David Hoadley (businessman)
Encyclopedia
David Hoadley was an American
businessman, and an executive in the banking and railroad industries. He is best known for taking over the Panama Railway
in November 1851 as the company faced bankruptcy while attempting to build a railroad across the Isthmus of Panama
. Hoadley was able to stabilize the company as well as complete the railroad a year ahead of schedule.
, in 1806. He was a direct descendent of William Hoadley, who had settled Branford, Connecticut
, in 1666. He was the eldest son of David
and Rachel (Beecher) Hoadley. His father was a carpenter and architect who built several well-known Congregational churches and many fine homes (including the Samuel Wadsworth Russell House
) in the area.
Hoadley worked in his future father-in-law's pharmacy
in New Haven, Connecticut
. In April 1827, he founded his own wholesale drug business in New York City
, an enterprise which proved extremely profitable. He married Mary Hotchkiss, daughter of his old employer, on December 23, 1829. The couple had three children: Mary (born November 17, 1830), Sarah (born August 16, 1832), and Russell (born August 19, 1834). On April 5, 1854, Sarah married the wealthy mine owner William E. Dodge, Jr.
of Phelps Dodge
fame. Mary Hotchkiss Hoadley died June 9, 1837, at the age of 26.
David Hoadley then married Elizabeth Crannel Tappen, daughter of a Danbury, Connecticut
, doctor, on June 12, 1838. The couple had three more children: Alice (born July 4, 1839), Tappen (born February 11, 1841), Elizabeth (born June 1, 1844), Olivia (born November 17, 1848), and Adelaide (born February 4, 1855).
Illness forced Hoadley to retired from the wholesale pharmaceutical supply business in 1848. But his health improved the following year, and he was named vice president of the American Exchange Bank (now part of the Bank of New York Mellon Corporation.He proved extremely adept at finance, and his leadership of the bank gained him widespread fame.
on November 1, 1851. The goal of the Panama Railway was to build a railroad across the Isthmus of Panama, linking the Atlantic and Pacific oceans which would lessen the length of shipping and avoid the Cape of Good Hope
for cargo. The railway was chartered on April 18, 1849, and construction began in May 1850. Construction proceeded very slowly due to the poor condition of the soil, the exceedingly hot and humid climate, and numerous tropical diseases (especially malaria
). By November 1851, construction had proceeded so slowly that the Panama Railroad Company faced bankruptcy. The chief engineer John Trautwine
was forced to resign. Company president C.J. Young also resigned, and David Hoadley was named his successor.
Under Hoadley, the railroad not only survived but thrived. In part, this was due to sheer luck: Three weeks after Hoadley assumed control of the railroad, two steamships with over 1,000 passengers were forced by a storm to put in at Aspinwall
(the western terminus of the railroad). The railroad had only just completed construction of its docks at Aspinwall. The ships' passengers demanded to be put ashore and were granted passage aboard the railroad (at outrageously high prices). Although the rail line was only a third complete, the passengers were extremely grateful at being able to cut months from their long sea voyage. When news of the incident reached the United States, Panama Railroad Company shares soared and the company saved from bankruptcy.
Hoadley re-ordered the management of the construction teams, adding thousands of workers and additional equipment as well as the construction of the line from the east to the west (not just west to east). With Hoadley's firm managerial hand, construction of the railroad was finished a year in advance, despite its early troubles. The railway ran its first train on January 28, 1855, making it the first transcontinental railroad in North America. Hoadley chartered a steamship and traveled to Panama for the occasion, where he rode the train to the Pacific Ocean.
, taking up residence in his former summer home. He lived there until his death in 1873.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
businessman, and an executive in the banking and railroad industries. He is best known for taking over the Panama Railway
Panama Railway
The Panama Canal Railway Company is a railway line that links the Atlantic Ocean to the Pacific Ocean across Panama in Central America. It is jointly owned by the Kansas City Southern Railway and Mi-Jack Products...
in November 1851 as the company faced bankruptcy while attempting to build a railroad across the Isthmus of Panama
Isthmus of Panama
The Isthmus of Panama, also historically known as the Isthmus of Darien, is the narrow strip of land that lies between the Caribbean Sea and the Pacific Ocean, linking North and South America. It contains the country of Panama and the Panama Canal...
. Hoadley was able to stabilize the company as well as complete the railroad a year ahead of schedule.
Early life
Hoadley was born in Waterbury, ConnecticutWaterbury, Connecticut
Waterbury is a city in New Haven County, Connecticut, on the Naugatuck River, 33 miles southwest of Hartford and 77 miles northeast of New York City...
, in 1806. He was a direct descendent of William Hoadley, who had settled Branford, Connecticut
Branford, Connecticut
-Landmarks and attractions:Branford has six historic districts that are listed on the U.S. National Register of Historic Places . These include buildings in Federal, Arts and Crafts, and Queen Anne styles of architecture...
, in 1666. He was the eldest son of David
David Hoadley
David Hoadley was an American architect who worked in New Haven and Middlesex counties in Connecticut.-Career:Born in Waterbury, Connecticut, the son of Lemuel and Urania Hoadley, he began as a carpenter and builder. He was a descendant of William Hoadley of Branford, Connecticut and a cousin of...
and Rachel (Beecher) Hoadley. His father was a carpenter and architect who built several well-known Congregational churches and many fine homes (including the Samuel Wadsworth Russell House
Samuel Wadsworth Russell House
Samuel Wadsworth Russell House in Middletown, Connecticut is a landmark greek revival mansion built in 1828. It is now owned by Wesleyan University. In 1970, the Russell House was listed on the National Register of Historic Places and it was declared a National Historic Landmark in 2001.-...
) in the area.
Hoadley worked in his future father-in-law's pharmacy
Pharmacy
Pharmacy is the health profession that links the health sciences with the chemical sciences and it is charged with ensuring the safe and effective use of pharmaceutical drugs...
in New Haven, Connecticut
New Haven, Connecticut
New Haven is the second-largest city in Connecticut and the sixth-largest in New England. According to the 2010 Census, New Haven's population increased by 5.0% between 2000 and 2010, a rate higher than that of the State of Connecticut, and higher than that of the state's five largest cities, and...
. In April 1827, he founded his own wholesale drug business in New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
, an enterprise which proved extremely profitable. He married Mary Hotchkiss, daughter of his old employer, on December 23, 1829. The couple had three children: Mary (born November 17, 1830), Sarah (born August 16, 1832), and Russell (born August 19, 1834). On April 5, 1854, Sarah married the wealthy mine owner William E. Dodge, Jr.
William E. Dodge, Jr.
William Earl Dodge, Jr. was an American businessperson and philanthropist. For many years, he was one of two controlling partners in the Phelps Dodge Corporation, one of the largest copper mining corporations in the United States.-Early life:William Earl Dodge, Jr. was born in New York City on...
of Phelps Dodge
Phelps Dodge
Phelps Dodge Corporation was an American mining company founded in 1834 by Anson Greene Phelps and William Earle Dodge, Sr.. On March 19, 2007, it was acquired by Freeport-McMoRan and now operates under the name Freeport-McMoRan Copper & Gold Inc.-History:...
fame. Mary Hotchkiss Hoadley died June 9, 1837, at the age of 26.
David Hoadley then married Elizabeth Crannel Tappen, daughter of a Danbury, Connecticut
Danbury, Connecticut
Danbury is a city in northern Fairfield County, Connecticut, United States. It had population at the 2010 census of 80,893. Danbury is the fourth largest city in Fairfield County and is the seventh largest city in Connecticut....
, doctor, on June 12, 1838. The couple had three more children: Alice (born July 4, 1839), Tappen (born February 11, 1841), Elizabeth (born June 1, 1844), Olivia (born November 17, 1848), and Adelaide (born February 4, 1855).
Illness forced Hoadley to retired from the wholesale pharmaceutical supply business in 1848. But his health improved the following year, and he was named vice president of the American Exchange Bank (now part of the Bank of New York Mellon Corporation.He proved extremely adept at finance, and his leadership of the bank gained him widespread fame.
Panama Railroad presidency
Hoadley's managerial expertise became so widely regarded that he was named President of the Panama RailwayPanama Railway
The Panama Canal Railway Company is a railway line that links the Atlantic Ocean to the Pacific Ocean across Panama in Central America. It is jointly owned by the Kansas City Southern Railway and Mi-Jack Products...
on November 1, 1851. The goal of the Panama Railway was to build a railroad across the Isthmus of Panama, linking the Atlantic and Pacific oceans which would lessen the length of shipping and avoid the Cape of Good Hope
Cape of Good Hope
The Cape of Good Hope is a rocky headland on the Atlantic coast of the Cape Peninsula, South Africa.There is a misconception that the Cape of Good Hope is the southern tip of Africa, because it was once believed to be the dividing point between the Atlantic and Indian Oceans. In fact, the...
for cargo. The railway was chartered on April 18, 1849, and construction began in May 1850. Construction proceeded very slowly due to the poor condition of the soil, the exceedingly hot and humid climate, and numerous tropical diseases (especially malaria
Malaria
Malaria is a mosquito-borne infectious disease of humans and other animals caused by eukaryotic protists of the genus Plasmodium. The disease results from the multiplication of Plasmodium parasites within red blood cells, causing symptoms that typically include fever and headache, in severe cases...
). By November 1851, construction had proceeded so slowly that the Panama Railroad Company faced bankruptcy. The chief engineer John Trautwine
John Trautwine
John Cresson Trautwine was an American engineer, architect, and author.He was a consultant on numerous canal project in North and South America...
was forced to resign. Company president C.J. Young also resigned, and David Hoadley was named his successor.
Under Hoadley, the railroad not only survived but thrived. In part, this was due to sheer luck: Three weeks after Hoadley assumed control of the railroad, two steamships with over 1,000 passengers were forced by a storm to put in at Aspinwall
Colón, Panama
Colón is a sea port on the Caribbean Sea coast of Panama. The city lies near the Atlantic entrance to the Panama Canal. It is capital of Panama's Colón Province and has traditionally been known as Panama's second city....
(the western terminus of the railroad). The railroad had only just completed construction of its docks at Aspinwall. The ships' passengers demanded to be put ashore and were granted passage aboard the railroad (at outrageously high prices). Although the rail line was only a third complete, the passengers were extremely grateful at being able to cut months from their long sea voyage. When news of the incident reached the United States, Panama Railroad Company shares soared and the company saved from bankruptcy.
Hoadley re-ordered the management of the construction teams, adding thousands of workers and additional equipment as well as the construction of the line from the east to the west (not just west to east). With Hoadley's firm managerial hand, construction of the railroad was finished a year in advance, despite its early troubles. The railway ran its first train on January 28, 1855, making it the first transcontinental railroad in North America. Hoadley chartered a steamship and traveled to Panama for the occasion, where he rode the train to the Pacific Ocean.
Retirement and death
Hoadley retired from the Panama Railroad in 1869.He sold his home in New York City and moved to Englewood, New JerseyEnglewood, New Jersey
Englewood is a city located in Bergen County, New Jersey. As of the 2010 United States Census, the city had a total population of 27,147.Englewood was incorporated as a city by an Act of the New Jersey Legislature on March 17, 1899, from portions of Ridgefield Township and the remaining portions of...
, taking up residence in his former summer home. He lived there until his death in 1873.