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Daniel Drew Research Paper

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Daniel Drew was born on July 29, 1797 in Carmel, New York. He was raised on his family’s farm and didn’t get much schooling. In 1812 Daniel Drew’s father, Gilbert Drew, passed away, causing Daniel to join the army while he was 15 years old. Drew, after The War of 1812, started working as a cattle drover and horse trader, taking cattle from upstate New York and moving them into New York City. Later, his business was extended into Ohio and Illinois. In 1834, Drew challenged Cornelius Vanderbilt by going into the steamboat business on the Hudson River, Lake Champlain, and Long Island Sound. Drew set up the brokerage firm of Drew, Robinson and Company in 1844, which lasted only a decade because of the death of his partners. Drew entered the railroad business in 1853 and in 1857, taking advantage of the Panic of 1857, became a director on the Erie Railroad. …show more content…
As a result, Drew and Vanderbilt had to work together to save the Erie from bankruptcy. During this time, Daniel Drew became a director on the New York and Harlem railroad, where he once again worked with Vanderbilt to prop up that company’s financial affairs. In 1864, Daniel Drew lost 500,000 dollars because of a struggle between him and Vanderbilt. In this struggle, Drew was selling the New York and Harlem stock short, but Vanderbilt bought every share he sold. Drew, along with James Fisk and Jay Gould, later got his revenge in a war for control of the Erie Railroad, but his victory didn’t last long because his partners betrayed him by forcing the stock’s price to raise, which made Daniel Drew lose 1.5 million dollars. When the Panic of 1873 came, Drew was economically finished, so much so that he filed for bankruptcy in 1876. From then to the end of his life, Drew was fully dependent on his son. Daniel Drew died at age 82 on September 18,

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