History of Carmel, (Putnam County) New York United States of America

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Biographies:

Daniel Drew, philanthropist, was born in Carmel, N.Y., July 29, 1797. His father was of English and his mother of Scotch descent. He received a limited school training while working on his father's farm, engaged as a substitute in the war of 1812 and obtained thereby $100. He used this money as a cattle drover and dealer, and largely increased his business through a loan made by Henry Astor. He then became interested in steamboat building and transportation on the Hudson river in opposition to Cornelius Vanderbilt and in 1844, when the railroads began to be popular, he engaged in stock operations in Wall street, dealing principally in railroad stocks and securities. He is said to have accumulated $15,000,000. He was treasurer of the Erie railway company in 1866 and personally loaned the company $3,500,000, taking unused stock, and bonds convertible into stock, to the amount of $6,000,000 as security. The stock he afterward sold to Vanderbilt, who was ambitious to secure the control of the road, and when that magnate thought he had created a corner in the stock, Drew converted his $3,000,000 of bonds into stock and put it upon the market. The courts enjoined Drew from selling the excess of stock over his loan, but this proved no barrier and in the face of the injunction he put his stock upon the market and the corner was broken and Vanderbilt nearly ruined. Drew was obliged to flee to New Jersey carrying with him $7,000,000 of Vanderbilt's money, paid for "watered" stock. Vanderbilt afterward protected Drew from the consequences of his contempt of court, and Drew returned to New York; but the property of the Erie railway company fell to the lot of Fisk and Gould, whom he had educated in finance, and Drew for a time retired from Wall street. After a few months he returned to find Erie stock inflated from $34,000,000 to $57,000,000, and he had no chance against the pupils he had introduced to the financial world. His operations became more and more disastrous, his millions rapidly disappeared, and he was finally forced into bankruptcy in 1876. He was a member of the Methodist church and in the days of his prosperity contributed large sums to various religious and educational institutions. He founded Drew seminary for young ladies, at Carmel, N.Y., at a cost of $250,000 and built Drew theological seminary, Madison, N.J., at a cost of $275,000, and endowed it with a similar amount which he afterward increased to over half a million dollars. He also increased the endowment fund of the Wesleyan university $100,000 and of the Concord biblical institute to a considerable amount. As these benefactions were made chiefly in notes, those falling due after his failure were not paid, and, except the interest paid by Drew on the notes before 1876, the amount was totally lost to the institutions. This was true of $250,000 to Drew theological seminary and $100,000 to Wesleyan university. He died at the home of his son, William H. Drew, in New York city, Sept. 18, 1879.

From: Twentieth Century Biographical Dictionary of Notable Americans, Johnson, Rossiter, editor

Daniel Seely Gregory, educator, was born in Carmel, Putnam county, N.Y., Aug. 21, 1832. He was graduated from the College of New Jersey in 1857, studied at the Princeton theological seminary, and in 1860 was ordained to the Presbyterian ministry. He was tutor in rhetoric at the college, 1859-60, and was pastor successively at Galena, Ill, at Troy, N.Y., at New Haven, Conn., and at South Salem, N.Y., until 1871. In that year he accepted the chair of metaphysics and logic in Wooster university, Ohio, and in 1875 was transferred to the professorship of mental science and English literature. He resigned his chair in 1879 to accept the presidency of Lake Forest university, Ill., and resigned in 1886. The College of New Jersey conferred upon him the degree of S.T.D. in 1873. He is the author of: Christian Ethics (1875); Why Four Gospels? (1876); Practical Logic (1881), and contributions to periodicals.

From: Twentieth Century Biographical Dictionary of Notable Americans, Johnson, Rossiter, editor