

Daniel Drew First Stock Corner: Dec. 1862 Harlem directors applied for permission to lay rails down Broadway south of Union Square to the Battery. (This would have been a horse car line.) The line was approved by the City government in April 1863. Daniel Drew, a director of the NY&H then conspired with City officials to withdraw their approval in a scheme to sell the NY&H stock short. Vanderbilt learned of the scheme and began to purchase all the stock that came on the market and all the short sales. By August 1863 the stock hit $179 and Vanderbilt and his group controlled it all – the entire stock capitalization of the company, $4,217,100. The politicians then reversed their reversal and re-approved the extension of Harlem down Broadway.

