Charles Hayden (banker)
Encyclopedia
Charles Hayden was an American
financier
and philanthropist
. He was the senior partner of Hayden, Stone & Co.
and his influence was such that James W. Gerard
listed him among those "who are too busy to hold political office, but determine who shall." Noted contributions bearing his name include the Hayden Planetarium
in New York, the Charles Hayden Planetarium at Boston's Museum of Science
, and the Charles Hayden Foundation.
. Hayden studied mining investment and graduated in 1890. Following graduation, he traveled for a year before taking a position as clerk with the Boston bank of Clark, Ward, & Co.
Hayden was a bachelor his entire life and lived at the Savoy-Plaza hotel in Manhattan
. His hobbies included steeplechase
and bridge
.
to open Hayden, Stone & Co. While Stone was known for remaining silent, Hayden gained a reputation for quick decisions and mastery of the brokerage business. Foreseeing the needs of electrification
, Hayden made his fortune by investing in copper
mining. The new investment firm prospered, expanding from its Boston base to open a New York City branch in 1906.
In addition to his brokerage firm, Hayden was involved in other business operations. During his lifetime he was appointed director
to 89 companies, and held 58 directorships at the time of his death.
. He later became interested in helping youth and in 1926 was revealed to have anonymously donated US$100,000 to establish an uptown New York City branch of the Boys Club. This was followed in 1933 when, at the request of President Franklin D. Roosevelt
, Hayden chaired the Boy Scout Maintenance Fund for the Boy Scouts of America
.
In addition to youth, Hayden routinely donated to aid the poor. In 1934, he donated US$150,000 to New York's American Museum of Natural History
for creation of a planetarium
which was named after him. This was followed the next year when he headed a committee which raised $9,440,000 to save New York's charitable hospitals.
Hayden is also notable for his donations to Stevens Institute of Technology
in Hoboken
, NJ. The campus is home to a residence hall which bears his name.
Hayden's largest philanthropic effort came following his death on January 8, 1937 when his will
directed roughly US$50,000,000 from his estate be used to create a foundation to advance the education and "moral, mental, and physical well-being" of boys and young men.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
financier
Financier
Financier is a term for a person who handles typically large sums of money, usually involving money lending, financing projects, large-scale investing, or large-scale money management. The term is French, and derives from finance or payment...
and philanthropist
Philanthropist
A philanthropist is someone who engages in philanthropy; that is, someone who donates his or her time, money, and/or reputation to charitable causes...
. He was the senior partner of Hayden, Stone & Co.
Hayden, Stone & Co.
Hayden, Stone & Co. was a major securities firm founded in 1892 by Charles Hayden and Galen L. Stone. The firm was acquired by Cogan, Berlind, Weill & Levitt in 1972 and was part of what ultimately would become Shearson/American Express in 1981.-History:...
and his influence was such that James W. Gerard
James W. Gerard
James Watson Gerard was a U.S. lawyer and diplomat.-Biography:Gerard was born in Geneseo, N. Y. He graduated from Columbia in 1890 and from New York Law School. He was chairman of the Democratic campaign committee of New York County for four years, and served as major of the National Guard of the...
listed him among those "who are too busy to hold political office, but determine who shall." Noted contributions bearing his name include the Hayden Planetarium
Hayden Planetarium
The Hayden Planetarium is a public planetarium, part of the Rose Center for Earth and Space of the American Museum of Natural History in New York City, currently directed by astrophysicist Dr. Neil deGrasse Tyson....
in New York, the Charles Hayden Planetarium at Boston's Museum of Science
Museum of Science, Boston
The Museum of Science is a Boston, Massachusetts landmark, located in Science Park, a plot of land spanning the Charles River. Along with over 500 interactive exhibits, the Museum features a number of live presentations throughout the building every day, along with shows at the Charles Hayden...
, and the Charles Hayden Foundation.
Background
Hayden was born in Boston, Massachusetts to Josiah Willard and Emma A. (Tirrill) Hayden. His father was a shoe and leather merchant and he was educated in the public schools before enrolling at the Massachusetts Institute of TechnologyMassachusetts Institute of Technology
The Massachusetts Institute of Technology is a private research university located in Cambridge, Massachusetts. MIT has five schools and one college, containing a total of 32 academic departments, with a strong emphasis on scientific and technological education and research.Founded in 1861 in...
. Hayden studied mining investment and graduated in 1890. Following graduation, he traveled for a year before taking a position as clerk with the Boston bank of Clark, Ward, & Co.
Hayden was a bachelor his entire life and lived at the Savoy-Plaza hotel in Manhattan
Manhattan
Manhattan is the oldest and the most densely populated of the five boroughs of New York City. Located primarily on the island of Manhattan at the mouth of the Hudson River, the boundaries of the borough are identical to those of New York County, an original county of the state of New York...
. His hobbies included steeplechase
Steeplechase
Steeplechase may refer to:* Steeplechase, an event in horse racing* SteepleChase, a Danish jazz label* Steeplechase , a 1975 arcade game released by Atari...
and bridge
Contract bridge
Contract bridge, usually known simply as bridge, is a trick-taking card game using a standard deck of 52 playing cards played by four players in two competing partnerships with partners sitting opposite each other around a small table...
.
Career
In 1892, Hayden joined with fellow Clark, Ward, & Co. clerk Galen L. StoneGalen L. Stone
Galen Luther Stone was an American financier and philanthropist.Born in Leominster, Massachusetts, in his teens Galen Stone worked as an office clerk in Boston and went on to become a major figure on Wall Street. Together with Charles Hayden, he founded the stock brokerage firms of Hayden, Stone &...
to open Hayden, Stone & Co. While Stone was known for remaining silent, Hayden gained a reputation for quick decisions and mastery of the brokerage business. Foreseeing the needs of electrification
Electrification
Electrification originally referred to the build out of the electrical generating and distribution systems which occurred in the United States, England and other countries from the mid 1880's until around 1940 and is in progress in developing countries. This also included the change over from line...
, Hayden made his fortune by investing in copper
Copper
Copper is a chemical element with the symbol Cu and atomic number 29. It is a ductile metal with very high thermal and electrical conductivity. Pure copper is soft and malleable; an exposed surface has a reddish-orange tarnish...
mining. The new investment firm prospered, expanding from its Boston base to open a New York City branch in 1906.
In addition to his brokerage firm, Hayden was involved in other business operations. During his lifetime he was appointed director
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
to 89 companies, and held 58 directorships at the time of his death.
Philanthropy
Hayden was involved with philanthropy most of his life. During the First World War, he donated US$100,000 per year to the American Red CrossAmerican Red Cross
The American Red Cross , also known as the American National Red Cross, is a volunteer-led, humanitarian organization that provides emergency assistance, disaster relief and education inside the United States. It is the designated U.S...
. He later became interested in helping youth and in 1926 was revealed to have anonymously donated US$100,000 to establish an uptown New York City branch of the Boys Club. This was followed in 1933 when, at the request of President Franklin D. Roosevelt
Franklin D. Roosevelt
Franklin Delano Roosevelt , also known by his initials, FDR, was the 32nd President of the United States and a central figure in world events during the mid-20th century, leading the United States during a time of worldwide economic crisis and world war...
, Hayden chaired the Boy Scout Maintenance Fund for the Boy Scouts of America
Boy Scouts of America
The Boy Scouts of America is one of the largest youth organizations in the United States, with over 4.5 million youth members in its age-related divisions...
.
In addition to youth, Hayden routinely donated to aid the poor. In 1934, he donated US$150,000 to New York's American Museum of Natural History
American Museum of Natural History
The American Museum of Natural History , located on the Upper West Side of Manhattan in New York City, United States, is one of the largest and most celebrated museums in the world...
for creation of a planetarium
Planetarium
A planetarium is a theatre built primarily for presenting educational and entertaining shows about astronomy and the night sky, or for training in celestial navigation...
which was named after him. This was followed the next year when he headed a committee which raised $9,440,000 to save New York's charitable hospitals.
Hayden is also notable for his donations to Stevens Institute of Technology
Stevens Institute of Technology
Stevens Institute of Technology is a technological university located on a campus in Hoboken, New Jersey, USA – founded in 1870 with an 1868 bequest from Edwin A. Stevens. It is known for its engineering, science, and technological management curricula.The institute has produced leading...
in Hoboken
Hoboken, New Jersey
Hoboken is a city in Hudson County, New Jersey, United States. As of the 2010 United States Census, the city's population was 50,005. The city is part of the New York metropolitan area and contains Hoboken Terminal, a major transportation hub for the region...
, NJ. The campus is home to a residence hall which bears his name.
Hayden's largest philanthropic effort came following his death on January 8, 1937 when his will
Will (law)
A will or testament is a legal declaration by which a person, the testator, names one or more persons to manage his/her estate and provides for the transfer of his/her property at death...
directed roughly US$50,000,000 from his estate be used to create a foundation to advance the education and "moral, mental, and physical well-being" of boys and young men.