“In driving this rivet, I’ve that I’m driving dwelling the truth that the tangible realization of an dazzling dream is underway,” Hayden stated in the Fresh York Cases.
Hayden became as soon as no stranger to newspaper readers. A single man without a children, he became as soon as renowned for his crude wealth and generosity, starting with his reward of $1,000 to the Fresh York Cases’ “Neediest” charity in December 1916. As the US entered World Battle I, Hayden gave $100,000 to the Nationwide Crimson Execrable ($2.1 million at the present time, adjusting for inflation). He gave another $100,000 the following year. An editorial showing in a 1919 edition of The Solar casually mentioned that of us who had received boxes for an upcoming ball at the opera included “Mrs. Cornelius Vanderbilt, Mrs. Elbert H. Gary [wife of the founder of US Steel], Mrs. George W. Vanderbilt, Charles Hayden, Mrs. Harry Payne Whitney,” and others. Hayden became as soon as one of the fundamental few Fresh Yorkers invited to every excessive-society event.
While he is barely remembered at the present time, his munificent generosity left a permanent impress on MIT and Boston. All over his lifestyles, Hayden became as soon as a president of the MIT Alumni Affiliation and a “lifestyles member” of the MIT Corporation. His title is one of six gracing the entrance of the East Campus dorm, the tip results of a $100,000 reward that he made supporting the dorm’s building. He also paid for the near of MIT lecture rooms and laboratories in the brand new Cambridge campus. Earlier than his loss of life, his reward of $150,000 to make a decision on and residence the Zeiss projector made doubtless the first Hayden Planetarium, at the American Museum of Natural History in Fresh York City.
When Hayden died, in 1937, he left almost all his giant fortune—$50 million (about $1 billion in at the present time’s greenbacks)—to the Charles Hayden Foundation, which went on to fund the MIT Hayden Library, the Hayden Planetarium at the Boston Museum of Science, and the Charles Hayden Memorial Building at Boston University. Collected in existence, the inspiration is limited to creating grants that wait on children and childhood used five to 21 in the metropolitan areas of Fresh York and Boston. It made extra than $16 million in grants in 2021.
“Time is money to a businessman, nonetheless they don’t seem to snatch that,” Hayden became as soon as quoted as announcing. “They pinch pennies and throw away thousands of bucks’ price of time.”
Hayden’s largesse most benefited his hometown. Born in 1870 to a a hit Boston shoe manufacturer, he grew up in the Succor Bay and graduated from English High, at the time recognized for teaching boys destined for careers in enterprise and engineering. He became as soon as the 24th provoke at MIT’s Theta Xi fraternity and became as soon as “active in arranging the pass” to Boylston Place of living in March 1888, in step with Qiong Zhou Huang, the scholarship chair and secretary of at the present time’s chapter.
After graduating with a diploma in MIT’s “General Direction,” Hayden took a “giant tour” of Europe (no longer enthralling at the time) and then spent a year apprenticing at a brokerage company. He and his 31-year-outmoded accomplice, Galen Stone, every borrowed $20,000 from their fathers and opened the non-public banking company Hayden, Stone & Co. in 1892.
Hayden had learned relating to the rising importance of electricity and the severe role of copper from his coursework at MIT, so he and Stone spent $25 and bought a checklist of particular person buyers in the US who owned copper shares. To every they despatched an investment letter. The company soon had a rising checklist of private clients—clients who did very well with its expert recommendation and prognosis. Hayden, Stone opened its Fresh York place of job in 1906 and expanded into other areas. Even supposing most of its records were destroyed in the terrorist attacks of September 11, 2001, it’s recognized that Joseph Kennedy (the future ambassador and father of John F. Kennedy) labored there in 1919, and that the company employed quite so a lot of bond saleswomen at a time when the profession became as soon as largely closed to ladies. It became as soon as Stone who contributed the funds that Wellesley College ancient to create Green Corridor and the enduring Galen Stone Tower. When Stone died, in 1926, Hayden assumed pudgy adjust of the company.
Now not order with being a passive investor, Hayden joined the boards of the companies that he funded and became as soon as active of their management. He invested in all sorts of abilities. In 1929, he helped arrange the Aviation Corporation of the Americas, which grew to develop into Pan Am in 1931. He helped lay the groundwork for the unification of Fresh York City’s subway traces. He became as soon as eventually on the board of extra than 80 companies. He managed this in allotment by scheduling conferences abet to abet in his place of job and making speedily choices. “Time is money to a businessman, nonetheless they don’t seem to snatch that,” he became as soon as quoted as announcing. “They pinch pennies and throw away thousands of bucks’ price of time.”
From the story, it’s obvious that Hayden also enjoyed having a factual time. In 1914, he joined a syndicate to make a yacht to compete for the The united states’s Cup. For a 1923 birthday celebration marking the 70th anniversary of the Rock Island railroad design, a special relate left Chicago “piloted” by Hayden, chairman of the railroad’s board of directors. “Pretty women in apparel of mid-nineteenth century create waved factual-by from the commentary automobile, because the gala relate left the La Salle avenue station,” reads an account in the Journal of the Illinois Declare Historical Society. He enjoyed shapely artwork, paying $52,000 in 1928 for Jean-Honoré Fragonard’s fetching self-portrait. He became as soon as a director of the Affiliation In opposition to the Prohibition Modification, which formally disbanded on December 5, 1933, at a event at the Waldorf after passage of the 21st Modification, which legalized (again) the consumption of alcohol in the United States.
Hayden’s wealth and have an effect on were so huge that in 1930 James W. Gerard, a feeble ambassador and a fundamental participant in Democratic Celebration politics, named him as one of the fundamental 64 rulers of the United States, “who’re too busy to retain political place of job, nonetheless resolve who shall.” It became as soon as no longer a compliment: Hayden became as soon as a staunch supporter of President Herbert Hoover, who returned the make a choice by opening the Waldorf Astoria in 1931 and then transferring there in 1932 after his loss to Franklin D. Roosevelt.
On the replace hand, Hayden clearly believed deeply in the importance of provider to others. In 1932 he became as soon as the featured evening speaker at his highschool’s 110th-anniversary dinner and supplied a bronze statue that showed a warrior supporting another who had been stripped of his armor in struggle. On the unhealthy is inscribed, “Carrier to mankind is honor and achievement.”
Hayden died in 1937, victim of an infection he got for the duration of a minor operation at a Fresh York sanatorium. His brother, J. Willard Hayden, grew to develop into head of the newly created Charles Hayden Foundation and became as soon as named to the MIT Corporation, taking his brother’s seat. “Important amongst other institutions aided in colossal allotment by the Hayden benefactions are MIT (Charles Hayden Memorial Library); Northeastern, Brandeis, Columbia, Fresh York, and Boston Universities; and the Museum of Science (Hayden Planetarium),” wrote MIT president James Killian on Willard’s loss of life in 1955. Every Willard and Charles are buried at Mt. Auburn Cemetery.
As for the company, Hayden, Stone endured with its private clients till 1974, when it merged with Shearson, Hammill & Co. as allotment of a wave of industry consolidations. At the present time that company is allotment of Shearson/American Categorical.
In many methods, Charles Hayden continues to pressure gold-plated rivets to this very day—excluding in want to strengthening steel, they enrich the lives of the younger women and males touched by his enduring generosity.