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New-York and Harlem Rail Road Co. Stock Transfer mentions Daniel Drew twice dated 1866 - Railroad Autograph

Inv# AG2704   Autograph
State(s): New York
Years: 1866

Stock Transfer mentions Daniel Drew twice, not signed.


Daniel Drew (July 29, 1797 – September 18, 1879) was an American businessman, steamship and railroad developer, and financier. Summarizing his life, Henry Clews wrote: "Of all the great operators of Wall Street ... Daniel Drew furnishes the most remarkable instance of immense and long-continued success, followed by utter failure and hopeless bankruptcy".

Drew was born in Carmel, New York, to Gilbert Drew and Catherine Muckleworth. He was poorly educated and saw hardship after his father, who owned a small cattle farm, died when Daniel was 15 years old. Drew enlisted in the U.S. Army during the War of 1812 but he did not see combat. After the war, he spent some time with a traveling zoo and then built a successful cattle-droving business.

In 1820, he moved to New York City, where he ran the Bull's Head Tavern in the Bowery section of New York City, a location frequented by drovers and butchers doing business in the city. While running the tavern, he formed a partnership with two other drovers, buying cattle from neighboring counties and bringing them to New York for sale. In 1823, he married Roxanna Mead.

In 1834, he entered the steamboat business, purchasing a share of a boat operating on the Hudson River. Competing with Cornelius Vanderbilt against the Hudson River Steamboat Association, he ran numerous profitable lines outside of New York City.

Around this time, Drew began to speculate in stocks. He founded the brokerage firm of Drew, Robinson & Company in 1844, which dissolved a decade later with the death of his partner. Following this, operated as an independent trader. In 1857, Drew became a member of the board of directors of the Erie Railroadand used his position to manipulate the railroad stock price. He joined forces with Vanderbilt to rescue the Erie from bankruptcy, and also became a director of the New York and Harlem Railroad, where he collaborated again with Vanderbilt to prop up that company's finances.

In 1864, Drew once again struggled with Vanderbilt, speculating on the stock of the New York and Harlem. 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.

In 1866 to 1868, Drew engaged in the Erie War, in which Drew conspired along with fellow directors James Fisk and Jay Gould to issue stock to keep Vanderbilt from gaining control of the Erie Railroad. Vanderbilt, unaware of the increase in outstanding shares, kept buying Erie stock and sustained heavy losses, eventually conceding control of the railroad to the trio.

In 1870, Fisk and Gould betrayed Drew, manipulating the stock price of the Erie Railroad and causing him to lose $1.5 million.? Fisk was killed in January 1872 by a jealous rival over a mistress; Gould was later swindled out of $1,000,000 worth of Erie railroad stock and never controlled the Erie Railroad. The Panic of 1873 cost Drew still more, and by 1876, he filed for bankruptcy, with debts exceeding a million dollars and no viable assets. He died in 1879, dependent on his son for support. Read more at https://en.wikipedia.org/wiki/Daniel_Drew

 

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Condition: Excellent
Item ordered may not be exact piece shown. All original and authentic.
Price: $180.00