Great Fortunes, and How They Were Made

by James Dabney McCabe

He came to New York in search of employment, but the country, just then, was in too depressed a condition to afford him a chance in any regular business. After looking around for awhile, he at length became a cattle drover. He spent five years in driving cattle from Putnam County to New York for sale, but failed to make any money at the business.

In 1820, he removed to New York, and established his headquarters at the famous Bull's Head Tavern, in the Bowery, which was the great resort of the butchers and drovers doing business in the city. He kept this tavern a part of the time, and found it quite a profitable investment. He soon formed a partnership with two other drovers, and commenced buying cattle in the adjoining counties and bringing them to New York for sale.

These ventures were so successful that the operations of the firm were extended into Pennsylvania, and finally into Ohio and the other States of the great West. Mr. Drew and his partners brought over the mountains the first drove of cattle that ever came from the West into New York city. The cattle, two thousand in number, were collected into droves of one hundred each, and were driven by experienced and careful men. The journey occupied two months, and the total cost of the purchase and trip was twenty-four dollars per head. The profit on the venture was very large.

Mr. Drew continued in this business for fourteen years, slowly and carefully laying the foundations of that immense fortune which has made him so conspicuous, an example to others who have entered upon the life-struggle since then.

In 1834, an event occurred which changed the whole tenor of his career. In that year, the steamer "General Jackson," owned by Jacob Vanderbilt (a brother of the famous Commodore), and plying between New York and Peekskill, blew up at Grassy Point. A friend of Mr. Drew at once put a boat called the "Water Witch" in her place, and Mr. Drew, to oblige his friend, advanced one thousand dollars toward the enterprise. Commodore Vanderbilt was not willing that any rival should contest the river trade with him, and built a steamer called the "Cinderella," with which he ran a sharp opposition to Mr. Drew. The contest was so sharp that fares and freights were lowered to a ridiculous figure, and both parties lost heavily. At the end of the season, the owner of the "Water Witch" found himself ten thousand dollars in debt, and sold his boat to Drew, Kelly & Richards for twenty thousand dollars.

Finding that Mr. Drew was not frightened off by his opposition, Commodore Vanderbilt urged him to withdraw from his attempt, telling him he knew nothing of the management of steamboats. Mr. Drew refused to be intimidated; however, and continued his efforts. Since then, there have been fifty attempts to run him off the river, but all alike have failed of success.

In 1836, the "Water Witch" was replaced by a fine steamer called the "Westchester," which was subsequently run as a day boat to Hartford, Connecticut. The "Westchester" was run against the Hudson River Line, from New York to Albany. The Hudson River Line at that time owned the "De Witt Clinton," the "North America," and others—the finest steamboats then afloat—and it seemed at first foolhardiness for any one to attempt to oppose so popular a company. Mr. Drew and his partners bought the "Bright Emerald," for which they gave twenty-six thousand dollars, and ran her as a night boat between New York and Albany, reducing the fare from three dollars to one dollar. During the season, they bought the "Rochester" for fifty thousand dollars, and also bought out the Hudson River Line, after which they restored the fare to three dollars.

Several years later, Isaac Newton, who was largely interested in the towing business of the Hudson, built two splendid passenger steamers called the "North America" and the "South America." In 1840, Mr. Drew formed a partnership with Mr. Newton, and the celebrated "People's Line" was organized, which purchased all the passenger steamers owned by Drew and Newton. Mr. Drew was the largest stockholder in this company, which, to-day, after a lapse of nearly thirty years, still owns the most magnificent and popular steamers in the world. Soon after its organization, the company built the "Isaac Newton," the first of those floating palaces for which the Hudson is famed. Since then, it has built the "New World," the "St. John," the "Dean Richmond," and the "Drew," the last two of which cost over seven' hundred thousand dollars each. Repeated efforts have been made to drive this line from the river, but it has been conducted so judiciously and energetically, that, for nearly thirty years, it has held the first place in the public favor.