While he is rarely remembered today, his generosity has left a lasting impression on MIT and Boston. Throughout his life, Hayden was president of the MIT Alumni Association and a “life member” of the MIT Corporation. His name is one of the six attractions to the entrance to the East Campus Dorm, the result of a 100,000 gift he donated to support the construction of the dorm. He also paid for the construction of MIT classrooms and laboratories on the new Cambridge campus. Before his death, Zeiss made it possible with a 150,000 gift to buy a projector and a home First At the American Museum of Natural History in Hayden Planetarium, New York City.
When Hayden died, in 1937, he left almost all of his vast wealth – $ 50 million (about $ 1 billion in today’s dollars) to the Charles Hayden Foundation, which funded the MIT Hayden Library, Hayden Planetarium at the Boston Museum. Science, and the Charles Hayden Memorial Building at Boston University. Still existing, the Foundation is limited to providing grants serving children and young people between the ages of five and 21 in the metropolitan areas of New York and Boston. It earned more than 16 million in grants in 2021.
“Time is money for merchants, but they don’t seem to know it,” Hayden was quoted as saying. “They pinch money and throw away thousands of dollars of time.”
Hayden benefited the most from his hometown. Born in 1870 to a successful shoe manufacturer in Boston, he grew up in Beck Bay and graduated from English High, known for educating boys who had set out on careers in business and engineering at the time. According to Qiong Zhou Huang, Scholarship Chair and Secretary of Today’s Chapter, he was the 24th wrestler in the MIT’s Theta Xi Brotherhood and was “active in managing currency” at Boyleston Place in March 1888.
After graduating with a degree in MIT’s “General Course”, Head took a “Grand Tour” of Europe (not uncommon at the time) and then spent a year apprenticing at a brokerage firm. He and his 31-year-old partner, Galen Stone, each borrowed $ 20,000 from their father and opened a private banking firm, Hayden, Stone & Company. In 1892.
Hayden learned about the growing importance of electricity and the crucial role of copper from his course at MIT, so he and Stone spent $ 25 and bought a list of individual investors with copper stocks in the US. They sent investment letters to everyone. The firm soon had a growing list of private clients – clients who did very well with its expert advice and analysis. Hayden, Stone opened its New York office in 1906 and expanded to other areas. Despite the fact that most of his records were destroyed in the September 11, 2001 terrorist attacks, it is known that Joseph Kennedy (future ambassador and father of John F. Kennedy) worked there in 1919, and that the firm employed several Bond saleswomen at one time. While the business was mostly closed to women. The stone that Wellesley College used to build the Green Hole and the iconic Galen Stone Tower was Stone. When Stone died, in 1926, Head gained complete control of the firm.
Unsatisfied with being a passive investor, Hayden joined the boards of the companies he funded and was active in managing. He invested in all kinds of technology. In 1929, he helped organize the Aviation Corporation of America, which became Pan Am in 1931. He helped lay the groundwork for the integration of the New York City subway line. Eventually he was on the boards of more than 80 companies. He managed it partly by scheduling back-to-back meetings in his office and making quick decisions. “Time is money for traders, but they don’t seem to know it,” he said. “They pinch money and throw away thousands of dollars of time.”
It is clear from the record that Hayden also had a good time. In 1914, he joined a syndicate to build a yacht to compete in the American Cup. To commemorate the 70th anniversary of the Rock Island Railroad system in 1923, a special train was “piloted” from Chicago by Hayden, chairman of the Railroad Board of Directors. A report in the Journal of the Illinois State Historical Society reads, “As the Gal train left La Celle Street station, beautiful girls dressed in mid-nineteenth-century designs were flying well from the observation car.” He enjoyed fine art in 1928, paying-52,000 for a self-portrait of Jean-Honore Fragonard. He was director of the Association Against the Prohibition Amendment, which was officially dissolved on December 5, 1933, at a party in Waldorf after the 21st Amendment passed, which (again) legalized alcohol consumption in the United States.
Hayden’s wealth and influence were so great that in 1930, James W. Gerard, a former ambassador and a key player in Democratic Party politics, named him one of the 64 rulers of the United States, “those who are too busy holding political office, but decide who will.” It was no compliment: Hayden was a staunch supporter of President Herbert Hoover, who backed the opening of the Waldorf Astoria in 1931, and then Franklin D. Roosevelt. Moved there in 1932 after losing Roosevelt.
Nevertheless, Hayden clearly believed in the importance of serving others. In 1932, he was an evening speaker at his high school’s 110th anniversary dinner, and he presented a bronze statue in which a warrior who had been stripped of his armor in battle supported another. On the base is written, “Service to mankind is honor and achievement.”
Hayden died in 1937 from an infection he contracted during a minor operation at a New York hospital. His brother, j. Willard Hayden became the head of the newly formed Charles Hayden Foundation and was named to the MIT Corporation after his brother’s meeting. “MIT (Charles Hayden Memorial Library) is notable among other organizations that are largely supported by Hayden benefits; Northeast, Brandeis, Columbia, New York and Boston universities; And the Museum of Science (Hayden Planetarium), “MIT President James Killian wrote on Willard’s death in 1955. Both Willard and Charles are buried on Mount Auburn Cemetery.
Speaking of the firm, Hayden, Stone continued with its private clients until 1974, when it merged with Shearson, Hamil & Co. As part of a wave of industry consolidation. Today it is part of the company Shearson / American Express.
In many ways, Charles Hayden continues to run gold-plated rivets to this day બદલે instead of strengthening the steel, they enrich the lives of young men and women touched by their enduring generosity.