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Details of Drew's life may be gleaned from other sources. At the zenith of his career as a financier, his personal fortune was estimated at $ 13 million and he was respectfully called "Uncle Daniel" on Wall Street. Drew's business tactics caused him to often be vilified, however, with White claiming
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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
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that newspapers depicted Drew as "one of the curses of the market for years past. If he has now received such a blow as will result in his being driven from the Street altogether, no one will be sorry for him", and "he holds the honest people of the world to be a pack of fools".
262:. White, a socialist activist, claimed to have "found" Drew's journal, publishing it as an autobiography. Drew biographer Clifford Browder has called the book "an enduring fake." Daniel Drew's son also contested the authenticity of the work when it was published.
172:, 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.
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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.
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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
376:. Drew biographer Clifford Browder warns that "not all the Uncle Daniel stories should be believed," and many stories about his business tactics—especially those recounted by White—should be read with skepticism.
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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".
145:, 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
333:, is reportedly named after him due to Drew's involvement as an investor in the Baltimore Canton Company, which owned and developed much of the area through the early 1900s.
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are still mistakenly regarded as factual. The longevity of the work's influence is also in part due to fabulations in the 1937 film adaptation of the book. The film
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and 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
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was "a work from his pen" and "a freely rendered biography of Daniel Drew". Despite having been established as a forgery, many details and inaccurate quotes from
218:, 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.
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business, when he would have his cattle lick salt and drink water before selling them, to increase their weight. The watered stock tactic was used in the
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The
Scarlet Woman of Wall Street: Jay Gould, Jim Fisk, Cornelius Vanderbilt, the Erie Railway Wars, and the Birth of Wall Street
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In 1864, Drew once again struggled with
Vanderbilt, speculating on the stock of the New York and Harlem. Drew was
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but he did not see combat. After the war, he spent some time with a traveling zoo and then built a successful
125:(July 29, 1797 – September 18, 1879) was an American businessman, steamship and railroad developer, and
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and unauthorized stock release, resulting in a dilution of ownership. The term came from his time in the
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Drew left behind a controversial legacy, but few written records. Many details about his life come from
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Bouck White, Letters from Prison: Socialism a
Spiritual Sunrise (Boston: Richard G. Badger, 1915), p. 6
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Clews, Henry. Fifty Years in Wall Street. Hoboken, N.J.: J. Wiley & Sons, 2006, p. 183.
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Stock
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Drew is famously credited with an expression that describes the nature of
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318:. He also contributed to the founding of Drew Theological Seminary in
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388:: "He who sells what isn't his'n, must buy it back or go to pris'n."
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Around this time, Drew began to speculate in stocks. He founded the
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Drew is popularly credited with introducing what would be called "
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Streetwise
Baltimore: the Stories Behind Baltimore Street Names
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The Money Game in Old New York: Daniel Drew and His Times
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The Money Game in Old New York: Daniel Drew and His Times
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The Money Game in Old New York: Daniel Drew and His Times
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The Money Game in Old New York: Daniel Drew and His Times
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business, purchasing a share of a boat operating on the
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University in the Forest: The Story of Drew
University
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that were issued by false means including counterfeit
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In 1820, he moved to New York City, where he ran the
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267:Letters from Prison: Socialism a Spiritual Sunrise
242:cost Drew still more, and by 1876, he filed for
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657:. New York: Weidenfeld & Nicolson, 1988.
641:. New York: Columbia University Press, 1930.
475:. Lexington: University of Kentucky, 1986.
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720:19th-century American railroad executives
488:The Life and Times of Col. James Fisk, Jr
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108:Stock market speculation and manipulation
19:For other people named Daniel Drew, see
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491:. New York: New York Book Co. pp.
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521:. New York: Doubleday, Page & Co.
427:Great Fortunes and How They Were Made
221:In 1866 to 1868, Drew engaged in the
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592:(3rd ed.). Phoenix Color Corp.
265:In the introduction to White's 1915
682:"Betting against shorts isn't wise"
360:of the 1860s, when Drew along with
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189:Hudson River Steamboat Association
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730:Bankruptcy in the United States
372:from getting ownership of the
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680:Waggoner, John (2005-11-25).
715:People from Carmel, New York
588:Cunningham, John T. (2002).
485:McAlpine, Robert W. (1872).
209:New York and Harlem Railroad
21:Daniel Drew (disambiguation)
398:List of railroad executives
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310:, Drew built churches in
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617:. Chicago: Bonus Books.
613:Jones, Carleton (1991).
329:Drew Street, in eastern
175:In 1834, he entered the
129:. Summarizing his life,
518:The Book of Daniel Drew
322:, which is now part of
275:The Book of Daniel Drew
271:The book of Daniel Drew
216:selling the stock short
455:"Death of Daniel Drew"
425:McCabe Jr., James D.,
344:, to describe company
533:"James Fisk Murdered"
515:White, Bouck (1910).
312:Port Jervis, New York
280:The Toast of New York
370:Cornelius Vanderbilt
185:Cornelius Vanderbilt
16:American businessman
651:Gordon, John Steele
471:Browder, Clifford.
368:blocked arch rival
320:Madison, New Jersey
260:Book of Daniel Drew
666:Clifford Browder,
565:Clifford Browder,
552:Clifford Browder,
350:stock certificates
316:Brewster, New York
162:Bull's Head Tavern
73:September 18, 1879
183:. Competing with
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75:(1879-09-18)
42:Drew in 1872
710:1879 deaths
705:1797 births
342:Wall Street
256:Bouck White
168:section of
151:War of 1812
149:during the
131:Henry Clews
123:Daniel Drew
30:Daniel Drew
699:Categories
404:References
380:Quotations
362:James Fisk
297:Jack Oakie
289:Cary Grant
244:bankruptcy
227:James Fisk
157:business.
89:Occupation
54:1797-07-29
686:USA Today
366:Jay Gould
354:livestock
340:" to the
331:Baltimore
308:Methodist
306:A devout
231:Jay Gould
177:steamboat
147:U.S. Army
137:Biography
127:financier
100:1840–1875
392:See also
358:Erie War
283:starred
258:'s 1910
223:Erie War
164:in the
92:Finance
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346:shares
295:, and
250:Legacy
166:Bowery
113:Spouse
83:, U.S.
64:, U.S.
536:(PDF)
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364:and
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48:Born
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Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
