Editing Daniel Drew (section)

==Legacy==
Drew left behind a controversial legacy, but few written records. Many details about his life come from [[Bouck White]]'s 1910 ''Book of Daniel Drew''. 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."<ref>Clifford Browder, ''The Money Game in Old New York: Daniel Drew and His Times'', (Lexington: University Press of Kentucky, 1986; 2014),p. 279</ref> Daniel Drew's son also contested the authenticity of the work when it was published.<ref>Clifford Browder, ''The Money Game in Old New York: Daniel Drew and His Times'', (Lexington: University Press of Kentucky, 1986),p. 2</ref>  

In the introduction to White's 1915 ''Letters from Prison: Socialism a Spiritual Sunrise'', the editor similarly notes that ''The book of Daniel Drew'' was "a work from his [White's] pen" and "a freely rendered biography of Daniel Drew".<ref>Bouck White, Letters from Prison: Socialism a Spiritual Sunrise (Boston: Richard G. Badger, 1915), p. 6</ref> Despite having been established as a forgery, many details and inaccurate quotes from ''The Book of Daniel Drew'' 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 ''[[The Toast of New York]]'' starred [[Edward Arnold (actor)|Edward Arnold]], [[Cary Grant]], [[Frances Farmer]], and [[Jack Oakie]].

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 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".<ref name="White" />{{rp|399}}

A devout [[Methodism|Methodist]], Drew built churches in [[Port Jervis, New York]], Carmel, and [[Brewster, New York]].  He also contributed to the founding of Drew Theological Seminary in [[Madison, New Jersey]], which is now part of [[Drew University]], and Drew Seminary for Young Ladies in his home town of Carmel (which burnt down and closed in 1904).<ref>{{cite book |last=Cunningham |first=John T. |title=University in the Forest: The Story of Drew University |year=2002 |edition=3rd |publisher=Phoenix Color Corp |isbn=0-89359-017-7 }}</ref>

Drew Street, in eastern [[Baltimore]], 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.<ref>{{cite book |last=Jones |first=Carleton |title=Streetwise Baltimore: the Stories Behind Baltimore Street Names |year=1991 |publisher=Bonus Books |location=Chicago |isbn=9780929387277 }}</ref>

Drew is popularly credited with introducing what would be called "[[watered stock]]" to the [[New York Stock Exchange|Wall Street]], to describe company [[Share (finance)|shares]] that were issued by false means including counterfeit [[stock certificate]]s and unauthorized stock release, resulting in a dilution of ownership.<ref>Dodd, David L. ''Stock Watering: The Judicial Valuation of Property for Stock-Issue Purposes''. New York: Columbia University Press, 1930.</ref> The term came from his time in the [[livestock]] business, when he would have his cattle lick salt and drink water before selling them, to increase their weight.<ref name="White">{{cite book |last=White |first=Bouck |title=The Book of Daniel Drew |url=https://archive.org/details/bookofdanieldrew00whit |year=1910 |publisher=Doubleday, Page & Co |location=New York }}</ref>{{rp|44–54}} The watered stock tactic was used in the [[Erie War]] of the 1860s, when Drew along with [[James Fisk (financier)|James Fisk]] and [[Jay Gould]]  blocked arch rival [[Cornelius Vanderbilt]] from getting ownership of the [[Erie Railroad]].<ref>[[John Steele Gordon|Gordon, John Steele]]. ''The Scarlet Woman of Wall Street: Jay Gould, Jim Fisk, Cornelius Vanderbilt, the Erie Railway Wars, and the Birth of Wall Street''. New York: Weidenfeld & Nicolson, 1988.</ref> 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. <ref>Clifford Browder, ''The Money Game in Old New York: Daniel Drew and His Times'', (Lexington: University Press of Kentucky, 1986;2014), p. 118</ref>

Drew is credited, perhaps apocryphally,  with an expression that describes the nature of [[short selling]]: "He who sells what isn't his'n, must buy it back or go to pris'n."<ref>{{cite news |title=Betting against shorts isn't wise |first=John |last=Waggoner |url=https://www.usatoday.com/money/perfi/columnist/waggon/2005-11-24-short_x.htm |work=USA Today |date=2005-11-25 |archive-url=https://web.archive.org/web/20090206165755/https://www.usatoday.com/money/perfi/columnist/waggon/2005-11-24-short_x.htm |archive-date=2009-02-06 |url-status=dead}}</ref>{{efn|This quote is not listed in any of the standard reference works of quotations, nor do any of them cite any quotations attributed to Drew at all, raising the probability that this attribution is apocryphal.  The quote has also been attributed to author [[John Brooks (writer)|John Brooks]], from his 1969 book of collected essays from ''[[The New Yorker]]'', [[Business Adventures|''Business Adventures: Twelve Classic Tales from the World of Wall Street'']].}}