Daniel Drew: A Life of Business and Controversy

Daniel Drew was a true pioneer in the world of business, but his life was also marred by controversy.

He was born in 1797 in New York and began his career as a peddler before rising to become a prominent businessman.

Drew's business ventures took him to the Erie Canal, where he made a fortune in the transportation industry.

He was known for his cunning and ruthless tactics, which often put him at odds with his competitors and business partners.

Daniel Drew was born in Carmel, New York on July 29, 1797 to a family of farmers. He never received a formal education and struggled with literacy throughout his life.

Drew's early years were marked by hardship, working in farms and factories from a young age. His father passed away when he was just 15, forcing him to take on a more significant role in the family.

After a stint in the War of 1812, Drew began his career in entrepreneurship with cattle driving, which eventually led him to become a financier, speculator, and railway magnate.

Drew was born in Carmel, New York on July 29, 1797, the son of a farmer. His early life was marked by hardship.

He never received a formal education, which left him nearly illiterate for his entire life. This lack of education made everyday tasks a challenge.

At just 15 years old, Drew's father passed away, forcing him to take on hard labor in farms and factories. He had initially intended to work for his father.

A stint in the War of 1812 followed, and after that, Drew began his journey into entrepreneurship. He started by driving cattle, which eventually led him to become a financier, speculator, and railway magnate.

Drew's wife, Roxanna Mead, played a crucial role in supporting his worldly ambitions, often acting as a grounding force in his high-risk speculations.

The Erie Railroad was a major player in the mid-19th century, one of the nation's most successful systems at the time.

During this period, the Erie was involved in a fierce battle for control, with Cornelius Vanderbilt attempting to corner the company's stock.

This struggle led to the "Erie War", a ruthless and dirty fight for dominance, with Drew, Gould, and Fisk employing tactics like artificially inflating the stock value and changing legislation in their favor.

Their efforts ultimately defeated Vanderbilt and allowed the trio to acquire control of the Erie.

Gould and his associates even managed to change legislation in their favor, prompting an investigation by the state of New York.

Drew, Gould, and Fisk's actions were so egregious that they earned the attention of the state, but they still managed to come out on top.

Daniel Drew's financial empire began to crumble in 1868, when he was outmaneuvered by Jay Gould and James Fisk in the Erie Railway takeover. This loss marked the beginning of the end of Drew's financial empire.

He suffered continuous financial setbacks due to his aggressive speculative tactics and fluctuating market conditions. Despite attempts to revitalize his wealth through various other investments, these endeavors met with little success.

Drew's pride prevented him from accepting help from former associates Jay Gould and James Fisk during his bankruptcy. He died on September 18, 1879, in poverty, a stark contrast to his once lofty financial status.

At the peak of his financial fortune, Drew's net worth was estimated to be in the range of $13 million.

Drew's downfall began in 1868, when he was outmaneuvered by Jay Gould and James Fisk, who took over the Erie Railway and left him on the losing side.

He attempted to short the stock, but Gould and Fisk inflated the market with fraudulent shares, leading to a loss estimated at $1.5 million for Drew.

This loss marked the beginning of the end of Drew's financial empire, which was already struggling due to his aggressive speculative tactics and fluctuating market conditions.

Drew suffered continuous financial setbacks after the Erie War, despite attempts to revitalize his wealth through various other investments.

These endeavors met with little success, and the financial panic of 1873 forced him into bankruptcy with no significant assets or means of income.

Drew was left destitute, with few supporters or sympathizers due to his shady practice of speculating on and manipulating stocks.

Daniel Drew's legacy is a complex mix of achievements and controversies. He left behind a lasting impact on the world of finance and railroads, setting precedents for future speculators and entrepreneurs.

Despite his poor business reputation, Drew was a devout Methodist and gave hundreds of thousands of dollars to the church, including a $250,000 donation to found the Drew Theological Seminary. This charitable side of Drew is often overlooked in discussions of his business dealings.

Drew's business tactics, however, were often criticized by his contemporaries and have been the subject of much debate. He was known to engage in high-risk speculation and was involved in the Erie War of the 1860s, where he and his associates blocked arch-rival Cornelius Vanderbilt from gaining ownership of the Erie Railroad.

The term "watered stock" was popularized by Drew's business practices, which involved issuing false or counterfeit stock certificates to dilute ownership. This tactic was used to gain an advantage over competitors and has since become a cautionary tale in the world of finance.

Drew's contributions to the railroads, particularly the Erie Railway, stand as a testament to his boldness and business acumen. However, his legacy is also marked by his eventual downfall, which serves as a reminder of the risks and consequences of unmoderated risk-taking.

Daniel Drew's rise to wealth was remarkable, considering he received little schooling and remained virtually illiterate throughout his life.

He started out working in his father's cattle business, but after his father's death, Drew was forced to enter the War of 1812 at just 15 years old.

Drew's success in the cattle business led him to become a successful cattle buyer, extending his operations into areas west of the Alleghenies.

He then entered the steamship business on the Hudson River in 1834, undercutting prevailing prices and prospering.

Drew's company, Drew, Robinson and Company, a Wall Street brokerage and bank, was founded in 1844, marking a significant milestone in his business career.

Despite his success, Drew's life was marred by controversy, particularly in his dealings with Cornelius Vanderbilt and the Erie Railroad.

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Daniel Drew's story is a stark reminder that capitalism's dark side can lead even the most successful individuals down a path of ruin. He was a self-taught businessman who rose to prominence in the 19th century, but his ruthless tactics ultimately led to his downfall.

Drew's career was marked by his willingness to do whatever it took to succeed, including manipulating the stock and assets of the Erie Railroad. He was one of the directors of the Erie Railroad during the Panic of 1857, and he took advantage of the dislocations to further his own interests.

Drew's outrageous behavior set the standard for the era, but he was ultimately outmaneuvered by Cornelius Vanderbilt and his partner in an 1864 battle of Erie stock. This experience left Drew bitter and intent on revenge.

The Erie War, which Drew fought against Vanderbilt with the help of Jay Gould and James Fisk, was a devastating episode that ruined thousands of investors. Drew's victory was short-lived, however, as his partners betrayed him by manipulating the Erie stock upward, leaving him financially ruined.

Drew's life presents a strange contrast between his business dealings and his personal life. Despite being a devout Methodist, he had no qualms about engaging in shady business practices. He even founded the Drew Theological Seminary, but was unable to fulfill his other philanthropic pledges due to bankruptcy.

Daniel Drew was a railroad executive and speculator, born on July 29, 1797, in Carmel Hamlet, New York.

He had a family cattle farm, which likely influenced his interests in business and commerce.

Daniel Drew's parents were Gilbert Drew and Catherine Muckleworth.

He had a formal education, but unfortunately, it's noted that he received none.

In 1823, Daniel Drew married Roxana Mead, and together they had three children: Catherine Drew, Josephine Drew, and William Henry Drew.

Here is a brief overview of Daniel Drew's life at a glance:

Daniel Drew was not a successful railroad manager, unlike some of his contemporaries. He made his money by speculating on stocks.

Drew's most notable achievement was being involved in the "Erie War" for control of the Erie Railroad with Cornelius Vanderbilt. He was also betrayed by Jay Gould and Jim Fisk, who were also involved in the Erie Railroad.

Drew's life took a turn for the worse after losing millions in the "Erie War" and then even more money in the financial panic of 1873. He died rather poor, a stark contrast to his former life as a multimillionaire.

The railroad system suffered greatly under the hands of speculators like Drew, Gould, and Fisk, who only used it to enrich themselves. As a result, the railroad was plagued with debt and deficits.

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