, Drew once again struggled with Vanderbilt, speculating on the stock of the Harlem Railroad. Drew was selling the stock short, but Vanderbilt and his associates bought every share he sold, ultimately causing the stock price to rise from 90 to 285 in five months. Drew lost $500,000. The New York and Harlem Railroad was incorporated in 1831, to link New York City with Harlem. ...

In 1866-1868, Drew engaged in the Erie War, in which Drew conspired along with James Fisk and Jay Gould to issue fraudulent stock to keep Vanderbilt from gaining control of the Erie Railroad. Vanderbilt sustained heavy losses and conceded control of the railroad to the trio. James Fisk can refer to: Big Jim Fisk, financier James Fisk (Vermont), U.S. Senator This is a disambiguation page — a navigational aid which lists other pages that might otherwise share the same title. ... Jay Gould (1836-1892) Jason Gould (May 27, 1836 – December 2, 1892) was an American financier. ...

In 1870, Fisk and Gould betrayed Drew, manipulating the stock price of the Erie Railroad and causing him to lose $1.5 million. The Panic of 1873 cost him still more, and by 1876, Drew filed for bankruptcy, with debts exceeding a million dollars and no viable assets. He died in 1879, dependent on his son for support. The Panic of 1873 was a serious downturn in the economy of the United States that touched off on September 18, 1873, when the Philadelphia banking firm Jay Cooke and Company closed its doors and declared bankruptcy. ... Notice of closure stuck on the door of a computer store the day after its parent company, Granville Technology Group Ltd, declared bankruptcy (strictly, administration - see text) in the UK. Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay their creditors. ...

Drew, a devout Methodist, built churches in Carmel and Brewster, New York, contributed to the founding of Drew Theological Seminary in Madison, New Jersey, which is now part of Drew University, and Drew Seminary for Young Ladies in his home town of Carmel. The Methodist movement is a group of denominations of Protestant Christianity. ... Brewster is a village located in the Town of Southeast in Putnam County, New York. ... Madison The Rose City is a Borough located in Morris County, New Jersey. ... Drew University is a small, private university located in Madison, New Jersey. ...