David Hoadley

David Hoadley (February 13, 1806 – August 20, 1873) 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.

Early life Hoadley was born in Waterbury, Connecticut, in 1806. He was a direct descendant 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. 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.

Retirement and death Hoadley retired from the Panama Railroad in 1869.He sold his home in New York City and moved to Englewood, New Jersey, taking up residence in his former summer home. He lived there until his death in 1873.